TITLE
Recommendation to authorize City Manager, or designee, to execute an agreement and all documents necessary, including any subsequent amendments, with the United States Small Business Administration, to accept and expend grant funds for the Long Beach Accelerator for the period of August 1, 2023 through March 31, 2026; and
Increase appropriations in the Community Development Grants Fund Group in the Economic Development Department by $1,000,000, offset by grant revenue. (Citywide)
DISCUSSION
The Long Beach Accelerator (LBA) is a partnership between the City of Long Beach (City), California State University Long Beach (CSULB), and the Sunstone Private Equity Fund to assist local entrepreneurs with a goal of growing the technology industry in the region. Borne from the City’s Economic Blueprint released in 2015, LBA provides early stage startups access to a variety of opportunities through mentorship and coaching, office and collaborative meeting space, investment opportunities and technical resources to create and grow an innovative technology ecosystem within the Long Beach.
In the Consolidated Appropriations Act of 2023 (Act), the United States Congress made grants available for initiatives related to small business development and entrepreneurship, consistent with LBA and its goals. In spring 2022, the City had an opportunity to submit priority project requests to the legislative delegation for consideration in the Fiscal Year 2023 State and federal budgets. Senator Feinstein requested and secured $1,000,000 in Congressionally Directed Spending for the City to support the City’s partnership with the LBA through the Act (Grant Number SBAHQ23I0125). Funding received will be used to assist in renting and renovating a facility to house the LBA in downtown Long Beach, including any tenant improvements needed such as office and workspaces, conference rooms, classroom and meeting areas, technology needs (IT networks and audiovisual requirements), kitchens, ...
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