September 1, 2006

Pryce, Commerce General Counsel Present The Ohio State University with $744,091 in Federal Funds  

Columbus , Ohio – Today, Congresswoman Deborah Pryce (R-Columbus) and U.S. Department of Commerce General Counsel John Sullivan presented Ohio State University President Karen Holbrook and other OSU officials with a $744,091 Economic Development Administration (EDA) investment. The funding will help renovate the Pounden Technology Development Center on OSU’s Wooster campus.

“The federal investment in research and development at Ohio State and other institutions of research and higher education is enormous, and will continue to grow,” said Pryce. “This particular EDA investment is expected to create 390 jobs and attract $48 million in private investment, and is representative of the federal commitment to spurring technological development.”

“Congress has prioritized technological innovation to unprecedented levels with the American Competitiveness Initiative, under which the federal government is encouraging more aggressive investment by businesses in research and development, increasing federal support for vital basic research, and improving math and science education for America’s students,” Pryce added.

“The ACI will significantly impact central Ohio’s research and educational institutions – particularly OSU, and other research hubs like Battelle, the 315 Tech Corridor, and the Central Ohio Innovation Center in Dublin – and solidify our area as a national leader in technological innovation, and create high-paying jobs and spin-off industries.”

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.