Rhode Island Commerce Corporation

The workshop introduced the Ready, Set, Rhode Island initiative, which aims to develop vulnerability assessments and resilience plans for 12 small business districts vulnerable to coastal and inland flooding. Key topics included a review of past risk reduction work, an overview of coastal and inland flood risk factors such as sea level rise and extreme rainfall, and a demonstration of the Flood Risk Explorer mapping tool. The project approach involves collecting data on local infrastructure and developing targeted adaptation strategies to mitigate flood risks through building-scale and collective improvements.

The Board of Directors will consider the award of incentives to Nabsys 2.0 LLC under the Rhode Island Qualified Jobs Incentive Act, approve Innovation Vouchers for Liseva Bio, Inc., Shellf Life, LLC, and Trace Sensing Technologies Inc., and select consultants for business attraction, lead-generation, the Ocean Tech Hub, and the Broadband, Equity, Access, and Deployment Program. Additionally, the Board will consider a $250,000 award to the League of Cities and Towns for the Rhode Island Summer of Soccer, a memorandum of understanding with the Rhode Island Office of Energy Resources, and the Corporation's annual report.

The session provided a project progress update for the Ready, Set, Rhody initiative, which focuses on flood risk assessment across 12 main street districts in Rhode Island. The presentation covered the development of a flood risk mapping tool and a detailed vulnerability assessment framework, which analyzes infrastructure, social-cultural resources, and economic vulnerability using specific coastal and inland flood scenarios. Participants were guided on how to utilize the project's story map and flood viewer, and the team clarified the methodology for assessing asset sensitivity and adaptive capacity.

This strategic report outlines a plan to build a more resilient, innovation-driven economy for Rhode Island, advancing the goals of the broader RI 2030 Plan. It focuses on leveraging the state's strengths in defense, ocean technology, and life sciences through targeted investments. Key strategies include expanding industrial land, developing ocean tech infrastructure, and aligning talent development with industry needs. The report aims to create high-wage jobs, attract investment, and solidify Rhode Island's identity as a national leader in these sectors.

The meeting agenda includes consideration of meeting minutes for approval, a request for amendment and termination of a Bond Regulatory Agreement regarding senior housing revenue bonds, establishment of the Manufacturing Equipment Grant Program, selection of a foreign trade zone consultant, transmission of the Final Proposal under the Broadband, Equity, Access, & Deployment program, expenditure of funding for the Solar for All program, selection of a vendor for an impact assessment of the Tourism Attraction and Destination Grant Program, selection of a vendor to develop a Destination Stewardship Plan, and updates on the Invention Incentive Program and Wavemaker Fellowship program.