2019 -- S 0949

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LC002351

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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S E N A T E   R E S O L U T I O N

     RESPECTFULLY REQUESTING THAT THE RHODE ISLAND COMMERCE

CORPORATION DEVELOP MEASURES TO ENSURE INVESTMENTS WITHIN

DESIGNATED OPPORTUNITY ZONES IMPROVE THE QUALITY OF LIFE AND

ECONOMIC OPPORTUNITIES IN LOW-INCOME COMMUNITIES, WHILE PREVENTING

GENTRIFICATION, AND IMPLEMENTING SAFEGUARDS THAT WILL ENSURE

TRANSPARENCY AND ACCOUNTABILITY THROUGH DATA COLLECTION AND

     REPORTING, AND ENSURE LOCAL LEADERSHIP AND RESIDENTS ARE

INCORPORATED THROUGHOUT THE INCENTIVE PROCESS

     Introduced By: Senators Euer, Goldin, Conley, and Cano

     Date Introduced: June 05, 2019

     Referred To: Senate Commerce

     WHEREAS, The Tax Cuts and Jobs Act of 2017 created the Opportunity Zones program

to increase investment in economically distressed communities; and

     WHEREAS, This new incentive is intended to encourage private investment, and

ultimately inclusive economic growth, in low-income communities; and

     WHEREAS, This federal program will provide a tax incentive for private investors to

direct capital gains into equity investments in qualified projects within these zones; and

     WHEREAS, Twenty-five Opportunity Zones were selected in Rhode Island by Governor

Gina Raimondo, representing diverse geographies, populations, and potential economic drivers;

and

     WHEREAS, Targeted and focused capital could make an immediate difference for those

communities and our state; and

     WHEREAS; It is essential to ensure Rhode Island’s low-income communities are not

negatively impacted through unintended consequences, such as gentrification; and

     WHEREAS; Including local leadership and community engagement, such as community

development corporations, local officials, and resident leaders could help reduce potential harm to

the community; and

     WHEREAS; Transparency and accountability could provide safeguards and are key in

ensuring these qualified projects are meeting their intended goals; now, therefore be it

     RESOLVED, That this Senate of the State of Rhode Island and Providence Plantations

hereby respectfully requests that the Rhode Island Commerce Corporation develop measures to

ensure investments within designated opportunity zones improve quality of life and economic

opportunities in low-income communities, while preventing gentrification, and ensuring that local

leadership and residents are incorporated throughout the incentive process, and implementing

safeguards to ensure transparency and accountability through data collection and reporting; and

be it further

     RESOLVED, That this Senate hereby respectfully requests that the Rhode Island

Commerce Corporation provides a progress report on the plan for these developed measures, that

protects Rhode Island’s low-income communities, ensures community engagement, and provides

data collection and reporting for qualified projects within designated opportunity zones, be

submitted to the Senate President and Senate Majority Leader on or before September 1, 2019;

and be it further

     RESOLVED, That the Secretary of State be and hereby is authorized and directed to

transmit a duly certified copy of this resolution to the Rhode Island Commerce Corporation.

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LC002351

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