COLUMBUS, Ohio (WCMH) – Intel and the Ohio Department of Development have finalized an onshoring agreement to bring a $20 billion semiconductor chip factory to New Albany.
The project was first announced in January 2022.
The agreement includes $600 million in grants for Intel to build two manufacturing facilities, and have them operate with 3,000 employees by the end of 2028.
Intel will need to provide detailed accounting of how it spends the grant money, plus annual performance reports beginning in March 2024.
The state can stop payments to Intel and claw back what it’s already paid if Intel does not hold up its end of the bargain.
Intel and the Department of Development have a separate job creation tax credit agreement that has already been finalized.