Angel Taveras July 15th Speech on Jobs & Economic Development

I. INTRODUCTORY REMARKS

I am delighted to be here today for many reasons, but I am particularly thrilled to be standing
here at EpiVax. EpiVax specializes in developing new vaccines, new drugs and new
technologies. The work this company does possesses enormous potential. Potential to improve
lives here at home and all around the world.

And I am excited to be here today because EpiVax itself - a locally grown, high-tech, life
sciences firm in the heart of Providence’s emerging Knowledge District - represents the
enormous potential of our city’s economy.

And that’s what I’m here to talk to you about today: my plan, as Mayor, to put people back to
work and to get Providence’s economy moving again.

One hundred years ago, the area we’re standing in now was the heart and soul of the industrial
revolution. Providence was home to some of the world’s largest factories. We produced
engines, silverware, tools and jewelry. The population of the city was nearly one and a half
times what it is today.

But today, we face a different picture.

Our city faces nothing short of an economic crisis. Our unemployment rate is in the double
digits. Over a million square feet of Downtown office space remains vacant. Homes are
boarded up and businesses are shutting down. Three out of ten children live in poverty.

There’s frustration. There’s anger. And for some of those looking for work, struggling to pay
the rent, struggling to pay for childcare and groceries and the car loan, there’s despair.
So let me be as clear as I can possibly be:

There is no single issue more important to me than putting people back to work and growing our
economy and as Mayor, I will not rest until every working man and woman in the City of
Providence has the opportunity to earn a decent living.

Today, I’m going to detail different actions that I will take as Mayor - some that will begin on
the day that I’m sworn into office, others that will take place on an ongoing basis throughout my
term.

Together, these actions fall under what I call the “three R’s” of my jobs plan: retain, recruit,
reform. Together, they will transform our economy into a center for entrepreneurship.

II. RETAIN

First, let’s talk about the businesses we already have here in Providence. There are slightly more
than 7,000 private employers in our city, from EpiVax to Al Forno, from Brown University to
your neighborhood barbershop. Together, they employ over 90,000 workers - some who live
here in the city, others who come from all over Rhode Island and beyond.

But here’s the important thing: 95% of these businesses employ 25 or fewer people. Ninety-five
percent. That means that the vast, vast majority of all economic activity that takes place here in
Providence takes place in a small business.

What are we doing to make sure, as a City, that these small businesses and local entrepreneurs
have all the support they need to maintain their advantage, to hire, to expand, to invest and build
value for themselves and for their community? What are we doing, in short, to retain firms like
EpiVax, to make sure they stay and grow here instead of in Boston, New York or some other far
away location?

Unfortunately, the answer for too long has been: not enough.

That’s why, as Mayor:

(1) I will create a small loan revolving fund so that our small businesses and local
entrepreneurs have fast access to capital when they need it. When meeting tomorrow’s
payroll means making an investment decision today, our local businesses cannot wait for
the big banks to begin lending again.

(2) I will also create a tax suspension program for business property improvements so that if
you invest in growing your company, you have some breathing room, some time and
space to focus on your work before the city begins collecting taxes on your new property.

(3) I will create meaningful opportunities for shared services between our small businesses:
workshops, roundtables on financial literacy, on developing business plans, on marketing
your business.

(4) I will invest in the arts and the creative economy so that Providence becomes not only the
Creative Capital of Rhode Island, but the Creative Capital of America.

(5) As Mayor, I will make Providence a leader in the “green” economy. We will pursue
alternative sources of energy, green our city buildings and continue to enforce green
building codes.

(6) I will protect jobs at the Working Waterfront - an invaluable economic asset for our city -
from development decisions that would endanger the industrial productivity of the Port of
Providence.

(7) And when I convene our City’s colleges and universities to revisit our relationships, I
will work towards a solution to keep our thousands of college students here in Providence
after graduation.

Programs like these will help the businesses we have here access capital and make new
investments. But without a sustained focus on workforce development, these programs only
represent half of the “retention” coin.

That’s why, as Mayor:

(1) Accelerating school reform will be a top priority of my administration. A world class
public school system is invaluable to our economic future for two reasons.

First, we must be preparing our children to be the workers and entrepreneurs of
tomorrow. That’s why I will support the Career & Technical High School and will direct
my School Department to create similar models that will help our students develop job
skills that can be applied on the worksite.

And secondly, we know that businesses choose to locate in Cities with strong public
schools. We need to make Providence schools the best in Rhode Island not only because
our children deserve it, but because if we do, that investment will produce a return in the
form of new economic development in perpetuity.

(2) But I believe the City can support our school children beyond K-12 education. That’s
why, as Mayor, I will partner with our local higher education institutions like CCRI and
URI Providence to maximize the availability of their programs to Providence residents
and to form a partnership with them to fund workforce training programs.

(3) I will replicate and support programs like Building Futures, a collaborative
apprenticeship program in the construction industry that is a true Providence success
story.

(4) And I will update First Source so that it better serves its intended purpose of putting
Providence residents to work.

III. RECRUIT

Rebuilding our economy will take more than protecting the businesses we already have. To
position ourselves for success in the future, we need to be strategic about recruiting new
development and new investment.

(1) And that development starts right here in the heart of our emerging Knowledge District in
the Economy. As Mayor, I will focus on transforming this District into Rhode Island’s
center for entrepreneurship and creativity.

In order to recruit firms in the biotechnology, design, health care and information and
digital technology sector, I will make investments in transportation infrastructure -
including a 21st century fleet of environmentally friendly street cars - fiber optic
communication lines, labs, business incubators and other infrastructure improvements in
water, sewer, gas and electric services.

(2) Making this vision a reality will require partnerships with our colleges & universities, our
hospitals and the businesses that already exist here . Four of the five largest employers in
the City of Providence are non-profit entities: colleges, universities and hospitals. These
employers bring talent, scholarship, new ideas. They provide tens of thousands of jobs to
workers from Providence and all over Rhode Island. They are a key part of our economic
engine and will be integral to our economic future.

That’s why, as Mayor, I will build upon the existing relationships and work
collaboratively to ensure that the new opportunities and the new expansion benefit all
stakeholders.

Let me speak specifically about the relocation of I-195 in this regard. With new land
opening up by the highway’s reconstruction, our City has a true once-in-a-life-time
opportunity. As Mayor, I will ensure that the development of these parcels drive our
economy forward and contribute tax revenue to our City’s budget.

(3) As we make these investments, we need to make sure that we no longer remain New
England’s best kept secret. We cannot afford to remain a secret. As Mayor, I personally
will serve as Providence’s chief ambassador, marketing our location, our affordability,
our historic architecture, and our small-town feel to interested businesses & entrepreneurs
everywhere.

When we talk about recruiting new businesses, we must be clear about one thing, however.
While I will be relentless in attracting new businesses to relocate or build in Providence, I will
make sure that any tax break or incentive that the Taveras administration grants to a relocating
business will come with direct and tangible benefits to the taxpayers who foot the bill.

IV. REFORM

Finally, our third “R” - reform. To be effective in retaining and recruiting, we must first reform
the way City Hall interacts with the business community.

(1) Sometimes, the best thing City Hall can do is get out of the way. That’s why
streamlining the regulatory process is a top priority for my administration. The Planning
and Development, Inspections & Standards, Zoning and Licensing Departments all need
to be under one roof and managed efficiently and effectively so that the process required
to do business here is clear, fast and predictable. I will work with the Secretary of State
and the Division of Taxation to make one-stop shopping a reality for Providence
businesses.

(2) And finally, taxes. Our residential and commercial property tax rates are the highest and
second highest in the entire state. We must remain competitive with other cities and
towns throughout New England by holding the line on the regressive property tax. This
reform is crutial because it is truly the way we will be able to recruit and retain
buinsesses.

All of these initiatives will only be effective if they are implemented in a coordinated fashion as
part of a strategic plan for economic development. Today, the City of Providence has programs
in place to address these needs like the Economic Development Partnership. And although their
work is important, it is not coordinated through a single City department but, instead, operates in
different silos throughout our government.

That’s going to change when I’m Mayor.

(3) On Day One of my administration, I will submit to the City Council my plan to create a
dedicated, cabinet-level Economic Development Office tasked with coordinating these
and other business advocacy programs.

My Office of Economic Development will be governed by a commitment to
collaboration: collaboration with our congressional delegation, with the Providence
legislative delegation, the state Economic Development Corporation, the Secretary of
State’s office, other communities, the Chamber of Commerce, the banks and lending
institutions that exist in Providence, our colleges and universities, our hospitals, and the
many other organizations that make up our economic development system. The
traditional approach of competition and “turf-wars” among agencies must be eliminated
and replaced with a concerted, collaborative economic development strategy. And my
Administration and my Office of Economic Development will be nimble: able to meet
challenges as they arise, seize opportunities when they come along , and reflect the reality
that development of Providence’s economy will always be critical to the future of our
City.

V. CONCLUSION

In closing, let me reiterate what I said at the outset: there is no issue more important to this
election than growing our economy and putting Providence residents back to work.
The plan that I’ve detailed today will do that. But it won’t be easy. It won’t happen overnight.
And it won’t happen without your help. The Mayor can create the economic environment for
growth, but only entrepreneurship, private enterprise and hard work can truly get our economy
moving again.

With your help, that’s what I will do as Mayor: continue to move our city forward.

Thank you.