Direct cash incentives from Ohio totaled over $1.3 billion, according to the director of the Ohio Department of Development Lydia Mihalik. Of this amount, a $600 million grant will be used to offset costs for Intel, and another $691 million is intended for investments into infrastructure.
A breakdown of these costs in more detail follow:
$600 Million Grant
$300 million for each plant
Performance-based
Both plants must be built by 2025
$691 Million Infrastructure Investments
$300 million water reclamation plant
$290 million for roads
$100 million water & waste upgrades
Other incentives for Intel include a Job Creation tax credit of up to $650 million over 30 years, making the total promised investment equal to over $1.9 billion in incentives. As of January 2022, Intel’s net worth is around $213 billion.
Mihalik promised that the investment from Intel will be worth the investment, stating that every six cents from Ohio will be matched with a dollar from Intel. In an interview with NBC4, Lt. Gov. Jon Husted compared the deal to others in the state: “If you put it in context of capital investment, the last 1,000 deals that JobsOhio has done is equivalent to this one deal.”
