Gut or Get Rid of the Rhode Island Economic Development Corporat - ABC6 - Providence, RI and New Bedford, MA News, Weather

Gut or Get Rid of the Rhode Island Economic Development Corporation, EDC

by Mark Curtis

mcurtis@abc6.com

      Put the economic blame on the 75 million dollar 38 Studios fiasco, or the 5 million dollar bad loan to Capco Steel, but a new proposal is out that suggests gutting the Rhode Island Economic Development Corporation, and replacing it with something else.

     Scott Gibbs of the Rhode Island Economic Development Foundation - a separate and independent group - says, "It's how we change the entire culture in Rhode Island and how we think about economic development."
 
     The private Economic Development Foundation suggests that colleges and universities in Rhode Island lead economic research and development efforts.
 
      ABC6 Political reporter Mark Curtis says, "Now according to this report the state would remain a partner in economic development, doing things such as creating pro-business laws and regulations, but the financing of it all would pretty much be up to someone else."
 
      That means more private sector loans,  not taxpayer financed disasters like 38 Studios.

      Scott Gibbs says, "We have groups like the Business Development Corporation of Rhode Island. We have the Ocean State Business Development Authority. These are existing entities that have some private capital involved."
 
      In this week's "On the Record" with Buddy Cianci, the private Rhode Island Foundation said it wants to get involved in improving development, too.
 
      Rhode Island Foundation Executive Director Neil Steinberg said, "If there is a great marketing plan for the state of Rhode Island, and there was the need potentially for some short term seed capital, to do something, to put something together to get it to market. that's the type of thing we could consider."
 
     On the heals of the 38 Studios collapse, it is hoped the state can learn from it's past mistakes. In Providence, I'm ABC 6 Political Reporter, Mark Curtis.