Education, job development top legislative agenda

BETTING ON THE ECONOMY: Senate President M. Teresa Paiva Weed, D-Newport, is seen in her office at the Statehouse. Paiva Weed supports the plan for a casino in Tiverton. / PBN PHOTO/MICHAEL SALERNO
BETTING ON THE ECONOMY: Senate President M. Teresa Paiva Weed, D-Newport, is seen in her office at the Statehouse. Paiva Weed supports the plan for a casino in Tiverton. / PBN PHOTO/MICHAEL SALERNO

Senate President M. Teresa Paiva Weed, D-Newport, has held the post since 2009. She discusses the state’s current economic health, what voters can expect from the Senate in 2016 and why she supports a proposed Tiverton casino.

What is your view of 2015 in Rhode Island in terms of the state’s economic health?

Well, I think there’s some good news. Certainly, our unemployment isn’t where we want it to be yet, but it’s moving in the right direction. It didn’t seem too long ago when we picked up the newspaper and there would be a headline that Rhode Island was among the worst in the nation. Right now, we’re 34th and that’s a significant improvement with a rate of [5.2 percent in November].

Our business climate is moving in the right direction. Our ranking on energy costs has improved. Our ranking on health insurance costs has improved significantly. Personal income is up, as is gross domestic product, so all of that I think is good news.

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I think the steps we took last legislative session will further improve the state’s economic health. Reducing the minimum corporate tax significantly impacts perception, when businesses are looking to move into our communities and comparing us with our neighboring communities. Removing the tax on energy for nonmanufacturing businesses is a very important step that helps the businesses here continue to grow and attracts businesses that are looking to locate to our state.

What do you see for 2016 in terms of the state’s economic health?

I guess going forward, I hope, I believe and I’m confident that we’ll begin to see the impact of the economic incentives that we worked collaboratively on with [Gov. Gina M. Raimondo], [House Speaker Nicholas A. Mattiello] and the [R.I. Commerce Corp.] to put in place. I’m optimistic that we’re going to see more activity on the I-195 land. And I also believe that one issue that continues to be a challenge that we face, and that the Senate has worked very hard on, is the regulatory burdens that businesses face.

Is there any one thing you wish could have happened in Rhode Island in 2015 that did not?

Something I believe that should be a priority for the General Assembly, which began last year, is the RhodeWorks program. That proposal, I believe, is really important in that it reconstructs over 150 structurally deficient bridges and repairs about 500 others. I believe that safe, reliable infrastructure is a critical component of our overall economic-development efforts. So while I’m a little disappointed [it didn’t pass], I’m very optimistic based on conversations with the governor and the speaker that it will be an initiative we address early this year.

Are there any other specific pieces of legislation or initiatives you will push for in the upcoming legislative session?

Our No. 1 priority this legislative session has to be to continue to invest into education and workforce development. I really believe companies want to invest where they know they have a talented pool of workers. A skilled workforce in a diversified economy will really help us in the future, [despite] any future economic downturns.

One area we will work on that’s important to Newport, and the entire state as a job-development area, is cybersecurity. I see that as an area that may require some investment on the state’s part, and I would anticipate working together with the governor and our federal delegation to encourage development. Rhode Island is such a natural location [for this growth] with the colleges and the significant defense industry.

I want to work with the governor and our colleagues on any economic tax incentives as we go forward, but I really believe that education and job development should be our priority.

You pushed for the reduction of the corporate minimum tax last legislative session, which dropped from $500 to $450. Do you want to see that further reduced?

It depends on revenue. I mean, when we look at economic competitiveness, perception is such an important part of the issue. New startup companies, and these often are younger people, along with businesses that are just beginning, it’s such an important message that we can send to the extent that we can further reduce the corporate minimum tax. It’s so discouraging, I mean, if they don’t have a lot of revenue at the beginning, that $450 bill, which is better than a $500 bill, is still [tough].

How does the state create an economy that’s attractive to young people?

We support business and innovation centers. Secondly, with the home loan we put in this budget with Rhode Island Housing, we make it affordable for them to live here. I think all of those kind of issues are important, but the most important issue is job creation, which is why I think you need to support the growth of innovative businesses moving forward.

Are you in favor of the Twin River Tiverton casino plan?

I think the proposed casino in Tiverton represents an important investment in Rhode Island at a time when competition from Massachusetts threatens not just our statewide revenue stream, but jobs for many Newport county residents.

If they’re successful, what do you want to see happen at the Newport Grand site?

The existing Newport Grand site has the potential to be utilized as a significant economic-development tool for Aquidneck Island and for the state. It’s visible from the Newport Bridge, it’s strategically located near the defense industry and the naval base. I have had many conversations and will continue to have conversations with the mayor and the City Council about the location, and I am committed to the development of the north end.

What I don’t want to see is for it to simply be used as a parking lot or sit idle in the event that Twin River is successful. The challenge for us is that it’s privately owned property and until such a time as the voters of Tiverton make a final decision, there can’t be a specific discussion. But what can happen is there are improvements to the northern part of the city that we can make regardless of Tiverton. Hopefully, the city will see this as a higher priority than they have in the past with the potential departure of Twin River.

Has it been a low priority in the past?

Unfortunately, it’s always been a challenge to convince the City Council to invest in the north end of the city. There are numerous plans that have come and gone, but they often [end up] on the shelf. It appears that the potential relocation of Newport Grand has inspired a real discussion.

Is being Senate president a role that you’re happy with and do you have any future political plans?

I continued to be humbled by the opportunity that my colleagues have given me by electing me as Senate president. As the issues change and the leadership changes, it presents new challenges each and every year. Certainly, to finally see the result of some of our efforts and watch our economy turn around has been a great experience this year. Gov. Raimondo has made a tremendous difference and I, as Senate president, have never had the opportunity to have a Democratic governor that works inclusively and collaboratively on any number of fronts. She’s demonstrated incredible courage to take on the very tough issues that face Rhode Island – many of which [have] no easy answers.

That’s a long way to say that I’m enjoying what I’m doing. •

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