CURRENT ISSUES AND THOUGHTS 

IN ECONOMIC DEVELOPMENT 

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Governor Taft's Third Frontier Program to Boost Technology Investment in Ohio - February 2002.

Ohio’s Governor Bob Taft has recently made a monumental commitment to high-tech investment in Ohio with the announcement of his Third Frontier Project. Over a 10-year period this initiative would transform the look of industry within Ohio borders.

The goal of the Third Frontier project is to expand Ohio’s high-tech research capabilities and to help start-up tech companies grow. The plan will be funded with $1.6 billion in State spending in the following areas:

$500 million into the existing Technology Action fund, and the Biomedical Research and Technology Transfer Fund.

$500 million program to improve research facilities. The money would go for buildings and equipment in centers of innovation.

$500 million bond program to recruit researchers and to bring products to market

$100 million Innovation Ohio fund for targeted industries with high growth and high-wage potential.

All this translates well to Erie County, where we are seeing fledgling start-up technology companies that could perhaps benefit from such funding. High-tech industry is eagerly sought for its rewards in high paying jobs, environmentally clean industry, and future growth potential. GEM will remain abreast of developments as they occur so as to inform and encourage Erie County companies in this area.

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Clean Ohio Fund - $400 Million

The Clean Ohio Fund was originally proposed by Governor Bob Taft in his 2000 State of the State address. The Governor called for a $400 million bond program to preserve natural areas and farmland, protect streams, create outdoor recreational opportunities, and revitalize urban areas by returning contaminated properties to productive use.

The Ohio General Assembly voted by an overwhelming bipartisan majority to place this proposal before the voters as State Issue 1. Former U.S. Senator John Glenn joined Governor Taft to urge Ohio voters to approve Issue 1, the Clean Ohio Fund, and the voters did so in November, 2000.

This summer, the General Assembly enacted legislation spelling out the administrative details of the program. Now, state agencies are implementing the legislation to begin disbursement of Clean Ohio funding for conservation and revitalization projects across the State.