R.I. senator's bill would require two-thirds majority for Commerce Corp. financing, after tight Tidewater stadium vote
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Earlier this month, the developer
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But Zurier, a Providence Democrat, has introduced
In his April 20 district newsletter, Zurier explained his rationale, saying the razor-thin margin of that 2022 vote was an outlier. Over the last four years, the board has voted on 203 resolutions, and the Tidewater Landing vote was the only one that didn't receive at least two-thirds of the vote, he said.
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'This vote stuck out like a sore thumb,' Zurier told the Globe. 'From an institutional standpoint, it's not ideal. It happened on a divided vote, with the governor breaking a tie and two abstentions. It seemed it might be beneficial that they operate by consensus going forward.'
He noted that the project's financing has 'generated significant controversy.'
He cited reports that the state originally planned to provide the developer with $27 million in capital from a bond that would generate $37 million in financing costs. When the bond was finally sold,
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'I think it was at a minimum an extraordinarily inefficient way to complete the financing,' Zurier said. 'Certainly, there were easier alternatives in terms of a General Assembly expenditure or bond.'
He said that during a Senate Finance Committee meeting last year, he asked Commerce Corporation Director Elizabeth M. Tanner if the board could adopt an internal rule requiring a third-thirds supermajority for all major votes. He said she did not think the Commerce Corporation had the authority to make such a rule.
Zurier said he disagreed with Tanner's conclusion, but that led him to propose the bill to require a two-thirds vote in the future. He said the proposed legislation 'offers a surgically precise solution to the problems raised by that vote.'
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The bill has been referred to the Senate Commerce Committee, which has held it for further study.
When asked for comment on the bill, McKee press secretary Olivia DaRocha said, 'The governor will review the bill if it reaches his desk.'
Edward Fitzpatrick can be reached at
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