2019 -- S 0949

========

LC002351

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

____________

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

1

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

2

to increase investment in economically distressed communities; and

3

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

4

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

5

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

6

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

7

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

8

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

9

and

10

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

11

communities and our state; and

12

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

13

negatively impacted through unintended consequences, such as gentrification; and

14

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

15

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

16

the community; and

 

1

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

2

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

3

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

4

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

5

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

6

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

7

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

8

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

9

be it further

10

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

11

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

12

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

13

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

14

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

15

and be it further

16

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

17

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

========

LC002351

========

 

LC002351 - Page 2 of 2