OHIO Supporters say Issue 1 will boost economy
Passage of Issue 1 could assist in creating 30,000 higher-paying jobs.
By JEFF ORTEGA
SPECIAL TO THE VINDICATOR
COLUMBUS -- Backers of a proposed $500 million state bond issue on the Nov. 4 statewide ballot say the proposal -- geared to pushing high-technology jobs -- is key to jump-starting Ohio's economy.
"We've got to diversify our economy. We need to advance the 'knowledge' economy," Gov. Bob Taft said in a recent interview. "It's a matter of our economic survival."
Taft, a Republican, is the prime backer of Issue 1. If approved, the state will sell $500 million in bonds to be spread over 10 years to benefit research and development or the commercialization of new products in health care, advanced manufacturing and other high-tech growth areas.
"Our message is this will help create jobs and it is not a tax increase," said Brian K. Hicks, campaign manager for the pro-bond issue Yes on Issue 1 Committee.
Hicks is a former Taft chief of staff who resigned earlier this year to start his own political consulting company and to manage the bond-issue campaign.
Third Frontier Project
Issue 1 is part of the proposed $1.6 billion Third Frontier Project, Taft's initiative to create high-paying, high-tech jobs in the Buckeye State.
Backers have been running an active campaign, unveiling television advertisements in support of Issue 1 in every corner of the state. They anticipate spending in the neighborhood of $2 million to $3 million in support of the issue.
Recently, a business-funded, nonpartisan research organization, The Ohio Public Expenditure Council, said Taft's Third Frontier Project could generate nearly 100,000 new jobs, including 30,000 new jobs directly attributed to passage of Issue 1.
"The salaries of these newly created jobs will tend to be higher than the current Ohio average and will foster the demand for continuing improvement in Ohio's educational system, as the need for high-skilled workers grows," OPEC said in its report, funded by an approximate $30,000 grant from the Canton-based Timken Foundation.
Financial rewards
OPEC researchers concluded in their report that proceeds from the proposed bond issue would more than cover the estimated $85 million in debt service payments and would generate more than $340 million in state income taxes.
Researchers concluded that the proposed bond issue plus funding already in place would attract an additional $4.4 billion in federal and private funding, the report said.
Organizations endorsing the proposed bond issue include the Ohio Chamber of Commerce, the Ohio Council of Retail Merchants and the Ohio AFL-CIO.
The only organized opposition to Issue 1 so far is the 200,000-member Ohio Farm Bureau Federation, which says the state could better help the economy by working on tax policy and reforming civil-litigation laws.