Ohio Liquor Funds Transferred to JobsOhio
The transfer of the state’s wholesale liquor business to JobsOhio is complete. So is the state’s $1.7 billion bond offering, the deal that allows investors to loan the state money against the income of future liquor profits.
This means JobsOhio will now have a 25-year sustainable, dedicated funding source to carry out its economic development mission.
The transfer comes as a lawsuit against JobsOhio over its constitutionality proceeds at the Ohio Supreme Court. The groups bringing that lawsuit warn the state could now be on the hook to repay all of that money if the court rules JobsOhio is unconstitutional.
But Governor Kasich thinks it’s good to forge ahead. "As the state continues its work to make Ohio a friendlier place for business," he said in a press release, "it is essential that JobsOhio is a partner in growing jobs across the state, and today’s action will allow them to do that more effectively.”