In November, Ohio voters will be asked to adopt a constitutional amendment to raise $500 million for the Third Frontier Project Bond Fund. This is the latest development for the program started by Gov. Bob Taft one year ago and designed to “create a better economic future for Ohioans through high-paying jobs in high-growth industries.”
Ohio State benefited from the Third Frontier Project last year when its biomedical research foundation was allocated $12.5 million in funding for two separate projects aimed at improving research and education.
According to Jerry Friedman, OSU’s adviser for health policy and director of government relations, the awarded funds will help OSU’s biomedical mission.
“This money will place OSU at the forefront of discovery and innovation within biomedical research and education,” Friedman said. “The money resulting from the Third Frontier Project will help OSU lead the way in the delivery of patient care and the treatment of diseases, which benefits all Ohioans.”
It was Taft’s belief that an investment in the Third Frontier Project would dramatically increase the amount of high-tech high jobs and further monetary support for projects that contribute to the technological sectors of Ohio’s economy.
State Sen. Mark Mallory, D-Cincinnati, said Democrats have been in support of the Third Frontier mission. However, he said, the governor might have a problem down the road in raising more funds from tax payers.
“Although it is still too early to see the desired results from the project, the premise of furthering our state’s economy is a quality one,” Mallory said.
Mallory isn’t as confident in the passage of Taft’s bond proposal.
“Our residents will almost certainly be hesitant in November to support a bond issue like the one Taft is calling for.”
Taft’s Third Frontier proposal included a 10-year $1.6 billion initiative. That money was to be dispensed into five different funds. OSU’s rewards came from both the Technology Action fund and the Biomedical Research and Technology Transfer fund.
Dr. Marc Cloutier, executive director of Biomedical Research and Technology, said OSU will take advantage of the funds to make OSU a leader in development and research.
“OSU was selected for these funds by a panel consisting of some of the top scientists from around the country. The increased research will add to discovery and generate the best ideas about health care, which will in turn improve the lives of everyone,” Cloutier said. “That’s how the Third Frontier Project was designed to work — to better the lives of all Ohioans in one way or another.”
