Explanation
BACKGROUND: TechColumbus is a non-profit organization dedicated to providing a catalyst for technology-based economic development in Central Ohio. To that end, TechColumbus led a successful regional proposal to the State of Ohio, to secure $18.7 million for the Entrepreneurial Signature Program (ESP) which will accelerate the creation and growth of new technology companies in Central Ohio. The ESP program includes early stage capital to meet the needs for pre-seed capital for Ohio start-up technologies companies. A 1-to-2 funding match was required as a condition of the ESP. The City of Columbus committed $188,000 in 2007, 2008, 2009, and 2010 as their portion of the match. In 2011, 2012, 2013, and 2014, the City of Columbus allocated $500,000, respectively, towards this initiative in the form of administrative costs associated with the Entrepreneurial Signature Program. The City wishes to contribute $450,000 in 2015.
This legislation authorizes the Director of Development to enter into an agreement with TechColumbus for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program. This legislation also authorizes the use of $450,000 from the 2015 General Fund to contract with TechColumbus for that purpose.
Emergency action is requested to continue the administration of the above activity without interruption.
FISCAL IMPACT: This legislation authorizes the expenditure of $450,000 from 2015 General Fund budget.
Title
To authorize the Director of the Department of Development to enter into a contract with TechColumbus for the purpose of administering the Entrepreneurial Signature Program; to authorize the expenditure of $450,000.00 from the General Fund; and to declare an emergency. ($450,000.00)
Body
WHEREAS, TechColumbus is a partnership working to provide the catalyst for technology-based economic development in Columbus and Central Ohio; and
WHEREAS, TechColumbu...
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