A $1 billion, largely bond-financed expansion of the Ohio State University Medical Center got a boost last week with the announcement of a $100 million federal grant. The project is Ohio’s largest labor initiative and is projected to create up to 10,000 new jobs and 5,000 construction jobs.

The grant was made by the Health Resources and Services Administration as part of the federal Affordable Care Act, according to former Gov. Ted Strickland’s office. The medical center project is half OSU’s $2 billion capital program.

The Big 10 university launched the capital program, dubbed Project One, last September with a $741 million borrowing. It expects to issue another $927 million of debt over the next five years to finance a series of projects.

 “Today’s announcement is testament to the national importance of this project and the opportunity it brings to benefit patients from Ohio and across the country and globe,” Strickland said.

Fitch Ratings assigned a AA rating with a stable outlook to the debt. Moody’s Investors Service and Standard & Poor’s rate the credit Aa1 and AA, respectively.

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