Another EDC board member resigns

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There is more fallout as Gov. Lincoln Chafee and Curt Schilling continue to battle over who has the taxpayers’ best interests at heart and in the wake of more Rhode Island Economic and Development Corporation resignations.  

J. Lynn Singleton, the head of the Providence Performing Arts Center, is no longer on the board of the EDC.  He has resigned.  The governor addressed that resignation on Tuesday. 

“There has been one more resignation letter accepted from Lynn Singleton who contributes greatly to the vitality of downtown Providence.  He tendered his resignation.  As far as replacements, we are still working hard on them,” said the governor.

The governor says they are still looking for a new executive director since Keith Stokes has left the EDC as well as the board’s vice chairman.

Right now the company remains in default according to those working with the governor.  The state has received a letter from 38 Studios which they are reviewing. 

All of the employees at 38 Studios have been let go.  And Curt Schilling, the company’s founder, expressed disappointment with the state in published reports, in fact largely blaming the state for its problems.

 The governor also disputes claims that his public remarks about 38 Studios have jeopardized outside funding options. 

“The industry analysts dispute it.  That’s just not accurate. Any time there is a chance to make money, investors will be around,” Chafee said. 

The governor continues to maintain that he wishes the company had better news and that it was profitable.  But because that hasn’t been the case so far, he says he must look out for the taxpayers.

“It’s my job to protect the tax payer dollars we have a huge investment in and at the same time, any extra nickel, any extra dime we put in ….I want to have the confidence it will lead to solid financial footing, and I just haven’t gotten that confidence at this point.” 

The state’s tax administrator says 38 Studios’ was never promised any sort of special tax credits and any outstanding requests by the company will be under review. 

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