Ohio
Intel construction report identifies completion delay, spending for New Albany plant
Intel has spent $1.5 billion and hired 69 workers so far on what is the state’s biggest economic development project, a fraction of its $20 billion promise to build two factories in Licking County that will create 3,000 high-paying jobs.
Intel sad it remains fully committed to the entire investment of dollars and jobs in the area.
The semiconductor company also now says it anticipates construction of both plants to be finished in 2026-27 and to become operational in 2027-2028, according to a state report released Friday afternoon detailing Intel’s progress through 2023 on the project that was announced two years ago.
Initially, Intel said the plants would begin producing semiconductors by 2025.
The annual report is required of Intel as a condition of a $600 million grant designed to drive production of the tiny devices that power everything from computers to cars to military equipment back to the U.S. Intel received the money last September.
All together, Intel is receiving more than $2 billion in incentives from the state and New Albany.
“We are making great progress growing the Silicon Heartland,” Jim Evers, an Intel vice president in charge of the Ohio site, told the state in the report. “In addition to the approximately $1.5 billion investment in completed spends through 12/31/23 referenced in the report, Intel has an additional $3 billion in contractually committed spends underway, totaling $4.5 billion committed toward our Ohio One projects.
“This investment is growing every day as we work to establish a new manufacturing campus to build leading-edgesemiconductor chips right here in Ohio.”
“Transparency is always important, and we believe the public should be kept well-informed on the statewide impact of this transformative project,” Gov. Mike DeWine said in a statement.
Biden to announce federal grants to Intel next week, report says
Separately, President Biden is traveling to Arizona next week where he is expected to announce how many billions of dollars in federal aid from the CHIPS Act Intel will receive, Reuters reported Friday.
The $52.7 billion bill passed in 2022 includes $39 billion in grants along with loans, loan guarantees and tax credits as part of the push by the Biden administration to restore production of semiconductors to the U.S.
The Biden campaign has confirmed the visit to Arizona on Tuesday and Wednesday as part of an effort to mobilize voters in battleground states, The Arizona Republic reported Friday.
Along with Intel’s project in Ohio, Intel has been expanding its operations elsewhere in the U.S. as part of the reshoring effort, including Intel’s expansion in Chandler, a Phoenix suburb, where Intel is investing $20 billion to build two additional factories.
It has applied for money for all its expansion projects in the U.S.
Intel workers live in 14 Ohio counties
As of Dec. 31, Intel has hired 70 workers with 69 living in 14 Ohio counties and one out of state.
In addition to direct Intel employees, construction workers have come from 75 of Ohio’s 88 counties so far.
The state anticipates that the project will ultimately create 20,000 jobs across the state and add $2.8 billion to the state’s economy.
Intel also said its supplier network in Ohio has grown from around 150 when Intel announced the project more than 350 today.
Power company AEP Ohio is the top supplier, according to the report. Bechtel, the construction manager at the project is No. 2.
mawilliams@dispatch.com
@BizMarkWilliams
CINCINNATI (WKRC) – A judge’s ruling is set to reshape the State Teachers Retirement System of Ohio after finding that two board members violated their fiduciary duty to the fund.
The decision announced on Thursday stems from an investigation by the Ohio attorney general two years ago. The ruling centers on board members Rudy Fichtenbaum and Wade Steen, who were apparently trying to restore cost-of-living increases but, in doing so, pursued a plan the fund’s staff had already rejected.
A judge’s ruling is set to reshape the State Teachers Retirement System of Ohio after finding that two board members violated their fiduciary duty to the fund. (WKRC, Provided)
The judge found the two were acting as agents of QED, a startup that proposed managing $65 billion—more than two-thirds of the pension fund. The effort did not persuade fellow board members, but once it came to light, state lawmakers moved to reduce the number of educators on the board.
“The fund has since then grown. The state found issue with two of the board members and took it to court. The court made its decision. Through all of this, the system continued to perform well, and the board continued to perform the functions of a board,” said Ohio Federation of Teachers President Melissa Cropper.
State Rep. Adam Bird, a former superintendent in New Richmond and one of the lawmakers involved in altering the board, said the ruling supports the need for the change.
“I am confident that the judicial system will ultimately rule in our favor. I appreciate that they’ve got a job to do and they’ve got to go through their due process—and I’m not going to argue with that—but I do think that ultimately, the state legislature’s bill that passed back in June will ultimately prevail,” Bird said.
Cropper said she disagrees with using the ruling as an example to justify changing the board’s makeup.
“I think that is wrong to use this as an example, because if anything, this proves when board members need to be removed, there’s a mechanism for removing them, whether they’re appointed or elected, and this composition of the board has been this way since its inception,” Cropper said.
The change to the board’s setup is frozen pending more litigation, as teachers unions back a lawsuit challenging it.
As for the two board members, Chairman Fichtenbaum will be removed, and Steen is barred from ever rejoining the board.
STRS says it manages more than $100 billion for more than 500,000 educators. Almost 7,000 Hamilton County retirees are receiving benefits.
COLUMBUS, Ohio (WSYX) — Columbus properties dominate a new list out highlighting the best hotels in Ohio.
A Columbus hotel took the top spot in the rankings from US News & World Report, and a total of six area properties were included in the top 15, more than Cleveland (four) and Cincinnati (three).
Take a look at the list below:
- Le Meridien Columbus, The Joseph
- Inn Walden (Aurora, near Cleveland)
- The Ritz-Carlton Cleveland
- The Lytle Park Hotel, Autograph Collection (Cincinnati)
- The Hancock Hotel (Findlay)
- The Summit Hotel (Cincinnati)
- Hotel LeVeque, Autograph Collection (Columbus)
- The Junto (Columbus)
- Hotel Versailles (Versailles)
- Hilton Columbus Downtown
- Intercontinental Hotels Cleveland by IHG
- Hilton Columbus at Easton
- Hilton Columbus/Polaris
- Metropolitan at The 9 Autograph Collection (Cleveland)
- 21c Museum Hotel Cincinnati
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ExperienceColumbus.com has a list of several new hotels being built or planned around the city.
The man accused of killing two
people on Valentine’s Day returned to Moore County on Wednesday after fleeing to Ohio to face charges.
Caleb Fosnaugh, 25, was arrested
after he was accused of shooting and killing 21-year-old Kateryna Tovmash and
28-year-old Matthew Wade at a home in Vass on Saturday. Deputies said he left the area before law enforcement arrived at the home on Saturday.
Deputies said Fosnaugh waived
extradition in the double homicide investigation. He now faces several charges, including felony breaking and entering and two counts of murder.
Fosnaugh is being held in the
Moore County Detention Center without bond. He is expected to appear in court
on Thursday, Feb. 19.
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