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Home My WebLink AboutAgenda Report - June 6, 2007 K-05g OV5 '• CITY OF LODI COUNCIL COMMUNICATION AGENDA TITLE: Requestfrom San Joaquin Partnership, the Business Council, and University of the Pacificfor Financial Support to Establishan "Angel Capital Fund, suggested contribution $10,000. MEETING DATE: June 6,2007 PREPARED BY: City Manager RECOMMENDED ACTION: Council direction requested. BACKGROUND INFORMATION: The San Joaquin Partnership and the Business Council in cooperation with the University of the Pacific are attempting to form a San Joaquin County "angel' capital fund. Angel investors are the early stage investors in start-up business ventures. The purpose of improving access to capital for entrepreneurs is to increase job creation and business growth. Lodi has been asked to make a $10,000 grant to support this endeavor. Grant funds will be used to provide matching funds for an Economic Development Administration (EDA) grant. Attached is a request from Mark Plovnick, Director of the Office of Economic Development for the Universityof the Pacific. Based upon the possibilitythat Lodi might grant this request, Lodi has been included as a sponsor for the upcoming San Joaquin Venture Funding and Entrepreneurship Conference scheduled for June 21, 2007. This conference is intended to stimulate interest from investors in the angel capital fund. Other cities that have committed funds to this project: Stockton ($25,000); Tracy ($15,000); Lathrop ($10,000); and the County has committed ($25,000). As one will note, the amounts vary and it is assumed that Lodi could make a smaller contribution. FISCAL IMPACT: Funds are requested from the current FY 06-07 year. Specific funds have not been budgeted. If the Council directs, unexpended budgeted funds will be used to make the grant request. FUNDING: Not applicable Blair King, 4btDanager Attachment cc: Mark Plovnik, Director of Economic Development, Universityof the Pacific APPROVED: Blair'e-ng, City Manager UNIVERSITY OF THE PACIFIC May 7, 2007 Mr. Blair King City Manager City of Lodi P.O. Box 3006 Lodi, CA 95241-1910 Dear Blair: To date several cities in San Joaquin County, and the County itself, along with numerous businesses and other organizations, have committed to supporting this angel capital fund project. In addition to helping with our region's economic growth, by supporting the angel fund project Lodi would be listed as a sponsor of all activities associated with the fund including the upcoming San Joaquin Venture Funding and Entrepreneurship Conference, scheduled for June 21, which will feature Lieutenant Governor John Garamendi, Assistant U.S. Secretary of Commerce Sandy Baruah and a number of highly regarded angel investors and venture capitalists from throughout Northern California. For purposes of coordination, the funds to support the angel fund project are being collectedby the University of the Pacific Office of Economic Development. If Lodi is able to participate in this effort, please make your check payable to the University of the Pacific Office of Economic Development, and send it to my attention at the above address. Thank you again for your consideration. Si cereI Ploa Markick Director s-rO( KTON SAN FRANCISCO SACkANIENT(} Thank you for the City of Lodi's consideration of a $10,000 grant to support the development of an angel capital fund in San Joaquin County, and to aff,(� of provide matching funds for an EDA grant that will enable our fund to r.ct normc 0eve0prnerir participate in a network of similar funds in northern California. (The proposal 3601 Pacific Avenue for the EDA grant has been provided to you under separate cover.) As you Stockton CA 95211 know the creation of this fund is part of a County -wide effort that is included Tel 209 946 2466 in the San Joaquin Partnership's recently adopted strategic plan to encourage Fax 209 946 7586 entrepreneurship in the region, with the resulting benefit of increasedjob creation and enhanced economic development. To date several cities in San Joaquin County, and the County itself, along with numerous businesses and other organizations, have committed to supporting this angel capital fund project. In addition to helping with our region's economic growth, by supporting the angel fund project Lodi would be listed as a sponsor of all activities associated with the fund including the upcoming San Joaquin Venture Funding and Entrepreneurship Conference, scheduled for June 21, which will feature Lieutenant Governor John Garamendi, Assistant U.S. Secretary of Commerce Sandy Baruah and a number of highly regarded angel investors and venture capitalists from throughout Northern California. For purposes of coordination, the funds to support the angel fund project are being collectedby the University of the Pacific Office of Economic Development. If Lodi is able to participate in this effort, please make your check payable to the University of the Pacific Office of Economic Development, and send it to my attention at the above address. Thank you again for your consideration. Si cereI Ploa Markick Director s-rO( KTON SAN FRANCISCO SACkANIENT(} University of the Pacific, SanJoaquin Partnership/Business Council, SanJoaquin Delta College SBDC, SJC Economic Development Association, Central Valley Fund, and Golden Capital Network present SanJoaquin Venture Funding and Entrepreneurship Conference Sun RAyM 0 N,I 7-3 0 A' (CP.TIONAL WORKSHOP FOR O E .'PAC -1 F I C .'M ENTREPRENEURS FROM I:30-4:30 P.M,) W can't miss conferencefor successful central valley business executives, investors, and entrepreneurs " FEATURED SPEAKERS John Garamendi, California Lieutenant Governor Sandy K. Baruah, U.S. Assistant Secretary of Commerce for Economic Development Paul Yett, Managing Director, Hamilton Lane Advisors LLC Michael E. Locke, President and C.E.0, SanJoaquin Partnership Franklin "Pitch'Johnson, Founding Partner, Asset Management Company 8r B U S I N E S S C--H-OW C A S E Watch 4 local entrepreneurs make business plan presentations and compete for the "Best of Show" Award Entrepreneurs interested in making presentations must submit executive summaries (max 3 pages long) to entrepreneur@ goldencapiW.net GO ,UN' j0AQUL MERM]p ( REGISTRATION INFO ON REVERSE ) sic ECONOMIC DEVELOPMENT ASSOCIATION NECSBDC EiCVF �° INVESTOR PANELISTS -. v the conference features the largest contingent of angel and venture capital investors ever to assemble in San Joaquin County. Jose Blanco, Central Valley Fund Steve Mills, DCA Capital Scott Lenet, DFJ Frontier Curt Rocca, DCA Capital Dan Lankford, WavePoint Ventures Rahul Banta, TimesTen Ventures Joe Mdarn, Legacy CapitalManagement Ed McNulty, Central Valley Fund John'lhornton, Pacific Community Ventures Brad Triebsch, Central Valley Fund Peter Gardner, WavePoint Ventures Harry Laswell, American River Ventures Roger Akers, Akers Capital w?. WHO SHOULD ATTEND -10�* Business executives, entrepreneurs, angel investors, venture capitalists, professional services providers, consultants, educators, and civic leaders. -o— REGISTRATION & INFO _Nr Visit www.goldencapital.netor call (530) 893-8828 Cost: $55 ($75 at the door) (INCLUDES LUNCH AND OPTIONAL AFTERNOON WORKSHOP) %A— SPONSORS Central Valley Fund San Joaquin County LeamingChange University of the Pacific City of Stockton City of Lathrop Hakeem, Ellis & Marengo Bekins-Pacific Storage General Mills City of Tracy Farmers and Merchants Bank Downey Brand Attorneys LLP Moss Adams LLP The Record Port of Stockton San Joaquin Partnership Hamilton Lane Advisors LLC Bank of Agriculture and Commerce Guaranty Bank KeyBank Union Bank San Joaquin Business Council Amplify Software Bank of the West City of Lodi U.S. Bank Wells Fargo San Joaquin Hispanic Chamber of Commerce San Joaquin County Revolving Loan Fund Pillsbury, Winthrop, Shaw, Pittman LLP