R.I. Health & Educational Building Corp. Sold More Than $1 Billion in Bonds in FY17
GoLocalProv Business Team
R.I. Health & Educational Building Corp. Sold More Than $1 Billion in Bonds in FY17
During Fiscal Year 2017, which ended June 30, RIHEBC provided $1.02 billion in financing to eight healthcare and educational institutions, 12 municipalities, and 3 regional school districts. The financing provided $777.5 million to refinance prior debt and $242.5 million for new construction projects.
“While the total amount of financing provided by RIHEBC is significant, it is more significant that the financings provided over $100 million in debt service savings for the institutions and municipalities and created thousands of jobs with new construction projects in the State,” said Richard A. Sinapi, Chairman of the Board of RIHEBC.
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RIHEBC assisted Lifespan and Care New England, the state’s two major hospital networks, refinance their prior bond debt. Other refinancing assistance was provided to the University of Rhode Island, Saint Antoine/the Frassati Home, New England Institute of Technology, Brown University, the communities of Woonsocket, Cranston, Cumberland, North Smithfield, Tiverton, Scituate, Narragansett, and the Regional School Districts of Bristol Warren, Exeter West Greenwich, and Foster Glocester.
As for the financing for new construction projects, over $119 million was provided for school construction projects in Barrington, Cranston, Middletown, Newport, Pawtucket, Tiverton, and Warwick.
RIHEBC also assisted with $123.5 million in financings for new construction projects at Providence College, Roger Williams University, University of Rhode Island, and Brown University.
The Power List - Health and Education, 2016
Inside Man
Russell Carey - A name few outside of Brown’s campus know, but Carey is the power source at the Providence Ivy League institution.
Today, his title is Executive Vice President and he has had almost every title at Brown short of President. Carey is a 1991 graduate of Brown and has never left College Hill.
While Brown’s President Christine Paxson — who is functionally invisible in Rhode Island — is managing alumni affairs and fundraising, Carey is influencing almost everything in Rhode Island.
Top Raimondo Appointment
Nicole Alexander-Scott - MD, MPH, and rock star in the making. As Director of the Rhode Island Department of Health, she is fast developing a reputation as someone in the Raimondo Administration who can get things done. Her counsel and leadership on developing a strategy on opioid addiction has been widely been lauded.
In addition, she has handled the mundane - from beach closings to food recalls - with competency. An expert in infectious disease, it may be time for her to become a strong leader on Zika.
The CEO
Ronald Machtley - Bryant University's President rightfully deserves to be on a lot of lists, but what few understand is that Machtley’s influence extends far beyond Bryant’s campus in Smithfield. Machtley could make this list as a business leader or as a political force as much as for education.
Machtley is recognized for transforming Bryant University from a financially struggling regional college to a university with a national reputation for business.
Machtley serves on Amica’s Board and the Rhode Island Foundation, and also serves on the Board of Fantex Brands.
Power Broker
Larry Purtill - While Bob Walsh gets the face time as the Executive Director in the media for the NEA of Rhode Island, NEARI President Purtill tends to be the inside man who gets things done.
The teachers' largest union is formidable, but is still reeling from the beat down it took when Gina Raimondo’s pension reform cut the benefits of teachers disproportionately over other employee groups.
Make no mistake about it - not much happens in education in Rhode Island without Purtill's sign-off.
Visionary
Mim Runey - While Rhode Islanders wait, and wait some more, for development on the 195 land, Johnson and Wale's University's Runey is watching it come to fruition, as JWU is set to open the first completed building on the former Interstate on September 1, when it will host a ribbon cutting for its John J. Bowen Center for Science and Innovation.
Under Runey, JWU continues to establish its foothold as one of the country's top schools for culinary training. Now Runey will oversee the addition of the new building on the old 195 which will house the university's School of Engineering and Design and its biology program.
In 2015, students from the School of Engineering & Design participated in the construction of the Holocaust Memorial on South Main Street, a collaboration between the Jewish Alliance of Greater Rhode Island and the Holocaust Education Resource Center of Rhode Island.
A true community partner in every sense, JWU under Runey's watchful eye is expanding to an even greater presence in Providence.
Chairman of the Board
Edwin J. Santos - The former banker is Chairman of the Board of CharterCare, after having been a top executive at Citizens Bank. He has been a board leader for Crossroads, Washington Trust, Rocky Hill School -- you name it and Santos has helped to lead it.
His best work to date just might be at CharterCare, where he has helped the once fledgling hospital (Roger Williams Medical Center) into a growing hospital system.
Lion Tamer
Weber Shill - He serves as the Chief Executive Officer of University Orthopedics, or in other words, dozens and dozens of oh-so-confident docs.
Shill has a background in Engineering and a Masters in Business Administration from the Whitemore School at the University of New Hampshire. Experienced in managing medical groups, but this group is big and influential.
Boss
Timothy Babineau - President and CEO of Lifespan, Rhode Island's biggest healthcare organization, where financial challenges make the job that much more complicated.
Now, the critics (GoLocalProv included) are raising concerns about the multi- billion dollar organization's refusal to make any contribution to the City of Providence. Lifespan is like General Motors, big and hard to innovate the organization.
