Public, private sectors make good team
Some people question why taxpayer dollars should be used to fund private investment. The answer can be summed up in one simple word: Jobs.
State and federal funding are a vital component to economic development and, without this much-needed revenue stream, many projects wouldn’t even get off the ground.
A perfect example of money well spent is the recent announcement that more than $300,000 in Community Development Block Grant funds will be used in conjunction with a $200,000 grant from the Ohio Department of Transportation to pave the way for the relocation of Intermountain Electronics, Inc., in The Point industrial park in South Point.
This development will create as many as 50 jobs, some of which are required to go to individuals who are classified as low to moderate income.
So, this relatively small investment of public funds will spur a much larger investment of private ones and provide jobs to those most in need.
This is only the tip of the iceberg when it comes to all the positive projects that CDBG funding goes towards.
In today’s economy, when state and federal governments are looking at ways to cut costs, we hope lawmakers fully understand how important programs like these are to economic development efforts.
Our economy will not be rebuilt simply with private or public funding. Partnerships will be the key.