Projo Biz Blog

The Rhode Island Economic Development Corporation this morning announced it will propose new rules to strengthen the agency’s expedited permitting process, called the Certificate of Critical Economic Concern.

The agency cited the recent decision by commercial property insurer FM Global, one of the state's largest private companies, to build a new $60 million, 340,000 square-foot headquarters in Johnston, as a model of how expedited review of high priority economic development projects can improve the business climate and retain and create high wage jobs. State and local regulators provided quick reviews of FM Global's needs in order to keep the company from considering the relocation of its headquarters to Massachusetts, the EDC said, in a news release.

Proposed changes to the expedited permitting program will be issued in January for public review and a public hearing before adoption by the RIEDC. Proposed rule changes will include directing the program toward companies that commit to keep or create more then 100 high wage jobs, development projects that create more then 50,000 square feet and have more then 50% of total development square footage dedicated to new office or commercial space, and projects that are located in cities or towns that also agree to a coordinated and expedited project review process. The proposed rule changes will also remove the current fee requirement to participate in the program.

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