Week in Review: March 24, 2024

ECONOMIC DEVELOPMENT/URBAN REVITALIZATION

Intel's projects in Ohio and three other states will receive up to $8.5 billion in combined funding through the CHIPS and Science Act, according to a Biden administration announcement Wednesday that received widespread praise from Ohio leaders. The announcement comes as part of a non-binding preliminary memorandum of terms between the administration and the company. Intel will also receive up to $11 billion in loans and plans to claim a federal investment tax credit, expected to be up to 25% of qualified capital expenditures. Award amounts will be subject to due diligence and conditional on the achievement of certain milestones.

Leaders from communities around Central Ohio gathered in Columbus Friday to discuss the strategic framework needed for the region as the population is projected to grow to over three million people by 2050. A large part of that plan for the Mid-Ohio Regional Planning Commission (MORPC) includes the LinkUS project that would greatly expand zero-emission mass transit throughout the region through expanded bus service, more connections to rural systems and increased on-demand transit systems. MORPC Executive Director William Murdock says that in addition to significantly improving transit service in the region, LinkUS would also include the construction of five major mass transit corridors and hundreds of miles of sidewalks and trails with the goal of better connecting people's homes and their jobs.

TRANSPORTATION/INFRASTRUCTURE

The Ohio Rail Development Commission (ORDC) is recommending that its federal counterpart adopt a Columbus-Cleveland-Pittsburgh route for a long-distance inter-city passenger train as part of the nationally proposed Dallas/Ft. Worth-New York rail connection -- one of two including Detroit-New Orleans proposed for Ohio by the Federal Rail Administration (FRA) as part of a congressionally mandated study. ORDC provided the update Thursday at its March meeting and further approved $88 million in federal grant applications for seven projects led by a $33.3 million proposal for the Ohio Grade Crossing Elimination Program (OGCEP) project at Hilliard-Rome Road, which incorporates a 10 percent match from the city of Columbus.

TREASURER OF STATE

Ohio Treasurer Robert Sprague Friday announced the $15 million purchase of a two-year, fixed-rate Israel Bond. The bond will mature on March 1, 2026, with an interest rate of 5.09%. Since Israel Bonds was established in 1951, Israel has maintained a perfect record of interest and principal payments, the treasurer’s office noted.

WORKFORCE

Lt. Gov. Jon Husted announced Thursday that 438 employers were approved for funding through the January round of TechCred, which will enable Ohioans to earn 4,947 tech-focused credentials. Some of the top industries awarded during this round include manufacturing, construction and education services.