Explanation
BACKGROUND: TechColumbus is a non-profit organization dedicated to providing a catalyst for technology-based economic development in the next decade in Central Ohio. To that end, TechColumbus led a successful regional proposal to the State of Ohio, to secure $15 million over three years for the Entrepreneurial Signature Program which will accelerate the creation and growth of new technology companies. 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 2006 as their portion of the match and is again committing $188,000 in 2008.
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 ordinance authorizes the use of $188,000 of General Funds to contract with TechColumbus for that purpose.
Emergency action is requested to continue the administration of the above activity.
FISCAL IMPACT: This legislation authorizes the expenditure of $188,000 from 2008 General Fund monies.
Title
To authorize the Director of the Department of Development to enter into a contract with TechColumbus for the purpose administering the Entrepreneurial Signature Program; to authorize the expenditure of $188,000 from the General Fund; and to declare an emergency. ($188,000.00)
Body
WHEREAS, TechColumbus is a partnership working to provide the catalyst for technology-based economic development in Central Ohio; and
WHEREAS, TechColumbus led a successful regional proposal to the State of Ohio to secure $15 million over three years (ESP Program) to accelerate the creation and growth of new technology companies in Central Ohio; and
WHEREAS, the Entrepreneurial Signature Program (ESP) requires a 1...
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