WHEREAS, This Senate on August 7, 1995 voted 36-13 to enact legislation enabling the Rhode Island Economic Development Corporation to enter into an agreement with the Providence Place Group, for the development of the so called Providence Place Mall within the City of Providence; and

WHEREAS, Said legislation authorizes significant tax revenue support for the construction and operation of said Providence Place Mall; and

WHEREAS, The 9 member delegation from the City of Providence to this body voted unanimously for the passage of this legislation based upon the Providence Place Mall developer's commitment not to develop a multi-screen cinema within said mall if the private sector could reach an agreement regarding the development of a multi-screen cinema within the Downcity area of the City of Providence on or before May 1, 1996; and

WHEREAS, This Senate realizes the economic importance of revitalizing the historic urban core of its capital city as a benefit to all citizens of the State of Rhode Island; and

WHEREAS, The establishment of a multi-screen cinema within the Downcity area will result in an increase in property values in the City of Providence's urban core and generate sales tax revenues for the State of Rhode Island; and

WHEREAS, The establishment of a multi-screen cinema within the Downcity area will result in an estimated 1,500,000 visitors per year to that area and will generate annual sales in excess of $9,500,000; and

WHEREAS, The development of a multi-screen cinema in Downcity will be a private sector investment with no corresponding sales tax relief or other subsidy being sought from the State of Rhode Island; and

WHEREAS, The State has already made a substantial investment in its capital city through the creation of Waterplace Park, the renovation of the Shepards building, the construction of the Rhode Island Convention Center and Westin Hotel and, most recently, through tax concessions made for the benefit of the developers of the Providence Place Mall; and

WHEREAS, This Senate must continue to foster and encourage private sector investment in the State of Rhode Island and its capital city; and

WHEREAS, This Senate must support private sector projects which will have a positive impact on making its capital city a destination for conventions and visitors, thereby reducing the taxpayers' annual subsidy to the operation of the Rhode Island Convention Center; and

WHEREAS, This Senate recognizes the importance of linking public sector and private sector investments in order to maximize the economic development impact of said investments such as the connection of the proposed Providence Place Mall with the Downcity area; now, therefore, be it

RESOLVED, That this Senate of the State of Rhode Island and Providence Plantations reiterates its support of the development of a multi-screen cinema in the Downcity area of Providence; and be it further

RESOLVED, That this Senate of the State of Rhode Island and Providence Plantations request that the director of the Economic Development Corporation include language in its agreement with the developer of the proposed Providence Place Mall to reflect the developer's commitment that the mall will not include a multi-screen cinema if the private sector is successful in entering into an agreement on or before May 1, 1996 to develop a multi-screen cinema in the Downcity area of Providence; and be it further

RESOLVED, That the Secretary of State be and he hereby is authorized and directed to transmit a duly certified copy of this resolution to the director of the Economic Development Corporation.