Tagged: Rhode Island Economic Development Corporation

Marcel Valois has been nominated for Executive Director of the Rhode Island Economic Develop Corporation, which has been under a cloud since the 38 Studios bankruptcy.

It is the same position Valois held in the 1990’s under then Governor Lincoln Almond.

Valois most recently served as the Vice President of the Foundation of Rhode Island, a private non-profit organization.

The announcement came today from Governor Lincoln Chafee after his initial choice for the position, William Parsons, withdrew for medical reasons.

Woonsocket City Council President John Ward is concerned that jobs provided by CVS Caremark Corporation could vanish if the company loses a big chunk of a state tax credit.

"Based on their reaction, I'm a little concerned," Ward said, referring to how CVS lobbyist Robert Goldberg said the company may reconsider its ties to Rhode Island if it loses part of a job development tax credit worth about $15 million a year.

Saul Kaplan, founder and head of the Business Innovation Factory, and a former director of the state Economic Development Corporation, joins the panel to discuss struggles at the EDC, the outlook for gun-related legislation, municipal finance woes in Woonsocket and more.

The Rhode Island Economic Development Corporation estimated this summer’s America’s Cup sailing event would pump more than $70 million into the state’s economy. But the actual haul was much less.