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Form #: B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACTION <br /> DEPARTMENT: Research & Development DATE: June 13, 2014 <br /> STAFF CONTACT: T. Ilihia Gionson PHONE: (808) 443-3120 <br /> A. REQUEST: <br /> Pursuant to Hawai'i County Code Section 2-139(a)(3)(A), the Department of Research and Development <br /> requests Council approval to award $210 ,000 to the Hawai'i County Economic Opportunity Council <br /> (HCEOC). These funds are part of the Department of Research and Development's funding for FY 2014-15 <br /> to promote sustainable economic development. County funds will be used to supplement the operation of a <br /> Transmedia Accelerator Program, encouraging economic diversification, creating employment <br /> opportunities and supporting innovation in the media production field. These funds will match the <br /> commitment of the State's Hawai'i Strategic Development Corporation (HSDC) and the in-kind commitment <br /> of Global Virtual Studio (GVS) to set up a dynamic working studio with cutting-edge production equipment <br /> and office space. HCEOC maintains 501(c)3 tax exempt status. <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br /> The transmedia industry includes the sectors of film, television, software development, web-based media, <br /> digital publishing, music, and related areas. These are some of the fastest growing economic sectors <br /> in the world and some of the most competitive. The goal of the Accelerator is to jump start content creators in <br /> Hawai'i that will create commercially viable products for a global market. This will in turn help build a <br /> community of transmedia entrepreneurs and professionals in Hawai'i that will generate jobs, stimulate <br /> economic growth, and celebrate the people, stories, and cultures of these islands. The Accelerator's role is <br /> to support entrepreneurs as they create a strategy that can be funded, produced and marketed in the private <br /> sector to a global audience. This funding continues the County's involvement in this project. Funding was first <br /> awarded in the amount of$113,000 in FY 2013-14. <br /> SIGNED: DATE: June 13, 2014 <br /> Department Head <br />