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20261026-140048-69a-n-election 2026 voter info web.pdf

Voters at the November 3 general election are being asked to determine the fate of five referenda items spanning education, housing, economic development, historic preservation and the environment. All include the issuance of bond monies to be dispersed for the projects.

The following are the questions posed to voters, including their projected costs over the span of the loans (see attachment for complete descriptions of each):

Question 1: HIGHER EDUCATION FACILITIES - $275,000,000
For capital improvements to higher education facilities, to be allocated as
follows:
a. University of Rhode Island Integrated Health Building - $165,000,000
b. Rhode Island College Adams Library Renovations - $50,000,000
c. Community College of Rhode Island Workforce Innovation Center -
$60,000,000
TOTAL PROJECT AND ISSUANCE COSTS
Principal; Interest**; Total Costs — $275,000,000; $166,333,250; $441,333,250

Question 2: HOUSING AND HOMEOWNERSHIP - $120,000,000
To increase and preserve the availability of affordable and accessible housing to meet the needs of all Rhode Islanders and support community revitalization through the redevelopment of existing structures, new construction, property acquisition, and infrastructure improvements.
Of this amount, at least twenty-five million dollars ($25,000,000) shall be allocated towards increasing production of housing intended for homeownership and up to ten million dollars ($10,000,000) may be used to support a program for public housing development.

TOTAL PROJECT AND ISSUANCE COSTS
Principal; Interest**; Total Costs — $120,000,000; $72,586,000; $192,586,000

Question 3: ECONOMIC DEVELOPMENT - $100,000,000
To fund site development and growth industry infrastructure for economic development purposes, to be allocated as follows:
a. Site Development - $55,000,000
b. Growth Industry Infrastructure - $45,000,000
TOTAL PROJECT AND ISSUANCE COSTS
Principal; Interest**; Total Costs — $100,000,000; $60,483,750; $160,483,750

Question 4: CULTURAL ECONOMY - $50,000,000
To provide funding for cultural economy efforts, to be allocated as follows:
a. State History Center - $45,000,000
b. State Preservation Grants Program - $5,000,000
TOTAL PROJECT AND ISSUANCE COSTS
Principal; Interest**; Total Costs — $50,000,000; $30,242,500; $80,242,500

Question 5: GREEN ECONOMY BONDS - $55,000,000
For environmental and recreational purposes, to be allocated as follows:
a. Brownfields Remediation and Economic Development - $3,000,000
b. Facility Improvements - $12,000,000
c. Local Recreation Projects - $1,000,000
d. Marine Infrastructure Development - $1,000,000
e. Resilient Rhody Infrastructure Fund - $25,000,000
f. Narragansett Bay Watershed Restoration - $7,000,000
g. Agricultural Land Preservation Commission - $3,000,000
h. Open Space Program - $3,000,000

TOTAL PROJECT AND ISSUANCE COSTS
Principal; Interest**; Total Costs — $55,000,000; $33,267,500; $88,267,500

All of the bond issuances come with an assumed interest rate of 5% amortized with level payments over 20 years.

For Question 1, the URI Integrated Health Building construction is expected to be completed and the project ready for use in 2031 with a usefulness of 50 years; the Rhode Island College Adams Library renovation is expected to be completed and the project ready for use in 2030 with the same use time of 50 years; and the Community College of Rhode Island Workforce Innovation Center construction is expected to commence in 2028. Construction is anticipated to be completed in 2030 with a 75-year useful.

The timeframe for Question 2 is to begin by 2028 and are estimated to be completed between 2029 and 2032.
The useful life of the redeveloped and/or newly constructed housing is estimated to be a minimum of 30 years.

The Question 3 timetable is to start by mid to late 2027 with many being undertaken within five years. The shelf life for is estimated to be a minimum of 50 years.

The timeline for Question 4 is for the center built and ready for use by fall 2030 and expected to be useful for 50 years. The bond monies will be available to the commission beginning in 2027 and are expected to be awarded in annual grant cycles over three to five years. The commission projects are expected to last for at 20 years.

And as for Question 5, the projects are anticipated to take five years from the initial commitment with the usefulness expected to be between 25-50 years. The conservation of open space/farmland is permanent.