When it announced in January that it would build two massive new plants in Licking County, semiconductor manufacturer Intel called it the “largest single private-sector investment in Ohio history.”
The following article was originally published in the Ohio Capital Journal and published on News5Cleveland.com under a content-sharing agreement.
And the project could grow even bigger. Intel officials said that if they fully build out their campus on a 1,000 acre parcel near New Albany it spends as much as $100 million building eight semiconductor plants. It’s early days for the project and action needs to be taken by the General Assembly, state agencies and local governments before public assets are committed to the project. But that makes it the right time to ask what’s being done to maximize public benefits and minimize risks associated with such a huge public investment, the report said.
The Policy Matters report said that a good deal of the incentives Ohio plans to provide for the project will be paid before the plants are built and providing benefits to Ohioans. That’s why it’s important to have effective ways to get that money back if jobs don’t come later as promised, it said. To protect Ohio taxpayers, Policy Matters is advocating that clawback mechanisms be built into state contracts with the company. As of March 7, it said, the Department of Development had completed no agreements with Intel, so it’s unknown what — if any — such measures will be taken.
Tierney described the purpose of a $600 million grant that would be passed by the legislature, but he didn’t say how the state might recover those funds if the project goes bust.
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