Question 3Bond (state borrowing)
Economic development bonds
Explain it like I'm 5
The state would borrow money to prepare land, roads, and other infrastructure for new businesses. It is like getting an empty lot ready with power and roads before a company moves in.
Yes vote
Rhode Island may issue up to $100 million in bonds for site development and infrastructure serving growth industries.
No vote
Rhode Island may not issue these bonds for the proposed economic-development projects.
The question to ask yourself
Will the selected projects create enough public economic benefit to justify the borrowing?
The case for
- Prepared sites could help attract businesses and private investment.
- The measure supports growth industries such as ocean technology, defense, life sciences, and cybersecurity.
- Public infrastructure can make projects possible when private developers will not pay first.
Backed by: Rhode Island Life Science Hub
The case against
- The measure does not guarantee a specific number of jobs.
- Borrowing shifts financial risk to taxpayers.
- Voters must trust officials to select projects that deliver broad public benefits.
Opposed by: House Minority Leader Michael Chippendale
- Money
- The official guide estimates $100 million in principal plus $60,500,000 in interest, for $160,500,000 over the bonds' life.
- Don't be misled
- It is misleading to call this a general highway repair bond, because the funds target site development and growth-industry infrastructure.