Investing in Economic Development An Innovative Approach for Cash-Strapped Municipalities

1. Investing in Economic DevelopmentAn Innovative Approach for Cash-Strapped Municipalities Moderator:Scott Wolf, Executive Director, Grow Smart Rhode Island Panelists:Thomas Kravtiz, Director of Planning and Economic Development, Town of Burrillville Samuel J. Bradner, Partner, The Peregrine Group, LLC Rep. Jeremiah T. O’Grady, District 46 - Lincoln/Pawtucket www.GrowSmartRI.org

2. Leveraging Rhode Island’s Place-Based Assets Rhode Island’s cities, town centers and Main Street districts are vitally important to the economic well-being of municipalities and to the State as a whole.

3. Need for Targeted Investments in Economic Development Across Rhode Island, cities and towns have developed forward-looking plans for public improvements that attract private investment and that revitalize downtown and Main Street districts. But they increasingly lack the fiscal capacity to implement these plans.

4. RIGL 44-5-2 a barrier to Municipal Investment in Economic Development More commonly known by its 2006 bill number: S-3050 • Caps the growth of a municipality’s total tax levy. • Disincentive for promoting economic growth – especially if it requires investments in planning or infrastructure.

5. RIGL 44-5-2 a barrier to Municipal Investment in Economic Development Source: Division of Municipal Finance, Dept. of Revenue Annual Reports on the Property Tax Levy Cap, Fiscal Years 2009, 2010, 2011

6. A concept for amending, not ending RIGL 44-5-2 Allow municipalities to capture a portion of levy growth within targeted “growth centers” (prior to levy cap) solely for reinvesting in economic development within those districts. Branch Village, North Smithfield Burrillville “growth centers”

7. History 2009 REGULATORY REVIEW TASK FORCE COMMISSIONED BY GOVERNOR CARCIERI

8. History

9. A proposal for amending, not ending RIGL 44-5-2 Keys to the success: • Must be meaningful enough to warrant municipal participation and to achieve results • Must be measurable and accountable • Must include a not-to-exceed cap • Mustrestrict the use of funds to qualified economic development uses • Mustbe consistent with goals and objectives of Rhode Island’s State Guide Plan • Mustreward communities that use land, resources and infrastructure most efficiently • Must not be overly burdensome to administer by municipal officials • Must not be overly burdensome to administer / certify by State Dept. of Revenue

10. Development of Proposal

11. Order of Magnitude

12. History

13. Tom Kravitz Director of Planning & Economic Development Town of Burrillville

21. 60’ RR ROW Mill Complex Pascoag

25. Samuel Bradner Partner The Peregrine Group, LLC

26. ALCO Site Improvements

27. Priority Funding Areas

28. Jeremiah O’Grady State Representative Lincoln/Pawtucket