Explanation
BACKGROUND: The Center of Science and Industry (COSI) is supported by a network of community and statewide partnerships, including relationships with a variety of educational institutions, cultural and arts partners, as well as donors, sponsors, members, and more than 900,000 people served per year through visits to the museum and outreach activities.
In recognition of COSI as a cultural, educational and entertainment destination, the city has committed to invest $2 million in COSI over the next two years. The 2007committment is for a total of $1 million: $550,000 from the general fund, $250,000 from the jobs growth fund, $150,000 from Greater Columbus Arts Council grants and $50,000 in-kind support for insurance coverage. With these new resources, the city will be supporting early childhood development education efforts, family learning opportunities, and interactive science, math and technology activities.
This legislation authorizes the Director of Finance and Management to enter into contract with COSI and for the expenditure of $800,000. A total of $550,000 is hereby allocated from the general fund and a total of $250,000 is hereby allocated from the job growth initiatives fund. This is a budgeted expense. The Contract compliance number is #31-4383802. COSI is a nonprofit organizations and is exempt from certification.
This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the city's accounting system as soon as possible. Up to date financial processing promotes accurate accounting and financial management.
FISCAL IMPACT: A total of $800,000 will be expended: $550,000 of this contract is currently appropriated within the general fund for this purpose, and $250,000 will be appropriated from the job growth Initiatives fund.
Title
To authorize the appropriation of $250,000 to the Department of Finance and Management within the Jobs Growth Initiatives Fund; to authorize t...
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