From EDC to Commerce Corporation
GoLocalProv News Team
From EDC to Commerce Corporation
Now, the prospect that millions in federal funding could be at stake has been broached, due to the impending loss of the current Economic Development Corporation's Federal Identification Numbers when the Commerce Corporation takes effect on January 1st. The new iteration of the EDC is already off to a tumultuous start -- when it hasn't even begun.
See when the EDC started, key moments in the 38 Studios debacle, and the proposal -- and approval -- for a Commerce Corporation to take its place.
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EDC Formation
The Rhode Island Economic Development Corporation (RIEDC) was created in 1995 with a "mission to strengthen the Rhode Island economy through policies, programs, and projects, which enhance and enrich the business environment for public and private sectors in order to create prosperity for all Rhode Islanders."
Annual Budget: $19,400,000
Total Personnel: 81
EDC Responsibilities
According to the Secretary of State, RIEDC "works with new and existing business to improve their competitiveness, train their workers, clear away barriers and provide the resources they need to grow and prosper. [RIEDC works to] research, introduce and promote legislation and programs to make Rhode Island a more hospitable state for starting and expanding a business."
38 Studios -- Beginning
RIEDC issues $75 million in taxable revenue bonds to finance Curt Schilling's 38 Studios, LLC. in November 2010. Governor Chafee takes office in January 2011 and appoints Keith Stokes to Director.
38 Studios -- Fallout
RIEDC holds an emergency closed door meeting May 2012 in light of failing 38 Studios , Executive Director Keith Stokes is fired.
RIPEC Recommendation
The Rhode Island Public Expenditure Council issues a report in September 2012 calling for "systemic and internal restructuring" -- and for the formation of the Commerce Corporation to take the place of the current EDC.
Valois Takes Helm
Chafee nominates former EDC Director Marcel Valois to replace interim Director William Parsons in April 2013. Valois served at the post once before, from 1995 to 1997.
GA Approves Overhaul
The General Assembly approves four pieces of legislation to "move Rhode Island's economy forward and reform the state's economic development structures" during the 2013 session.
Governor Lincoln Chafee allows three of the four bills to become law without his signature, signs a fourth bill
