Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend contract EL016797 with TechColumbus. Effective March 10, 2015, TechColumbus changed its name and became known as Rev 1 Ventures. Columbus City Council, per ordinance number 0485-2015, passed on March 2, 2015, authorized the Director of the Department of Development to enter into contract with TechColumbus to provide $450,000, for cost associated with the Entrepreneurial Signature Program.
Rev 1 Ventures, the former TechColumbus, is a non-profit organization dedicated to providing entrepreneurial services for technology-based economic development in Central Ohio. TechColumbus, led a successful regional proposal to the State of Ohio, to secure $18.7 million for the Entrepreneurial Signature Program which accelerated the creation and growth of new technology companies in Central Ohio. The Entrepreneurial Signature Program includes early stage capital to meet the need for pre-seed capital for Ohio start-up technology companies. A 1-to-2 funding match was required as a condition of the Entrepreneurial Signature Program. 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 has committed $450,000 in 2015.
Emergency action is requested to allow Rev 1 Ventures, to continue to administer the Entrepreneurial Signature Program without interruption.
FISCAL IMPACT: No funding is required for this legislation. This amendment is a name change only.
Title
To authorize the Director of the Department of Development to amend the Entrepreneurial Signature Program contract with TechColumbus to reflect a name change of the Contractor to Rev 1 Ventures; and to declare an emergency.
Body
WHEREAS, TechColumbu...
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