Explanation
This legislation authorizes the Director of the Department of Development to modify a contract with Venture Suite, LLC to update the invoice eligibility time period and allow for an upfront payment disbursement.
Columbus City Council approved ordinance 2032-2021 on July 26, 2021, to provide funding support for Venture Suite, LLC’s development of a safe space for underrepresented founders and freelancers to share open office space.
The contract requires that fees be paid upon receipt of a correct invoice and after issuance of a certified purchase order. Due to a request received from Venture Suite, LLC to modify terms of the payment to pay for project expenses, this legislation will authorize the Director of Development to modify the contract to allow for reimbursement of expenses prior to the purchase order date and to provide an amount up to 50% ($200,000.00) upfront payment of the total contract amount ($400,000.00).
Original agreement $400,000.00 ord. 2032-2021 PO288773
Modification 1 $ 0.00
Total contract amount $400,000.00
Emergency legislation is requested in order execute the contract modification as soon as possible to ensure reimbursement ability at the earliest time possible.
Contract Compliance: the vendor number is 038968 and contract compliance expires 8/3/2023.
Fiscal Impact: no funding is needed for this modification.
Title
To authorize the Director of Development to modify a contract with Venture Suite, LLC to allow for reimbursement of expenses prior to the purchase order date and to provide an amount up to 50% upfront payment of the total contract amount; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved ordinance 2032-2021 on July 26, 2021, to provide funding support for Venture Suite, LLC’s development of a safe space for underrepresented founders and freelancers to share open office space; and
WHEREAS, due to a request received from Venture Suite, LLC to modify terms of the pa...
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