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$700 million Renewal of Ohio Third Frontier Heads for May Ballot

Wednesday, February 03, 2010

Excerpt of story provided by MedCity News
Written by Mary Vanac

A $700 million renewal of Ohio Third Frontier — the 10-year, $1.6 billion project to re-energize Ohio’s economy by investing in emerging technologies — is on its way to the May 4 ballot, thanks to bipartisan support of a compromise resolution by state Senate and House members on Wednesday...

...On Wednesday, Third Frontier stakeholders celebrated the passage of the ballot initiative, which not only would renew funding for the project, but raise its annual grant-making ability to $175 million from about $160 million a year. In addition, the bond funding would not be subject to state budgetary issues, as is two-thirds of Third Frontier’s current budget...

...A renewal could “increase the level of support for entrepreneurs and start-up companies in Ohio,” said Ray Leach, chief executive of JumpStart Inc., the venture developer in Northeast Ohio that receives a significant part of its funding from Third Frontier. “With national economists forecasting that a significant percentage of net new job growth in the U.S. must come from companies that are five years old or younger, providing entrepreneurs and young companies with the resources they need to grow is one of the best ways to create jobs for Ohioans...”

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