Presentation on theme: "Investing in Economic Development An Innovative Approach for Cash-Strapped Municipalities Moderator: Scott Wolf, Executive Director, Grow Smart Rhode Island."— Presentation transcript:
Investing in Economic Development An Innovative Approach for Cash-Strapped Municipalities Moderator: Scott Wolf, Executive Director, Grow Smart Rhode Island Panelists: Thomas Kravtiz, Director of Planning and Economic Development, Town of Burrillville Samuel J. Bradner, Partner, The Peregrine Group, LLC Rep. Jeremiah T. OGrady, District 46 - Lincoln/Pawtucket www.GrowSmartRI.org
Leveraging Rhode Islands Place-Based Assets Rhode Islands cities, town centers and Main Street districts are vitally important to the economic well-being of municipalities and to the State as a whole.
Across Rhode Island, cities and towns have developed forward-looking plans for public improvements that attract private investment and that revitalize downtown and Main Street districts. But they increasingly lack the fiscal capacity to implement these plans. Need for Targeted Investments in Economic Development
RIGL 44-5-2 a barrier to Municipal Investment in Economic Development More commonly known by its 2006 bill number: S-3050 Caps the growth of a municipalitys total tax levy. Disincentive for promoting economic growth – especially if it requires investments in planning or infrastructure.
RIGL 44-5-2 a barrier to Municipal Investment in Economic Development Source: Division of Municipal Finance, Dept. of Revenue Annual Reports on the Property Tax Levy Cap, Fiscal Years 2009, 2010, 2011
A concept for amending, not ending RIGL 44-5-2 Allow municipalities to capture a portion of levy growth within targeted growth centers (prior to levy cap) solely for reinvesting in economic development within those districts. Burrillville growth centers Branch Village, North Smithfield
History 2009 REGULATORY REVIEW TASK FORCE COMMISSIONED BY GOVERNOR CARCIERI
A proposal for amending, not ending RIGL 44-5-2 Keys to the success: Must be meaningful enough to warrant municipal participation and to achieve results Must be measurable and accountable Must include a not-to-exceed cap Must restrict the use of funds to qualified economic development uses Must be consistent with goals and objectives of Rhode Islands State Guide Plan Must reward communities that use land, resources and infrastructure most efficiently Must not be overly burdensome to administer by municipal officials Must not be overly burdensome to administer / certify by State Dept. of Revenue