Lincoln Chafee

Politics
8:41 am
Fri June 21, 2013

Republicans Hold Firm To Not Paying Back 38 Studios Bonds

The Republican leader in the Rhode Island House of Representatives is urging lawmakers to reject calls to pay back bonds for failed video game company 38 Studios.  Other state officials say a failure to pay back the bonds will hurt the state.

House Minority Leader Brian Newberry says the 6 Republicans in the House will unanimously oppose any effort to repay the 38 Studios bonds. He said legislative Democrats are rushing to judgment on the issue without having done their homework.

Read more
On Politics
11:04 pm
Thu June 20, 2013

Testimony: Independent Monitoring Promised to 38 Studios' Investors Wasn't Put in Place

Although investors in 38 Studios were promised prior to the closing of a $75 million state loan guaranty in 2010 that IBM would offer independent third-party monitoring of the company and its performance, IBM didn't sign a contract to provide that monitoring and independent oversight was never put in place, according to testimony presented last week to a legislative committee.

Read more
On Politics
2:50 pm
Thu June 20, 2013

Superman Building Competing For State Office Space Contract

The owner of the vacant Industrial Trust Building -- aka the Superman Building -- submitted a bid in response to a state RFP for 70,000 to 80,000 square feet of office space.

Bill Fischer, a spokesman for High Rock Development, says the bid was submitted in time for a June 3 deadline. "We wanted to keep any and all options open," Fischer says. "We did respond," even though High Rock continues to believe that a residential conversion offers the best future for the historic structure.

Read more
On Politics
1:06 pm
Thu June 20, 2013

Chafee Picks Cicilline Aide Fierro for RI Board of Review

Governor Lincoln Chafee has nominated Congressman David Cicilline's district director, Chris Fierro -- an early supporter of Chafee in 2010 -- to chair the Rhode Island Board of Review.

Fierro, a former state rep from Woonsocket with strong ties to labor, faces Senate confirmation. The governor's office says the job will pay between $77,810 and $88,177.

Per news release:

Read more
RI News
8:42 am
Thu June 20, 2013

Table Games Open at Twin River Casino

Wednesday was a pivotal day in the history of Twin River.  With the introduction of table games, the former dog racing park – turned – slots parlor is now the state’s first full fledged casino.

Wielding pruning shears, Governor Lincoln Chafee and other dignitaries cut a giant red ribbon, signaling the start of table games at Twin River.

Earlier, the Governor betrayed his bias for another type of gambling when he listed the games now available at Twin River.

Read more
Politics
10:47 am
Wed June 19, 2013

Chafee Urges State to Pay Off 38 Studios Bonds Following Downgrade

Governor Lincoln Chafee is urging the state to pay off the money owed for loans on 38 Studios following a downgrade from Moody's.
Credit Catherine Welch / RIPR

Gov. Lincoln Chafee says Moody’s is sending Rhode Island an important message by downgrading the state’s bonds for its failed deal with 38 Studios.

The credit rating agency downgraded the bonds by two notches and put the state on notice that the rest of its obligations are under review for a possible downgrade.

Lawmakers are debating whether to default on the moral obligation bonds used to float the failed video game company. Chafee said as Moody’s has shown, that’s a bad idea.

Read more
Politics
8:52 am
Wed June 19, 2013

House Finance Committee Approves 2014 Budget

Chairman of the House Finance Committee Helio Melo.
Credit Ian Donnis / RIPR

The House Finance Committee Tuesday passed an $8.2 billion budget for the fiscal year starting July 1. The spending plan doesn’t include any new broad-based taxes and wipes out some of Governor Lincoln Chafee’s initiatives.

With little debate, the budget passed its first hurdle on a 12-to-zero vote, with two Republican lawmakers abstaining. The spending plan reduces proposed help for distressed communities and eliminates Chafee’s plan to cut the corporate tax from 9 percent to 7 percent over time. House Finance Chairman Helio Melo said lawmakers had to work with what they had.

Read more
On Politics
4:11 pm
Tue June 18, 2013

NY Mayor Bloomberg switches from Chafee to Raimondo

It appears that New York Mayor Mike Bloomberg, a billionaire media mogul, has switched his affinity from Gov. Lincoln Chafee to RI General Treasurer Gina Raimondo in the 2014 Ocean State campaign for governor.

Read more
Politics
12:23 pm
Tue June 18, 2013

Gov. Chafee Shrugs off Bloomberg Fundraiser for Treasurer Raimondo

New York City Mayor Michael Bloomberg came to Providence to stump for Chafee during the 2010 governor's race.
Credit file / RIPR

Gov. Lincoln Chafee is shrugging off news that New York City Mayor Michael Bloomberg is holding a fundraiser this week for state Treasurer Gina Raimondo.

Bloomberg stumped for Chafee in the 2010 governor’s race calling him one of the nation’s most effective leaders. Channel 12 reports that Bloomberg is hosting a fundraiser Thursday for treasurer Gina Raimondo, who is expected to run for governor. 

Read more
Politics
8:56 am
Tue June 18, 2013

Moody's Downgrades the State's 38 Studios Bonds

Moody’s Investors Service has downgraded the state’s bonds for its failed deal with 38 Studios.  Moody’s has put those and other state bonds under review for possible additional downgrades.

In explaining the move, Moody’s points to uncertainty in the General Assembly about whether to allocate money for paying back the 38 Studios’ bonds. The investors’ service downgraded the 38 Studios bonds from a low credit risk to a moderate risk.

Read more

Pages