February 03, 2010
Posted by:
Gary Smith
We’re pleased to report that Ohio voters will get the opportunity this year to renew our state’s worthy Third Frontier program.
The Greater Cleveland Partnership (GCP) worked long and hard to encourage our state legislators to give voters the ability to extend this good program, which has proven itself as a creator of jobs and hope for all Ohioans. Legislators struck an agreement Tuesday night to place the issue on the ballot for renewal.
If voters in May decide to renew the Third Frontier—and we hope they do—it will mean an infusion of $700 million in our state over a four-year period beginning in 2012.
The Third Frontier program, started in 2002 during the administration of Gov. Bob Taft, is a forward-thinking effort to assist job-creating sectors that will help carry Ohio through the 21st century. The fund tends to focus on areas such as advanced and alternative energy, the biomedical industry and advanced propulsion.
Northeast Ohio already has benefitted significantly from the Third Frontier, which has pumped tens of millions of dollars into our local economy to give initial assistance to numerous business ventures. These investments have yielded huge dividends in terms of job creation.
“The Third Frontier is about jobs,” said GCP President and CEO Joe Roman. “Since its inception, the Third Frontier has been a remarkable success, especially here in Northeast Ohio. This renewal will allow us to continue to create jobs now and well into the future.”
The success of the program was recently outlined in a report commissioned by the Ohio Department of Development. According to the study, Third Frontier expenditures of $681 million generated $6.6 billion of economic activity, 41,300 jobs, and $2.4 billion in employee wages. This represents a nearly $10 return on every dollar invested.
At a time where stimulus packages are plenty but results are sometimes unproven, the GCP looks forward to continuing to support this productive, government-initiated program.
Placing this important issue on the May ballot is the product of a laudable, bi-partisan effort in Columbus. The Ohio House passed a version that would have authorized $950 million over five years, while the Ohio Senate passed a version that authorized $500 million over four years and added an additional $100 million over two years for infrastructure projects.
Being able to reach a $700 million compromise is good for Ohio. We wish to thank the entire Northeast Ohio delegation for supporting this important and good program. We now turn our attention to informing Ohio voters about the importance of this program and encouraging their support in May.
Category:
Advocacy
Tags:
Third Frontier,
Ohio Department of Development