Canton Regional Chamber Applauds Legislature's Action on Third Frontier
CANTON, OH (February 3, 2010) - The Canton Regional Chamber of Commerce applauds members of the Ohio Senate and House of Representatives for passing a resolution that will allow Ohioans to vote in May on renewing the Third Frontier program. The compromise reached between the Senate and House will place a $700 million, four-year program before the voters. The funding will be financed by the sale of bonds. The final vote of approval was 30-2 in the Senate and 83-13 in the House. “The Legislature’s actions will give the people of Ohio an opportunity to consider renewal of a program that has been responsible for creating more than 48,000 jobs through $6.6 billion in investments,” said Dennis P. Saunier, President & CEO of the Canton Regional Chamber of Commerce. The Metro Chambers Association of Ohio, representing Canton and seven other big-city Chambers of Commerce in Ohio, had urged the Legislature to place the Third Frontier renewal on the May 2010. Among the many reasons for supporting this measure were the program’s six-year history of a 10-to-1 return on the state’s investment, the high-value, high-paying jobs the program has created and will likely produce in the future, and the substantial increase in venture capital for investment in Ohio-based small businesses and early-stage companies. The Third Frontier program began in 2002 with $1.6 billion. Its goal has been to advance technology initiatives and promote the creation of technology jobs. Without renewal by voters, the program will expire at the end of this year.