State Continues Push for Ohio Third Frontier Initiative

This November Ohio voters will have the opportunity to cast their ballots for an important economic development initiative called the Ohio Third Frontier Initiative, which is aimed at modernizing Ohio's aging economic infrastucture.

The state has approved $1.1 billion in financing for the initiative, Johnson said. Issue 1, a constitutional amendment that would allow the state to issue $500 million in general obligation bonds during 10 years to pay for the rest of the initiative, is on the Nov. 4 ballot.

The Third Frontier, State Development Director Bruce Johnson said, will focus on six areas that should help the state nurture technology companies. Those areas include strengthening the research and development done in the state, helping small businesses and entrepreneurs find financing, building the infrastructure high-tech companies need, providing an educated work force, creating a favorable tax environment for high-tech businesses and actively pursuing high-tech companies. Johnson emphasized the constitutional amendment on the ballot would not raise taxes, but rather allow the state to borrow the money.

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