Issue 1 on the May ballot is no-brainer for Ohioans

Only the most myopic of voters would think of voting no on a state government initiative that not only has bipartisan support in Columbus, but has proven to be one of the most reliable job-creation programs.

And yet, in the current political environment even a no-brainer of an issue is in danger of going down in flames. Which is why we once again strongly urge a yes vote on May 4 for State Issue 1, which would approve continued funding for the Third Frontier program.

In February, Democratic and Republican legislators agreed to ask voters for $700 million for the program.

“I am very pleased that the Ohio House and Senate have come together in a bipartisan manner to support renewing and expanding the successful, job-creating Ohio Third Frontier program,” House Speaker Armond Budish, D-Beachwood, said at the time.

Budish’s comment should be enough to inspire Ohioans to do what’s in the best interest of the state.

However, it’s too much of a risk to assume that the action by the Democratic controlled House, the Republican controlled Senate and the leadership role being played by Democratic Gov. Ted Strickland in keeping Third Frontier alive will result in voter support.

Thus, some facts: The program was begun in 2002 under Republican Gov. Bob Taft, has created about 41,000 jobs so far, and voters last approved issuing bonds to fund Third Frontier in 2005.

The total $1.6 billion program provides startup money for companies in targeted industries, such as advanced energy and materials, biomedical development, and power and propulsion.

The overall economic impact is $6.6 billion; of the 41,000 jobs created, 10,000 are direct; tax revenue generated from Third Frontier activities, $107 million.

In addition, the program has attracted seven times the amount of follow-on capital invested, and the growth of venture capital activity has been twice the national average in the last five years.

The $700 million being sought through the sale of bonds was a compromise between the $950 million approved by the House and the $500 million that the Senate passed. The governor had sought $1 billion.

Given the national economic downturn that has resulted in an unemployment rate in Ohio of more than 10 percent, caution is necessary. The $700 million is reasonable.

As Congressman Tim Ryan of Niles, D-17th, said this week during a meeting of local business, academic and political leaders, “The Third Frontier has had its fingerprints all over local economic projects.”

Companies in Mahoning County and Youngstown State University have received about $3.5 million from the fund.

Testimony

If voters aren’t impressed by the expressions of support from the politicians, they should be swayed by the testimony of individuals in business and academia who have contributed to Third Frontier’s success.

One such businessman is Gary Wakeford, president of Syncro Medical Innovations Inc. of Youngstown. The company received $350,000 to develop a specialized feeding tube.

“This program is for real. We need to get behind it,” Wakeford said during the meeting.

YSU has received $2.1 million for its Center for Advanced Materials Analyses.

Refractory Specialties received $400,000 under the fuel cell program.

An objective evaluation of Third Frontier will lead to the conclusion that this is an initiative voters can — and should — easily support.

The Vindicator urges a yes vote on State Issue 1 in the May 4 primary.