Our dependence on foreign oil becomes a more immediate threat all the time.
The case for taking action to develop alternative energy sources is easy to make. Last week, the price of petroleum topped $74 per barrel – $3-a-gallon gas isn’t far behind – and there is no hope that it will drop significantly anytime soon.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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But while Gov. Donald L. Carcieri talks the talk, he needs to do better.
At least one answer for Rhode Island is right in front of us, literally. Page One of this issue is dominated by a report on the newly completed windmill at Portsmouth Abbey School. The $1.2 million project, built with the aid of a $450,000 state grant, will generate 660 kilowatts, or enough to supply nearly half the school’s needs.
The governor has directed the R.I. Economic Development Corp. to undertake a year-long study to determine possible locations for a wind power farm in the state, hoping to avoid the fiasco that has bogged down the Massachusetts Cape Wind project. Our question is: A year? While it may be prudent to build consensus before building wind mills, the pace of the governor’s approach smacks of election-year timidity.
Strong leadership is needed now to address the problem. The governor has already taken the first step by calling for 15 percent of the state’s energy to be generated by wind power.
Let him take the next step immediately by outlining how and when he will reach that goal. After all, we are in an energy crisis. And Rhode Island cannot afford to let such an abundant natural resource remain untapped any longer.
It’s silly season on Smith Hill
The state legislature should stop tinkering with the 30-percent investment tax credit for developers who rehabilitate historic buildings. It works just fine as it is.
Rep. Paul E. Moura, D-Providence, has introduced legislation that would require anyone who gets the credit to be required to pay “prevailing wages.” He also wants developers to collect data and publish the economic benefits that accrue to Rhode Island residents as a result of their work.
Development projects are not government services; they are the result of choices made by private citizens to invest. Make it too costly – and requiring prevailing wages will do that in many cases – and the deal simply doesn’t get done.
As for his second suggestion, we’d like to point out that the results are already in. A recent study released by the National Trust for Historic Preservation found that private investment totaled $859 million in 189 projects leveraged by $257 million in tax credits.
The investments in turn will generate nearly $450 million in income, sales and property taxes, as well as provide more than 3,000 housing units.
Now can we get back to business?
