Job Creation in RI

New effort to boost job growth in RI through foreign investment.

In an effort to spur job creation and boost economic development in Rhode Island, U.S. Senator Jack Reed, Providence Mayor Angel Taveras, and officials from Pathway Capital Partners have announced a new EB-5 Regional Center aimed at attracting foreign investment to Rhode Island.

“We need to be smart about bringing jobs and economic development to Rhode Island and this program can help the state become a magnet for foreign investment,” said Senator Reed, who supported Pathway’s application to be federally-designated as an EB-5 Regional Center. “We need to work together to increase Rhode Island’s competitiveness and position the state as a destination for innovation, investment, and entrepreneurship. This is an important program for Rhode Island with a great deal of potential to provide new entities, businesses, developments, and entrepreneurs with a new capital channel to access foreign investment and create jobs here in Rhode Island.”

Created by Congress in the 1990s, the Immigrant Investor Program, also known as “EB-5,” is a visa program designed to attract new capital from foreign investors interested in making a substantial investment in the U.S. economy.  Under the EB-5 Regional Center Pilot Program, multiple foreign investors join together, each of them contributing at least $500,000 toward new U.S. business ventures that will result in a minimum of 10 full time jobs.

There are currently over 320 EB-5 Regional Centers operating in the U.S., including a dozen in New England, but until now there haven’t been any based in Rhode Island.  This new center could help create jobs in the Ocean State and raise Rhode Island’s profile among international investors.

Regional Centers identify investment opportunities that will create jobs in local communities, often in partnership with economic development agencies. They also assist in marketing those investment opportunities to investors from around the world and ensure that the investment offering complies with federal and state securities laws and SEC regulations as well as specific EB-5 requirements.

Center Announces Board

RI Center for Freedom and Prosperity announces Board of Officers.

The Rhode Island Center for Freedom and Prosperity has announced its recently elected group of Officers for its Board of Trustees.

At its annual meeting last month, Dr. Daniel Harrop was re-elected as Chairman; Mike Riley was elected as Vice Chairman; Jay Jacot remains as Treasurer; and James Lynch remains as Secretary.

The Rhode Island Center for Freedom and Prosperity is a nonpartisan public policy think tank that primarily focuses on tax policy and business climate.

East Bay Bridge Meeting

East Bay Bridge Commission to discuss infrastructure-funding strategies.

The Special Legislative Commission to Study the Funding for East Bay Bridges will meet this Wednesday at 4 p.m. in the State House to discuss infrastructure issues and state funding ideas.

The agenda includes a presentation from Jaime Rall, of the National Conference of State Legislatures; a question and answer session with commission members; and a period of public testimony, which must pertain to the presentation topic.

There is also an opportunity to offer written comments for the commission’s consideration at http://webserver.rilin.state.ri.us/bridgefunding/contact.html.

The commission, co-chaired by Rep. Helio Melo (D-Dist. 64, East Providence) and Sen. Daniel Da Ponte (D-Dist. 14, East Providence), was established during the 2013 legislative session to allow lawmakers and officials from affected state departments and agencies an opportunity to investigate various funding plans, potentially eliminating the need for tolls on the Sakonnet River Bridge.