Over $2B worth of incentives brought Intel to Ohio
It took nearly $2 billion in public incentives for Intel to commit to building a massive chip factory planned for the New Albany area.
Driving the news: Lydia Mihalik, the state development director, broke down the largest economic incentives package in state history at a Friday press conference. The package includes:
- $600 million in direct cash — This "onshoring incentive grant" is conditional on Intel building two fabrication plants and can be clawed back should Intel not deliver.
- $691 million in infrastructure spending — Funding for new water lines, roadways and a "state-of-the-art" water reclamation facility.
- $650 million (estimated) in job creation tax credits — Intel will file annual reports on the site's full-time employees to earn the credit.
What they're saying: "When you look at what we're giving Intel and compare it to what we're getting in return, some may wonder if it's worth it. And the answer is yes," Mihalik said.
- The plant is expected to employ thousands of workers at an average salary of $135,000 when it opens in late 2025.
Separately, JobsOhio, the state's private economic development arm, is reportedly offering $150 million in grant funding, per the Columbus Dispatch.
- The city of New Albany is offering a 30-year, 100% property tax abatement within its city business park.
Mihalik did not rule out future increases to the state's offer should Intel develop the plant further.
More Columbus stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Columbus.