HomeMy WebLinkAboutAeroCatalyst City of Oshkosh LRF 020718 v2
Presentation to the Angels on the Water Development Prepared by Al and Elizabeth Hartman 020718 City of Oshkosh Long Range Finance Committee
Significant regional assets be targeted –expensive Business attraction difficult and Diversify where we have strength
staff timeEDC -and GOChamcoCity staff and support of ◦Infrastructure ◦Land purchase ◦CommitteeEDC Aviation -now GOChamcoOrigins with ◦significant investmentsCity of Oshkosh has led
the way and made
$5,000,000 in outside funds ity of Oshkosh has been leveraged CEDC staff time investments-and GOChamco$290,000 in grants from WEDC ◦and Wisconsin Aerospace Partners AeroInnovateStaff
time in building and operating ◦UW Oshkoshpresent): $2,000,000+-DoD grant (2013EDA grant (2013): $2,000,000Winnebago County (land): $1,000,000
Northeast Wisconsin region InitiativeOpportunities with EDA/NASA Great Lakes Lt. Governor support the industry State wide strategic planning underway to WEDC priority cluster
high tech clusters in the U.S.60,000 workers and is one of the most prominent Today the park has 200 businesses employing Was not solvent until the early 1970sof Health lab IBM and
US Department –First major tenants 1965 First small tenant 1959government and business a partnership of education, –to buy land 1958 Not for profit corporation formed and funds raised
Study commissioned 1955Idea in the early 1950s
We already have infrastructure and expertise ignificant investments in capacity, sedicated partnersdcollaborationbeginnings of a regional the targeting plan for who are aparks
in the region network of aviation focused business a
We are working on AeroCatalyst-to capital and ongoing mentoring entrepreneurship through increased access Fostering ◦suppliers Fostering connectivity between manufacturers and ◦workforce
availability and readiness issuesAddressing ◦Building out the cluster ◦
9 Right expertise to be successful Dedicated permanent source of capital Industry focused fund the clusterEntrepreneurs and innovators critical to success of
10 Returns ◦Jobs ◦Dedicated permanent source of capital◦Goals:community community are earmarked for investment in that Funds contributed by public sector in a given $4,000,000 over
the four major communities target –Built with public and private participation returns go to the fund investment –Not for profit “evergreen” fund
11 the future should it want to Mechanism for city to recover initial contribution in Option to call contribution over 5 years City of Oshkosh proposed contribution: $250,000Have
chosen to be located in a fund partner community ◦In or supportive of the aerospace industry◦Significant growth potential ◦Seed through second stage growth companies ◦in 400,000 -25,000Investing
$
Fund Manager Investment CommitteeBoard of Directors
Note: tax exempt status will be critical not the singular focus while we are concerned about returns, it is –Its economic development philanthropy instead of only accredited investors
–Widens pool of potential contributors years or more One commitment can help businesses for 20
14 Partners Put us on the map MentoringConnections
15 Matched again by private sector lead, will approach Winnebago County Oshkosh as –Local match from public sector match requires local –WEDC Capital Catalyst program
cannot build the fund without the city of Oshkosh we –You have been the leaders in this effort and build this fund So that we may take that commitment to others need for the $$ until
2019no –make a commitment to contribute to the fund Recommendation to the City Council that the City
Questions?