66-06 Resolution
RECORD OF RESOLUTIONS
Dayton ~egal Blank, Inc., Form No. 30045
Resolution No. 66-06
Passed .20 -
A Resolution Authorizing the City Manager to Execute
a Letter of Commitment to TECHCOLUMBUS in Support
of the Entrepreneurial Signature Program Administered
by the State of Ohio, Department of Development
WHEREAS, the State of Ohio, Department of Development, provides financial
assistance to encourage economic development within the State; and
WHEREAS, the Entrepreneurial Signature Program (ESP) was created as part
of the Third Frontier Project; and
WHEREAS, this program was created to increase and assist technology-
based entrepreneurial commercialization initiatives by providing a funding
match of 2-to-1 for successful grant applications; and
WHEREAS, TECHCOLUMBUS is a membership led, non-profit organization
of technology based companies in the Central Ohio region and is the only
organization that fully qualifies as an applicant for ESP in the Central Ohio
region;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Dublin,
State of Ohio, -1-- of the elected members concurring:
Section 1. City Council authorizes the City Manager to execute a Letter of
Commitment to be a financial partner with TECHCOLUMBUS in their pursuit of
grant funding from the Entrepreneurial Signature Program.
Section 2. City Council hereby commits to provide financial support in the
amount of $250,000 for each of the next three years with the understanding
this amount and the matching 2-to-1 grant funds will be utilized to assist the
City in its technology and knowledge-based economic development initiatives.
Section 3. This Resolution shall be in effect upon passage, in accordance with
Section 4.04(a) of the Revised Charter.
Passed this )./ ~t day of ~ ,2006.
~
Mayor - Presiding Officer
ATTEST:
~ ~~
Clerk of Council
I hereby certify that copies of this
Ordinance/Resolution were posted in the
City of Dublin in accordance with Section
731.25 of the Ohio Revised Code.
Office of the City Mana~r
5200 Emerald Parkway · ublin, OH 43017
Phone: 614-410-4400. Fax: 614-410-4490
CITY OF DUBLIN Memo
To: Members of Dublin City Council
From: Jane S. Brautigam, City Manager CJC'~ 6 -.ro~
Date: August 16, 2006
Initiated By: Marsha I. Grigsby, Director of Finance
Re: Resolution 66"()6, Authorizing the City Manager to Execute a Letter of Commitment in
Support of the Entrepreneurial Signature Program
Summary:
On November 8, 2005, Ohio voters approved a $2 billion pUblic works and economic development bond
package, which included funding for the Third Frontier Project's Entrepreneurial Signature Program.
The maximum amount of funding available is $15 million per each of the six regions that have been
established. The goal of ESP is to leverage Ohio's research and development strengths and to create
a new Ohio economy based on research and innovation.
As discussed in the attached information sheet, the Ohio Department of Development requires that
each region designate a Lead Applicant that will be responsible for the administration of the ESP grant
should it be awarded. TECHCOLUMBUS is the only organization in Central Ohio that fully qualifies as
the Lead Applicant for this region.
The goal of TECHCOLUMBUS is to obtain $7.5 million in support from participants in the region to
leverage $15 million in ESP grant funding over a three year period. The City's investment will provide a
return of 2-to-1 to the community.
The City's investment in the program of $250,000 per year for a period of three years is in line with the
City Council's high priority goals related to economic development. One potential opportunity that has
been discussed is the creation of an incubator facility in the Central Ohio Innovation Center that would
focus on bioscience and healthcare opportunities.
The City's partnership with TECHCOLUMBUS will provide an additional mechanism to promote and
market the Central Ohio Innovation Center, provide "business support", including business plan
development, financing advice and other services needed by developing companies, and provide
advice on the viability of business opportunities.
The timeline established by the Ohio Department of Development (0000) is very aggressive.
TECHCOLUMBUS needs to secure Letters of Commitment from participating entities confirming their
contribution by September 1, 2006. The ESP grant proposals are required to be submitted to 0000
on September 12, 2006 and the awards will be announced in November 2006.
Recommendation:
Staff recommends approval of Resolution 66-06 at the August 21, 2006 City Council meeting.