Legislators Recommend $700M to Expand Ohio Third Frontier Program an Additional Four Years

Both houses of the Ohio legislature have given bipartisan approval for placing renewal of the Ohio Third Frontier program on the May ballot.  The measure calls for extending the program by $700 million over the next four years with the express purpose of funding innovation centers at state universities and investing in high-tech startups that will lead to high paying technology jobs. 

Voters will now decide whether the program, launched in 2002 to transform Ohio into an innovation-based economy, will be extended.  Reports indicate that through December 2008 the Third Frontier has created 41,300 jobs and generated $6.6 billion in economic activity within the state.  The program has been credited with leveraging state investments by tenfold – meaning for every dollar of state money invested, there has been a direct return of $10.  A study by the Ohio Business Roundtable projects that by 2014 tax revenues from increased economic activity will repay the Third Frontier investment made to date. 

Without an extension, the current 10-year, $1.6 billion Third Frontier program is set to expire in 2012. Supporters say it is important to approve it now to avoid any slowdown in progress.  

For more information, see the story in the Columbus Dispatch and the story in Business First