THE COALITION
  • Home
  • Past Shows
    • LIVE Broadcast
    • Gina Raimondo Political Hall O' Shame Inductee William Murray Cumberland Mayor 6/9/17
    • Alicia Ann Kelley - Environmental Activist
    • Rob Cote - Activist Extraordinaire
    • Bobby "The Rep" Nardolillo Candidate-US Senate
    • Arvin Vohra LP National Vice Chair 05/19/17
    • Emerge America Political Director A'shanti Gholar
    • Shannah Kurland \\ PrYSM: Community Safety Act
    • The Debate! Jared Moffat Regulate RI vs. MIchael Cerullo RI Center For Freedom & Prosperity
    • FIT: Meg Kerr\\RIPTA Riders-Pawtucket Soup Kitchen
    • Frank Carini -EcoRI.org
    • Attny's McElroy & Elmer: Invenergy!
    • Lynnette Labinger - ACLU / Donna Personeus Thayer St!
    • Jared Moffat Regulate RI
    • Jon Keith - Rhode Island Senate District 27
    • Homeless Bill of Rights Committee September 17, 2016
    • Republicans For Johnson\\\\Weld August 28, 2016
    • Rep Sherry Roberts: Quiet Strength\\Monique Chartier-Freedom & Prosperity\\Daryl Gould LP Candidate GA @ The Superman
    • Analee Berretto: Libertarian Candidate General Assembly Bristol / Portsmouth
    • Charles Wilson - National Association of Black Law Enforcement Officers
    • Linda Lotridge Levin- Rhode Island Press Association
    • Pride Week! Thom Simmons LP Candidate US Congress / Mike Shipley Outright Libertarians
    • New England Livery: Uber & The Sharing Economy / Del BigTree Vaxxed The Movie
    • Alex Merced Libertarian For US Senate New York-Joanne Leppanen RIPAC Cannabis Tax Crisis
    • Steve Kerbel / Gary Johnson Libertarian Candidate
    • Phil West\\Bill Felkner CLEANRI.org The Ethics Bill 5/14/16
    • Darryl Perry: Libertarian Candidate for the Presidency of the United States
    • CoHost Blake Filippi \\Gary Sasse Represents John Kasich \\Joe Trillo Represents Donald Trump
    • John McAfee: Libertarian Warrior / Candidate for The Presidency of the United States
    • Austin Petersen: Libertarian Candidate for POTUS \\\\ Jame Kennedy TransportPVD
    • Prof Steven Forleo Rocks Corporate Academia
    • Blake Filippi Libertarian Lion
    • CLEAN RI Bill Felkner
    • Moira Walsh Candidate District 3/RIPTA Riders/Fung Fiasco!
    • State of Homelessness-Rhode Island
    • Emergency Medical Cannabis Summit!
    • Bob Lafleur: Rhode Island Independent Contractors
    • Bella Robinson-Coyote / Norma Jean Almodovar Sex Worker Rights Activist
    • StopTollsRI.com / Rep Pat Morgan
    • Michael G Riley Explains It All To You-Pension Crisis Redux
    • J. Kennedy/J. Harris The 6/10 Connector: Boulevard of Dreams?
    • Bella Robinson\\Maxine Doogan Decriminalize!
    • Dr. Beshara Doumani - Syria! 12/5/15
    • The Curious Case O' The Dancing Cop Moore v. Stewart: Presiding Judge Ford
    • RIPTA Riders Alliance/James Kennedy
    • Joan Chabot Candidate Senate District 11/Hillary Davis: RI ACLU
    • Jim Vickers-Manchester 65\\ Greenwich Cove Meadery October 24, 2015
    • Jim Vincent Providence NAACP October 10, 2015
    • Providence Apartment Association\\\\Monique Chartier December 3, 2015
    • John Miner Russ Moore Alex Merced August 26, 2015
    • Shannah Kurland September 19, 2015
    • Kate Nagle Michael Riley September 12, 2015
    • Providence Bankruptcy! 9/21/14 Riley/Harrop/Flanders The Experts Weigh In!
    • Bob Healey: The Cool Moose 10/12/14
    • The Coalition Episode 5
    • Podcast
    • The Coalition Condensed
  • Advertise
  • Civil Liberty News!
    • PO Taxpayer
    • Tony Jones
    • David Fisher
    • The Goldwater Institute
  • Fight the Stadium
  • YOU! Need To Join The ACLU
  • About Us
    • Hosts
    • In The News
    • Contact Us
    • Media Partners
    • Sponsors
  • LIVE Broadcast
  • Our Next Show
  • Coalition YouTube Page
  • The Coalition Podcast!

                                       Superman Redux?

6/9/2016

0 Comments

 

The House Budget dropped with several potential sources of financing for the $uperman building this week.

The Rebuild RI Tax Credit had a limit set of $150 million. This would easily take care of the $uperman Buildings asks. New changes made 195 projects eligible for these credits. Many noted the definition of I-195 Land included the $uperman Building in the defined area, possibly giving it a back door to the taxpayer dollars they so crave.  But the $15million per project remains.  (There is an exemption for I-195 Land for section (d) (1) (i) of the credit limits, but the $15mil max is in (d)(1)(ii) so I believe it still exists, someone educate me if I’m wrong). Commerce Secretary Stefan Pryor was quick to debunk this, saying the definition was an oversight, and will be corrected. I tend to believe him there, only because I don’t think the House hasn’t worked out what they want yet in return for this ask.

The Budget entry I am looking at is the Extension of the Historic Tax Credits. That program was set to expire in 2016 originally, and will now be extended one more year. This is where I believe they are leaving the window open for the $uperman Building.

​That would be in line with what I noted about the Governors projected new issuance of $75million in Historic Tax Credits. It seems that Commerce Corp is ready to issue those when called on as they put out an RFP for these in 2015. The RFP is titled ‘REQUEST FOR PROPOSALS FOR A DIRECT PURCHASE BY A FINANCIAL INSTITUTION OF A FEDERALLY TAXABLE BOND ISSUE’ and contains some good information on the Historic Tax Credit program the most significant being that in 2008 Commerce Corp was authorized to issue $356.2 million in bonds to support the “Historic Preservation Tax Credit Fund” but so far have only issued $150 million in bonds. That leaves 206 million taxpayer dollars to gift to developers like $uperman partners Cornish Associates and High Rock Development.
 
The pieces fit from my point of view. The Governor expects a new issuance in late 2018, Commerce Corp is assumedly ready to go from the RFP and they have $206 million to play with, and the House is extending the Historic Tax Credit Program. High Rock/Cornish publicly have indicated that they are not working on getting their funding this year, hard to believe after their big dog and pony press conference, but easier to swallow when you see the pieces falling in place. All that will be left next session is the legislation to grant them access to those funds, an easier task if legislators get to say no new funds were appropriated, they were able to leverage existing programs to bailout $uperman. 
Picture
Picture
0 Comments



Leave a Reply.

    Picture

    Tom Rabble

    Writer ... Provocateur ... Rabble Rouser ....

    Archives

    June 2016

    Categories

    All

    RSS Feed

Picture
Picture
Picture

Picture