Title
Interlocal Agreement for the Academy of Business Ownership at Loften High School (B)
This item introduces an Interlocal Agreement designed to institutionalize the relationship between Alachua County, the City of Gainesville, and School Board of Alachua County's implementation of the Academy of Business Ownership at Loften High School. The City's responsibilities are to provide funding for a future business loan fund for graduates of the Academy to establish businesses in Alachua County and for associated mentoring services by a third party provider.
Explanation
In March, 2004, a presentation was made to the City Commission by County Commissioner Rodney Long and various community "Champions" on proposed plans for future development of an Entrepreneurial Charter School. At that time, the City Commission directed staff to include an allocation of $50,000 in the upcoming budget cycle ($25,000 per year in FY 05 and FY 06) with an understanding that future allocations to total $100,000 would be forthcoming in subsequent fiscal years. A similar $50,000 allocation was provided in the following two year budget cycle ($25,000 in FY 07 and FY 08).
These funds would be a public contribution (in combination with similarly allocated Alachua County funds) to an Entrepreneur Economic Development Trust Fund and be matched by $300,000 in private funds to be raised at a future date. The Fund's proceeds would be utilized to provide future development loan assistance to graduates of the Entrepreneurial Charter School in combination with US Small Business Administration funding.
Subsequently, in November, 2004 a follow up presentation on this concept was made to the City Commission with a request from County Commissioner Long for additional funding to provide mentoring services for those participants in the program. The City Commission directed that funding from City Commission contingency in the amount of $11,075 be provided contingent upon Alachua County ...
Click here for full text