Grebien gathers experts to support economic development

Grebien gathers experts to support economic development

PAWTUCKET – Mayor Donald Grebien is bringing together members of the financial sector to create a financial advisory team. The experts will support and advise on public/private economic development happening in the city, states a release.

City residents have seen significant financial and quality of life enhancements over the last several years, said Grebien. Developments like improved bond ratings and boosts to the financial reserves have helped control the need to increase the tax burden on residents and business owners. The continued growth of new businesses and developments will bring new revenue and sustainable growth to the city, he said.

One of the first tasks of this advisory group will be to analyze and assist with the city’s bond portion of the proposed new ballpark for the Pawtucket Red Sox.

The PawSox have committed to more than 50 percent of the cost for a new stadium, at $45 million, and any construction cost overruns. According to the proposed plan, the state would commit $23 million and the city would commit $15 million for the land acquisition. All costs would be paid for through existing and new revenue generated through the ballpark and area development, says Grebien, and anyone who does not use or attend the ballpark will not pay for it.

“I’m excited that these experienced individuals have committed to work alongside us here in Pawtucket,” said Grebien. “The city has improved its financial structure over the past several years, but still faces the potential of losing the PawSox and the economic benefit it brings to Pawtucket and Rhode Island.”

The group will provide feedback and ideas regarding the city’s bond commitment and payments, tax structures for the land, and revenue enhancements. Members of the group include:

• Jan Brodie, executive director of the Pawtucket Foundation

• John Gregory, president of the Northern Rhode Island Chamber of Commerce

• George Charette, president of Pawtucket Credit Union

• Gary Furtado, president and CEO at Navigant Credit Union

• Patrick Murray, president and CEO at Bristol County Savings Bank

• Bill Hatfield, president of Bank of America Rhode Island

• Kevin Tracy, senior vice president and market executive for business banking, Bank of America Rhode Island

• Joseph MarcAurele, chairman and CEO, Washington Trust

• Michael Clarkin, senior vice president, corporate sales manager, Washington Trust

• Bintou Chatterton, vice president of Chatterton Insurance

• Lisa Ranglin, president of the R.I. Black Business Association

• Brian Goldner, CEO of Hasbro

• Keith Kelly, president of Citizens Bank.

Comments

He isn't giving the whole story. Tell the citizens what they will lose every year if this money doesn't come in!