STATE APPROVES ASSISTANCE TO LAND BOEING'S AWACS PROJECT
Company Considers $2.1 Million Project for Guidance Repair Center; Create 35 Jobs

FOR IMMEDIATE RELEASE
January 31, 2005

Columbus, OH -- Lieutenant Governor Bruce Johnson today announced that the Ohio Development Financing Advisory Council and the Ohio Tax Credit Authority have recommended assistance to The Boeing Company and the Heath-Newark-Licking County Port Authority to help secure a potential expansion of the company's Guidance Repair Center (GRC), located in Heath (Licking County). The company is facing the possible sale of its Corinth, Texas facility, which currently produces and tests antennae systems for the AWACS surveillance plane. Boeing is considering relocating this operation to other company operations, which would result in the creation of 35 jobs within the first three years of operation.

“Boeing is an excellent corporate citizen that we would like to see expand in Ohio,” said Lt. Governor Johnson, who also serves as state development director. “We are committed to building on Ohio’s excellence in the aerospace industry by supporting companies like Boeing and facilities like the Guidance Repair Center.”

Today, the Ohio Tax Credit Authority approved a 50 percent Job Creation Tax Credit for a five-year term to Boeing. The value of the tax credit would be $210,245 over the term and the company would be required to maintain operations at the site for 10 years. Also today, the Development Financing Advisory Council recommended a $1.5 million Research and Development loan to the Port Authority for the project, which is subject to approval by the State Controlling Board. The State has also committed a $40,000 Ohio Investment in Training Program grant to Boeing for worker training.

The Boeing Company is a leading global provider of commercial aviation and military aerospace systems and would entail a capital investment of $2.1 million, primarily in building improvements and personal property investment.

Johnson also pointed out that supporting this potential project was consistent with the strategies being promoted through the Third Frontier Project. The Third Frontier Project is Governor Taft’s 10-year, $1.1 billion initiative to expand high-tech research capabilities, promote innovation, encourage company formation and create high-paying jobs in the State of Ohio. “The key to securing our economic future is to support the location and growth of companies like Boeing that are engaged in high-tech products and services,” said Johnson.