Transfer of State Liquor Enterprise to JobsOhio Completed
Liquor profits to drive job growth and economic development in Ohio.
TRANSFER OF STATE LIQUOR ENTERPRISE TO JOBSOHIO COMPLETED
Liquor profits to drive job growth and economic development in Ohio
COLUMBUS – The transfer of the State’s wholesale liquor enterprise to JobsOhio was completed today, along with JobsOhio’s related $1.57 billion bond offering.
The enterprise transfer includes the previously executed Franchise and Transfer Agreement, and the OperaMon Services Agreement between JobsOhio, the Ohio Office of Budget and Management, and Ohio Department of Commerce.
Per these agreements, JobsOhio has obtained a 25-year franchise on the State’s liquor enterprise during which Mme the Department of Commerce’s Division of Liquor Control will conMnue to operate and manage the liquor business.
This transfer establishes a dedicated and sustainable funding source for JobsOhio to carry out its mission to lead economic development and job growth, as legislated by the Ohio General Assembly with strong biparMsan support. AddiMonally, this transacMon gives JobsOhio the ability to build out its team and resources to support that mission.
“Today’s transacMon is a key piece to fulfilling Governor Kasich’s iniMaMve to grow jobs and drive economic development in the State. Combined with his efforts to create a more aYracMve business landscape – a balanced budget, tax reform, and workforce development –JobsOhio now has the resources to more robustly disMnguish Ohio as a place where companies can grow and expand,” said John Minor, President and Chief Investment Officer for JobsOhio.
“Our bond offering was very successful. We achieved strong credit raMngs and generated great interest during our roadshow, which translated into significant investor parMcipaMon, Minor said. “Consequently, our offering was oversubscribed, allowing us to obtain aYracMve pricing in this favorable interest-rate environment.”
“The significance of this is that all liquor profits get put to work for job creaMon and economic development for the State and Ohioans.”
For more information, contact:
Matt Englehart, JobsOhio