From EDC to Commerce Corporation
Monday, November 25, 2013
Legislation approved during the 2013 General Assembly included the creation of a Rhode Island Commerce Corporation, along with an Executive Office -- as well as Secretary -- of Commerce.
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.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRelated Slideshow: From the EDC to Commerce Corporation
The Rhode Island Economic Development Corporation, which was created in 1995, is slated to be replaced with the Rhode Island Commerce Corporation as of January 2014.
Below is an overview of the formation of the EDC, the fallout of 38 Studios, and the recommendation -- and approval -- of the Rhode Island Commerce Corporation to take its place.
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