New start hasn’t curbed their desire to improve
BY NANCY LAVIN | Lavin@PBN.com
THE HAMMERING STACCATO of drilling echoes through US Extruders Inc.’s cavernous warehouse as a pair of assembly workers installs gleaming metal ducts along an outer wall.
It’s the final days of preparation before the Westerly company puts its latest research venture to the test: recycling end-of-life fishing nets into plastic pellets that can be used to make other products.
SEE US EXTRUDERS PAGE 14
OLIN
BY CLAUDIA CHIAPPA | Chiappa@PBN.com
Thompson’s Jewelry District walking tour begins at the corner of Richmond and Ship streets in Providence, on a plaza covered in stepped, wooden decking and stone pavers designed to be an inviting gathering place.
It’s a convenient starting point for the two-hour tour in which Thompson, an amateur historian, takes visitors through the dynamic history of one of the city’s oldest neighborhoods. The plaza is also one of 39 properties owned by Brown University in the district, a roughly 100-acre area nestled between the downtown to the north and Interstate 195 to the south.
The university says it has invested $341 million in the neighborhood, located about a half-mile from its historic home on College Hill. It has nearly 2,000 faculty members, staff and students who work, live and study there.
Most residents, including Thompson, and city leaders welcome Brown’s adoption of the neighborhood as its second home, after years of fruitless attempts to reinvent it.
But others wonder whether the city is bearing too much of the financial burden of the university’s ongoing expansion.
Most recently, the school’s commitment to the area has paved the way for multimillion-dollar developments, including a $165 million, 208,000-square-foot
SEE BROWN PAGE 12
MIXED FEELINGS: Providence City Councilman John Goncalves applauds Brown University’s presence in the Jewelry District as revitalizing for the neighborhood, but he says the Ivy League school should be making a bigger financial contribution to the city.
PBN PROVIDENCE BUSINESS NEWS pbn.com #PBNHCHeroes Deadline 2/23 to apply. SPRING HEALTH CARE SUMMIT & HEALTH CARE HEROES AWARDS For information, please see page 14 ONE LAST THING Welcome new approaches Paige Clausius-Parks | 35 HEALTH MATTERS NEMIC drawing global startups to Providence | 8 BROWN’S LAND OF OPPORTUNITY University expansion is welcomed, but is the school paying its fair share? FEBRUARY 17-MARCH 2, 2023 YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 37, NO. 21 | $5
(Editor’s note: This is the sixth installment in a monthly series highlighting some of the region’s unsung manufacturers that make products essential to the economy and, in many cases, our way of life.)
ON THE FLOOR: John Riendeau works in business development for US Extruders Inc., a Westerly manufacturer that makes plastic extruders for automotive, medical and construction companies.
PBN PHOTO/MICHAEL SALERNO
PBN PHOTO/ MICHAEL SALERNO
A lost clause? FTC may ban noncompete pacts
The Federal Trade Commission in January published a proposal seeking to ban the use of noncompete agreements, though some question if the FTC has the authority to do so.
AG’s effort to launch cold case unit hits snag
The attorney general’s office in December requested $349,960 in its next budget to create a cold case unit, but the office was level funded in the governor’s proposed budget.
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2 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com CONTENTS www.facebook.com/providencebusinessnews @provbusnews www.linkedin.com/company/providence-business-news WHAT’S HAPPENING? SUBMIT YOUR NEWS AT PBN.COM/PBNCONNECT/ PBN Providence Business News is published every two weeks by Providence Business News, 400 Westminster Street, Providence, RI 02903 (USPS 002-254) (ISSN 0887-8226) Periodical postage paid at Providence, R.I. POSTMASTER: Please send address changes to 400 Westminster Street, Providence, RI 02903. 400 Westminster St. Providence, RI 02903 Main Phone: 401-273-2201 Subscription Services: 855-813-5805 ©2023 Providence Business News Inc. FOCUS: LAW REVIEW | 16 SPOTLIGHT | 6 5Q | 4 COVER STORY BROWN’S LAND OF OPPORTUNITY University expansion is welcomed, but is the school paying its fair share? 1 Meet the Makers: New start hasn’t curbed their desire to improve 1 FOR STARTERS 5Q: Daniel P. McConaghy 4 Dining Out: Hearty portions in R.I. 5 Spotlight: Space Salon 6 Something New: Gansett Craft Chocolate 6 Hot Topic: Can Pryor achieve housing goals? 7 Health Matters: NEMIC drawing global startups to Providence 8 Another Look: Where R.I. past comes alive 9 What’s Happening 10 IT’S PERSONAL People in the News 30 Mackay’s Moral 31 Guest Column: Manuel J. Batlle 32 Guest Column: Cinthia Beccacece Satornino 32 Editorials and Opinion 33 One Last Thing: Paige Clausius-Parks 35 FOCUS:
REVIEW
LAW
16
17 Lists Public Companies in Rhode Island 18 Tax Rates in Rhode Island 20 THIS WEEK’S FEATURED COMPANIES Amica Mutual Insurance Co. 4 Brown University 1, 7, 8 Care New England Health System 12 Duffy & Sweeney Ltd. 16 Gansett Craft Chocolate 6 Grow Smart Rhode Island 7 Hayes & Sherry Real Estate Services 13 Jewelry District Association 13 Johnson & Wales University 13 Marchetti’s 5 New England Medical Innovation Center 8 Paolino Properties LP 12 Polaris MEP 15 Pot au Feu 5 Providence College 13 Providence Mutual Fire Insurance Co. 9 Providence Warwick Convention & Visitors Bureau 30 Pullman Comley LLC 16 Rhode Island College 12 Rhode Island Historical Society 9 Rhode Island School of Design 13 Rhode Island Small Business Development Center 32 R.I. Commerce Corp. 7 R.I. Convention Center Authority 30 R.I. Department of Administration 7 R.I. Department of Health 12 R.I. Office of Housing and Community Development 7 R.I. Office of the Attorney General 17 River House Holdings LLC 13 Robinson & Clapham 16 Roger Williams University 16 Space Salon 6 The Nordic Lodge 5 University of Rhode Island 12 Unsolved R.I. 17 US Extruders Inc. 1 Westerly Airport 14 Whelan Corrente Flanders LLP 16 President & Publisher: Roger C. Bergenheim 680-4848 | Publisher@PBN.com ADVERTISING Advertising@PBN.com | Fax: 401-274-0270 Associate Publisher: Annemarie Brisson 680-4800 | Brisson@PBN.com
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www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 3
FOR STARTERS
5Q: Daniel P. McConaghy
Executive director, R.I. Convention Center Authority
BY JAMES BESSETTE | Bessette@PBN.com
1The Amica Mutual Pavilion is celebrating its 50th anniversary this year. Why is it an impor tant thing for the community to celebrate?
I think it serves as an important cog in the local community and the state with its impact on economic development and businesses that have grown up around the building as a result. The patron experience, which has continued generationally, [is important]. But the same holds true for businesses around here since [the pavilion] opened. We think we’re a big piece of them growing over the years.
services. It is hard for us to engage with businesses without acknowledging Amica [Mutual Insurance Co.] in all of this because they’ve become an amazing partner for us in less than a year.
4Was there any worry that the anniversary would be negatively impacted by the COVID-19 pandemic?
2
Describe the AMP Gives 50 program and how the community will benefit from it. We’ll be challenging our employees to perform a good deed for the community. Whether it’s a clothing drive or donating blood, it is our opportunity to [recognize] community service.
People were looking to reconnect and get out. We were concerned that people would be nervous about being in crowds, and there was some of that. I think for the most part, with the precautions that were taken, we were ready to get back out. It also helps to have great hockey and basketball teams playing.
5The AMP is expected to get new signage and a new roof. Are there any other upcoming infrastructure projects slated for the arena?
3
What economic impact do you hope this 50th anniversary initiative will bring to the state?
We have a major influence on local businesses. There are multiple studies that have been done measuring the impact. It ranges from not only direct spend but also if you take the revenue generated at [the AMP] and next door [the R.I. Convention Center], the impact on local businesses is about twice as much. We always do try to focus on having our vendors to engage with local businesses and utilize their
WOMEN IN ARCHITECTURE, CONSTRUCTION & ENGINEERING A SPECIAL PBN ADVERTISING SECTION
March 17, 2023 | DEADLINE: March 8, 2023
We’re going to be changing out the seats in the lower end of the north end of the bowl. We’ll be swapping those out for the variable rise seating system that can [raise] the seats up and over the [hockey] boards. Then, we will be adding about 400 more seats to the bowl for basketball and concerts. Also … there are VIP experience opportunities that we’re trying to capitalize on, which is part of the seating project. n
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Reserve your ad space by calling Linda Foster at 401-680-4812 or Foster@PBN.com
4 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
PBN PHOTO/JAMES BESSETTE
We have a major influence on local businesses.
RHODE ISLAND HAS never lost the old school touch.
A recent story in Food & Wine turned the spotlight on a style of dining that is lavish, lengthy and conspicuous by its gracious hospitality. It is known in the Midwest as the supper club. The menu consists of surf and turf, prime rib, and lobster. It is an example of renewed interest in older culinary traditions, if only because quarantines forced many to rediscover the homegrown foods that were most accessible and comforting.
At one place north of Madison, Wis., a classic supper club that was founded in 1953, there is an expected two-hour wait for a weekend dinner. Out there, they say if the meal doesn’t start with a relish tray the size of a tractor tire, you’re not at a bonafide
DINING OUT | BRUCE NEWBURY
Hearty portions in R.I.
supper club.
Once again, the rest of the country is catching up with Rhode Island. It was always a given that when one dines out in the Ocean State, there is going to be a leftover box coming home.
“Rhode Island has always had hearty portions,” said Bob Burke, owner of Pot au Feu in Providence.
“It’s always been interesting because if there’s any group of restaurants that have [a reputation] for small portions, it is French restaurants.”
Burke maintains a long-standing philosophy that if a restaurant wants to survive in this state, it better have hearty portions.
“We have always served gigantic portions by French standards,” he said, laughing. “People who come
from France are appalled by the portions that we serve. One person from Paris years ago exclaimed in French that this was enough for a family!”
Burke agrees that the tone of the times is calling for an “over-the-top kind of return,” citing examples such as Marchetti’s in Cranston and the legendary eating palace The Nordic Lodge in Charlestown.
Burke reflected on what the current nostalgia means. Part of it, he says, is in the wake of the lockdown and the present economic uncertainty, “people in those situations get a little bit of an ‘ eat, drink and be merry’ attitude.”
Burke also thinks there is a significant number of people who have been deprived of experiences of some extravagance. The past three years put a stop to the cruise, the visit to Europe or the cross-country vacation. He wonders if people feel as though they just need something that’s over the top and wonderful. A memorable night at an upscale restaurant may give people a taste of that which they lacked.
Speaking of the Nordic Lodge, time is marching on for the family that founded the lavish buffet destination nearly 60 years ago. The restaurant is owned by third-generation siblings Nancy Log, Lisa Brown and Steve Persson. Steve’s wife, Lorna, also helps to manage the restaurant. Co-owner Steve Persson, a bearded, rugged outdoorsman who some say looks like a Viking, considers himself to be positively connected to the Swedish ways. That includes the workplace and its ethic. Persson has been widely quoted as insisting that the single
greatest asset at his dining destination is the staff. The entire family shares that belief.
It was recently announced that after a storied career of building The Nordic brick by brick, the time has come for Persson to hang up his apron, although he will still be present as an on-site adviser.
The Nordic Lodge will reopen in April and is accepting reservations for large parties. n
“Dining Out With Bruce Newbury” is broadcast locally on WADK 101.1 FM and 1540 AM and on WWRI 105.5 FM and 1450 AM. The show is also broadcast on radio stations in Vermont and Indiana. Contact Bruce at bruce@ brucenewbury.com.
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 5 FOR STARTERS
‘One person … exclaimed in French that this was enough for a family!’
BOB BURKE, Pot au Feu owner
HANGING IT UP: The Nordic Lodge co-owner Steve Persson, second from left, recently announced his retirement from the restaurant. With Persson are, from left, co-owners Pelle Persson, Cole Persson, Brent Log and Shane Libert at the New England Food Show at the Boston Convention and Visitors Center in April 2022.
FlyRI.com Vote for Rhode Island T. F. Green International Airport and enter for a chance to win a 2023 Viking World Cruise, courtesy of Travel + Leisure. VOTE PVD
COURTESY BEN NEWBURY
FOR STARTERS
Chocolate focused on flavor
BY JACQUELYN VOGHEL | Voghel@PBN.com
FOR FATHER-DAUGHTER
TEAM Steven and Ella Schneider of Gansett Craft Chocolate, making chocolate is a bit like making wine.
The bars are meant to be enjoyed at a slower pace than mass-produced chocolate, with an emphasis on bringing out the nuances of cocoa beans, Steven Schneider said.
“A lot of companies, especially if you look at Hershey’s, the first ingredient on their milk chocolate is sugar, and that’s not ours,” he said. “We want to highlight the flavor.”
The Schneiders make all their chocolate from scratch, or “bean to bar,” using a rare variety of cocoa beans sourced from Peru. By controlling how the beans are roasted, they can bring out different flavor profiles, such as nutty or fruity tastes.
Steven Schneider, an OBGYN, and Ella Schneider, a freshman business student at the University of Rhode Island, launched Gansett Craft Chocolate in June 2022.
Earlier attempts at chocolate making were a hit among family and friends, and they’ve now scaled up from making around 30 bars at a time to 300.
The Schneiders work out of the Town Made commercial kitchen in South Kingstown and sell through their website and several Rhode Island wholesalers, but they hope to someday open their own factory and store location. n
Stylists free to create
Salon open by appointment
BY JACQUELYN VOGHEL | Voghel@PBN.com
WHEN BETHANY DUFFY opened Space Salon, she didn’t want to simply replicate what she’d experienced over 15 years in the business.
The hair salon, which opened in downtown Warren in 2020, instead uses a business model intended to break down bias and outdated practices that Duffy says have long permeated the industry, for both clients and stylists.
Duffy, now going on 17 years as a hairstylist, had long pondered the idea of opening her own business. When salons were shut down in the early days of the COVID-19 pandemic, she decided to use the extra time she suddenly had on her hands to develop that notion into a solid business plan.
As her plans materialized in downtown Warren, one issue Duffy wanted to stand against was “the genderizing of salon services,” she said, and long-standing trends such as women being charged more than men for similar services. At her first workplace, this pricing could add up to a $30 difference.
“A men’s haircut and a women’s haircut take just as much work, and the time is about the same,” she said, “and it was like, why do [men] get to pay less? … It never made sense to me. Moving forward
OWNER: Bethany Duffy
TYPE OF BUSINESS: Hair salon
in my career, I kept encountering this, and people still just let it go.
“Then I started renting a chair and was in control of my pricing,” she continued, “and I said, ‘I’m going to base everything I do on the amount of time it usually takes.’ ”
Duffy carried this idea over to Space Salon, where all stylists base prices on their personal hourly rates. She also decided to do away with tipping and open based on appointments – practices that mitigate gender and racial bias and promote a “work smarter, not harder” mindset, she said.
“In salons, there’s this hustle mentality,” Duffy said. “I’ve done it. I’ve burnt myself out working a bazillion hours a week, and it’s not sustainable. So, with this model, stylists now pick how many hours they work and they know how much money they’ll make at the
LOCATION: 507 Main St., Warren
EMPLOYEES: Three
end of the week.”
The salon also doesn’t have noncompete agreements, so Space stylists are free to work at other salons on the side, and it offers employee benefits such as unlimited time off and regular educational opportunities such as biweekly coaching.
“I want everyone to be independent and achieve things, open their own salons and educational platforms, or as a social media influencer,” Duffy said. “We’re always touching base and setting these goals. … That’s my main goal now, to help other stylists.”
Duffy also wants these workplace practices to establish a mindset of hairdressing as an art form. To further this idea, she recently launched an event, the “Hair Jam,” intended to bring stylists together to experiment with new styles.
While Space Salon’s neon lighting, futuristic aesthetic and starry logo may bring outer space to mind, Duffy actually had the artistic concept of space, and the possibilities it comes with, in mind when naming the salon.
“Space is something you create,” Duffy said. “It can be anything you want.” n
YEAR FOUNDED: 2020
ANNUAL REVENUE: WND
6 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
SOMETHING
NEW SPOTLIGHT
NEW APPROACH: Bethany Duffy, owner of Space Salon in Warren, allows stylists to set their own rates, work at other salons on the side and offers unlimited time off and biweekly coaching as part of a business model intended to break down bias and outdated industry practices.
PBN PHOTO/MICHAEL SALERNO
SCRATCH KITCHEN: Fatherdaughter duo Steven and Ella Schneider of Gansett Craft Chocolate show off their product.
PBN PHOTO/ELIZABETH GRAHAM
HOT TOPIC
Can Pryor achieve housing goals?
BY JACQUELYN VOGHEL | Voghel@PBN.com
THE RECENT APPOINTMENT of Stefan Pryor as the state’s housing secretary has some observers feeling confident that he can take the R.I. Office of Housing and Community Development in the right direction, although they say his predecessor’s missteps aren’t the only reason for the office’s initial shortfalls.
Gov. Daniel J. McKee established the housing office last year, appointing Joshua Saal as the first person to lead the agency in July 2022. Saal, a Brown University alumnus, previously worked in the New York City Department of Housing Preservation and Development.
But as the months went on, Saal faced bipartisan criticism for a lack of action in addressing Rhode Island’s severe shortage of affordable housing.
Scott Wolf, executive director of Grow Smart Rhode Island, is optimistic that Pryor can turn the office’s perception around, despite his previous experience as Rhode Island’s commerce secretary not pertaining directly to housing policy or programs.
Running an organization as large as R.I. Commerce Corp. meant dealing with some housing issues, Wolf said, even if that isn’t the
economic development agency’s main focus. And prior to entering Rhode Island’s political scene, Wolf notes, Pryor led a quasi-public entity that planned the redevelopment of the area of Manhattan badly damaged in the Sept. 11 terrorist attacks.
Those experiences running large governmental agencies will serve him well in leading the relatively new housing office, Wolf says State Rep. June Speakman, D-
Bristol, who chairs the Special Commission to Study the Low and Moderate Income Housing Act, agrees that Pryor has the experience needed for the role, but she believes that criticisms leveled exclusively at Saal aren’t entirely fair.
“I actually think [Saal] was not given enough time to do the work that he was assigned to do,” Speakman said, adding that initial demands were compounded by protests and a lawsuit surrounding a homeless encampment outside the Statehouse in December that McKee had ordered cleared.
“Now that we have a Cabinet-level Department of Housing, I think the secretary of housing needs to look at all the agencies in state government that deal with housing to figure out what they do and how to consolidate them,” sad Speakman said. “Secretary Saal offered this plan, and I think Sec-
retary Pryor will probably use it as a stepping-off point,”
Although Saal resigned in January, he hasn’t left the department yet. The state has hired Saal as a temporary consultant, sparking controversy for paying the former housing secretary a $105 hourly pay rate in this role.
In a statement, R.I. Department of Administration spokesperson Laura Hart indicated that Saal was hired as a consultant at least partially at Pryor’s request, stating that Pryor “views it as helpful to draw upon Mr. Saal’s input during this transition.”
Pryor did not respond to a request for comment.
In addition to consolidating the work of various departments, Pryor will also need to increase cooperation between state and local agencies, Wolf said.
“I think making that agency achieve the full vision people have for it is a pretty Herculean task,” Wolf said. “Stefan Pryor … is a talented guy, and I hope he can make progress on this, but we shouldn’t be putting all of our eggs in the basket of having a more streamlined, coordinated approach.
“We need to make sure we have more carrots, more capacity and have the state coordinate more with local government,” he said. n
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 7 FOR STARTERS
‘We need to make sure we have ... more capacity.’
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SCOTT WOLF, Grow Smart Rhode Island executive director
as part of the Tech Incubator Program for Startups, or TIPS, another global accelerator program run by the Korea Institute of Startup & Entrepreneurship Development in partnership with NEMIC.
One of those startups is Promedius Inc., a medtech company based in Seoul, South Korea, that develops artificial intelligence-enabled solutions for medical imaging.
Promedius’ team came to Providence in December for a short, intensive program managed by the Korean Venture Business Association in partnership with NEMIC. During these four days, NEMIC helped several startups develop presentations and pitches for U.S. investors and craft a business plan for the U.S. market.
In February, the team will return for TIPS and will continue to finetune its business plan and elaborate on its pitch, while meeting with potential partners and investors.
NEMIC drawing global startups to Providence
BY CLAUDIA CHIAPPA | Chiappa@PBN.com
JOHN
Cho was not very familiar with Providence a few months ago. As a South Korean entrepreneur in the health care sector, he never thought of Rhode Island as a hub for medical technology. So when he applied for a global program in South Korea and was partnered with the New England Medical Innovation Center in Providence, he was unsure what the state could offer him.
“I realized they [NEMIC] were completely in our sector, and they were the ones who could not just have opportunities to have funding but to give helpful guidance for this sector specifically,” said Cho, founder of Kangsters Corp., a South Korean startup that produces fitness products for wheelchair users.
Kangsters was one of the 17 startups that traveled to Providence in September 2022 for a six-week program coordinated by NEMIC called the Global Market Expansion. This is one of five global programs managed by the foundation in partnership with global entities, all aimed at reshaping how the world sees Providence while helping foreign startups break into the U.S. market.
“Startups, entrepreneurship, it’s not just a regional focus or national
focus; it’s really a global focus, especially in the health care space,” said Lydia Shin Schroter, co-founder of NEMIC. “So it’s really important that Rhode Island plays a role and that we put ourselves on the map globally so that we can attract a lot of talent.”
Through these programs, NEMIC helps participating startups discover their market opportunities, develop business plans and strategies, write pitches and connect them with the right partners.
For startups such as Kangsters, expanding internationally can bring a lot of advantages, including accessing more investors and capital.
“Particularly in medtech space and life sciences, access to clinical experts is really critical to validate solutions for health care problems,” Shin said.
But it can also be a daunting experience.
“For a foreign entity, trying to build a business and do business in the U.S. is like opening a whole new world,” Cho said. “It takes so much to learn a whole new country and industry, but doing business is even harder.”
Thirteen additional startups are spending six weeks in the Ocean State, starting Jan. 30 and into March,
EARLY SUPPORT: New England Medical Innovation Center co-founder Lydia Shin Schroter, right, leads an international team at the organization’s Providence headquarters.
‘People are recognizing Rhode Island … is a center of development for medtech.’
LYDIA SHIN SCHROTER, New England Medical Innovation Center co-founder
While benefiting the foreign startups, these programs also contribute to Providence’s growth and economic development. Startups traveling to Providence – mostly funded by their Korean partner – invest a significant amount of capital in the city, contributing to the hospitality sector and marketing Rhode Island as a destination. Their presence also attracts investors.
“When we have this talent coming in, global investment by the corporations will increase,” Shin said. “Investors for global market will come into the marketplace so they can invest along with the U.S. companies. We have to look at it overall, how important it is for the development of Rhode Island.”
Providence has trailed behind some of its more popular neighbors, such as Boston or Cambridge, Mass., which have each garnered a reputation as a medical and technological hub around the world. But Providence, to many, remains mostly unknown.
NEMIC is hoping to change this, making Rhode Island – and Providence – a medtech hub.
“Through the program, people are recognizing Rhode Island not just for its close proximity to big cities, to Cambridge or New York, but they’re beginning to understand the value we provide to them and to understand this is a center of development for medtech,” Shin said. “That recognition is important.”
A few years into the programs, Shin said that “selling” Rhode Island to global partners has become easier. Already some are recognizing both NEMIC’s expertise and network of partners and Providence’s extensive resources, including active participation from local clinicians, researchers and medical schools such as Brown University. A lot of startups saw this, too.
“They loved being in Providence. A lot of them want to move to Providence and have it as their hub,” said Maey Petrie, director of programs and business development at NEMIC. “And several ended up incorporating in Rhode Island and in the United States. … That’s a big win for them and for the state and for us.”
8 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
n
FOR
| HEALTH MATTERS
PBN PHOTO/ ELIZABETH GRAHAM
STARTERS
Where R.I.’s past comes alive
BY CHRISTOPHER ALLEN | Allen@PBN.com
(Editor’s note: A version of this story was first published on PBN.com on Feb. 8.)
PROVIDENCE – A year after being expelled from Massachusetts Bay Colony in 1636, Rhode Island founder Roger Williams was still communicating with the more moderate leaders of the religiously conservative colony, including co-founder John Winthrop.
A handwritten note to Winthrop from Williams, a minister remembered today for his advocacy of religious freedom and fair treatment of 17th-century Native Americans, details a financial dispute he mediated in the newly founded Providence Plantations between a native chief and a group of Englishmen over hunting traps and the loss of some horses.
The letter brings Williams and the day-to-day challenges of Rhode Island’s founding to life. It’s one of thousands of historical records, photographs, film and other business-related relics collected and archived at the Rhode Island Historical Society’s Mary Elizabeth Robinson Research Center.
The center serves as the clearinghouse for 100,000 volumes of material related to the history of Rhode Island and New England, including 1,000 manuscripts, 200,000 images, 9 million feet of film, 19,000 prints, 3,400 sound recordings and 20,000 architectural drawings.
Business and financial records make up about one-third of the nonprofit’s collection, including vast volumes of merchant records, maritime logs, personal correspondence and inventories.
The research center was a public library until the society purchased it in 1961. Materials span five centuries and include records from many of the state’s most successful entrepreneurs and benefactors.
It can be a lot to process even for those who work there, said Richard Ring, the society’s executive director of collections and interpretations. He joined the organization in 2017.
“It’s hard to even wrap your head around the whole landscape,” he said.
Take, for example, the records of The Providence Tool Co., at one time the city’s largest single employer. The center has company material from 1844-1945. The now-shuttered company “manufactured a wide range of tools and machinery” before the Civil War and helped supply the Union Army, said Associate Director Phoebe Bean. Bean has always had a passion for preservation. She has worked for the society for two decades and has witnessed many document hunters hit pay dirt.
“We see a lot of goosebumps,” she said. “It happens every day.”
The center also has a vast microfilm archive of every Rhode Island newspaper going back to 1732.
Its most recent acquisition is a collection of records from Rumford Chemical Works Co., a major industrial presence in Rhode Island for over a century before relocating to Indiana, where years later its records were abandoned in a warehouse.
As luck would have it, the society already had about 600 ledger books and photographs relating to Rumford Chemical before the abandoned records were donated.
When the society takes possession of new materials, most of which is donated by former owners or their family members, Ring jokingly likens the relationship to a marriage.
“We promise to love, honor and preserve,” he said.
The nonprofit is funded through a combination of state and federal grants, membership dues and admissions, a network of private donors and a $22 million endowment.
The organization has worked to digitize records as time and funding allow. Its most recent project was the digitization of records from the Old Stone Bank, one of Rhode Island’s oldest financial institutions, including depositor records from the bank’s founding in 1819 through 1897.
While many of the companies listed in the business collection are a distant memory, some are still operating locally. One example is the Providence Mutual Fire Insurance Co., granted its charter by the General Assembly in 1800 and now in Warwick. This collection consists solely of insurance policy books dating from 1807 to 1857.
Though well-versed in Rhode Island history, society staff are not researchers themselves. Rather, they are archivists, or as Ring put it: “the stewards.”
“We create pathways for other researchers,” he said. “We collect and arrange so that others can study.” n
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 9
PRESERVATION PIECE: Phoebe Bean, associate director of the Rhode Island Historical Society’s Mary Elizabeth Robinson Research Center, shows off a ledger from John Carter.
PBN FILE PHOTO/MICHAEL SALERNO
PBN.COM | ANOTHER LOOK
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FOR STARTERS | WHAT’S HAPPENING
In support of the arts
GALLERY NIGHT PROVIDENCE, a local nonprofit that supports the local arts community, will hold its 2023 season kickoff fundraiser. The event includes a drag show, raffles, a silent auction, gallery information, trivia, music, food and drinks from Trinity Brewhouse, gifts, communal art creation and more. Attendees can also purchase a $25 voucher for food and a drink from Trinity Brewhouse. Proceeds will support Gallery Night Providence’s efforts to offer free monthly public tours of Providence arts spaces.
SATURDAY, FEB. 18, 6-10 P.M. $100/general admission; $125/VIP Crowne Plaza Providence-Warwick, 801 Greenwich Ave., Warwick.
INFO AND REGISTRATION: bit.ly/3weQ0IV
Building new relationships
CELEBRATE: The Northern Rhode Island Chamber of Commerce will hold its 32nd annual Celebration event on Feb. 28 at Bally’s Twin River Lincoln Casino Resort.
EDITOR’S CHOICE NRI Chamber to hold 32nd annual Celebration
THE NORTHERN RHODE ISLAND Chamber of Commerce will hold its 32nd annual Celebration event, hosted by Bally’s Twin River Lincoln Casino Resort. The event, which is one of the Chamber’s largest annual events, will feature food stations, cocktails and networking. Fellow Chamber members, including nonprofit and business leaders, and elected officials are expected to attend.
TUESDAY, FEB. 28, 4:45-7:30 P.M. $125/members; $175/nonmembers
Bally’s Twin River Lincoln Casino Resort, 100 Twin River Road, Lincoln.
INFO AND REGISTRATION: bit.ly/3ZnlI41
FRIDAY, FEB. 17, 5-9:30 P.M. $5 suggested donation WaterFire Arts Center, 475 Valley St., Providence.
INFO AND REGISTRATION: bit.ly/3J3kCEE
Combating homelessness
MAE ORGANIZATION for the Homeless will hold its annual fundraiser Be the Light Gala. All funds raised this year will be distributed through the organization’s various programs, such as the housing rental grant, holistic and therapeutic program, food program, and clothing and toiletries program.
ONE SOUTHCOAST CHAMBER of Commerce will hold a Business After Hours networking session, hosted by My Brother’s Keeper. The event provides an opportunity for members and nonmembers to mingle and build business relationships with individuals from various sectors in an informal, relaxed business setting.
THURSDAY, FEB. 23, 5-7 P.M. Free/members; $25/nonmembers
My Brother’s Keeper, 1015 Reed Road, Dartmouth.
INFO AND REGISTRATION: bit.ly/3X4T3PC
UPCOMING PBN EVENT:
The 2023 Health Care Summit and Health Care Heroes Awards hybrid event will be held on Thursday, April 6, from 9-11:30 a.m. at the Providence Marriott. For more information, visit PBN.com. For sponsorship opportunities, contact Advertising@PBN.com.
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10 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
COURTESY BALLY’S CORP.
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WHAT’S HAPPENING | FOR STARTERS
Establishing connections
THE GREATER NEWPORT Chamber of Commerce will hold a Business
After Hours networking event, hosted by The Hilton Group. The Chamber’s networking events are a fun and casual way to network with other professionals and business owners from a variety of industries. Complimentary hors d’oeuvres and drinks will be served.
THURSDAY, FEB. 23, 5-7 P.M. $5/members; $10/nonmembers
The Hilton Group – UBS Financial Services, 130 Bellevue Ave., Newport.
INFO AND REGISTRATION: bit.ly/3GLn5ks
Talking turf
THE NEW ENGLAND Regional Turf Grass Conference and Expo will have various seminars and exhibits from leaders within the landscaping and turf management sectors over a three-day period. The expo is one of the largest turfgrass shows produced in the country. Seminars will discuss plant growth, in-house drainage and understanding fungicide, among other topics.
TUESDAY, MARCH 7, THROUGH
THURSDAY, MARCH 9. $40/trade show only; $125/one-day pass; $175/two-day pass
R.I. Convention Center, 1 Sabin St., Providence.
INFO AND REGISTRATION: bit.ly/2H8KP1C
THURSDAY, MARCH 9, 8-9 A.M. $5/members; $15/nonmembers
Pool and Patio Center, 475 Tiogue Ave., Coventry.
INFO AND REGISTRATION: bit.ly/3weeS3h
Supporting Girl Scouts
GIRL SCOUTS OF SOUTHEASTERN New England will hold its seventh annual Cookies & Cocktails fundraiser. Chefs from restaurants around the area will showcase their desserts. Proceeds will support the Scouting organization.
THURSDAY, MARCH 9, 5:30-8:30 P.M. $75
Crowne Plaza Providence-Warwick, 801 Greenwich Ave., Warwick.
INFO AND REGISTRATION: bit.ly/3wePEC5
Going fishing
THE NEW ENGLAND Saltwater Fishing Show, sponsored by the Rhode Island Saltwater Anglers Association, will feature exhibitors from various fishing and marine businesses. Exhibits will cover etackle, rods, reels, lures, electronics, boats, motors, accessories, clothes and more. There will also be seminars focusing on newly abundant species due to warming ocean waters.
FRIDAY, MARCH 10, THROUGH SUNDAY, MARCH 12. $12/adults; Free/children ages 11 and younger R.I. Convention Center, 1 Sabin St., Providence.
The Science of Building Great Teams
Carol Malysz, MBA, Executive Director, RI Bio
COVID-19 INDUSTRY IMPACT
While COVID-19 introduced many global challenges in the life sciences industry, it also accelerated scientific and regulatory collaborations and innovations. The urgent need to develop treatments, vaccines, diagnostics, and medical devices, along with adjustments to related regulations, led many competitors in the life sciences sector to cooperate in developing solutions to scientific problems. The scientific community learned not only to cooperate and collaborate on a global level, but to do things faster and differently.
DEVELOPING FUTURE LEADERS
Following these paradigm shifts in the industry, the leadership skills needed to continue to drive scientific innovation and lead life sciences organizations will also be very different.
What can we do to prepare our life sciences leaders for the future?
Better
your marketing
THE GREATER PROVIDENCE
Chamber of Commerce will hold a workshop titled “The Networking Mindset: Enhance Your Marketing Skill Set.” Chamber President Laurie White will lead the discussion on what type of marketing works for businesses and what some of the marketing pain points are. The discussion will also cover how organizations can enhance their brand awareness to drive engagement among their customers, prospects and potential partners.
WEDNESDAY, MARCH 8, 8:30-9:30 A.M. Free Online.
INFO AND REGISTRATION: bit.ly/3Hfc2l4
Morning networking
THE CENTRAL RHODE ISLAND
Chamber of Commerce will hold a Morning Coffee networking event, hosted by Pool and Patio Center. The event will invite local business professionals and entrepreneurs to meet and build connections with one another. Coffee will be served.
INFO AND REGISTRATION: bit.ly/3Ryfzyt
Discussing technology
AUTOMATED BUSINESS SOLUTIONS INC. will hold its annual Technology Summit, which will feature several of the company’s preferred vendors who will display, demonstrate and share the latest innovations for the office. Guest speakers will deliver news regarding the industry, including trends and machines hitting the market. Raffle and door prizes will be offered. Funds raised will be contributed to charity.
WEDNESDAY, MARCH 15, 4-7 P.M.
Free
Amica Mutual Pavilion, 1 LaSalle Square, Providence.
INFO AND REGISTRATION: conta.cc/3WyGH1e
Not surprisingly, the skills and personality traits that lead to success in science do not always lend themselves to leadership roles. Most scientists and researchers are trained in a rational scientific methodology, leaving them short with the challenges of leading teams and delivering results. Yet, the complex questions that science strives to answer give lots of opportunities for people of different backgrounds to contribute to the answers by working together.
BUILDING GREAT TEAMS
Building great teams is a science within itself. Each individual has unique talents, gifts and skills. How a leader leverages these holistically is a measure of how well a team performs. There’s a famous quote by philosopher Aristotle that says, “the whole is greater than the sum of its parts”. It suggests that the work produced by teams is better than if that same work was completed by individuals. The end result is the energy is multiplied and so are the results.
ABOUT RI BIO: As the Professional Trade Association and Hub for Life Sciences in the greater RI area, RI Bio advances the industry and professionals through education, collaboration and advocacy. Learn more about our Leadership Training on our website or contact us at connect@ri-bio.org.
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 11
Interested in having your business-related event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Research@PBN.com.
225 Dyer St., Providence, RI 02903 | 401.400.5499 | ri-bio.org
JEWELRY DISTRICT BROWN
CONTINUED FROM PAGE 1
lab that will soon be under construction on Richmond and Clifford streets. The R.I. Department of Health will use part of the building for its new public health lab, and Brown has agreed to lease some of the lab space, too.
And Brown is also moving ahead on plans to erect an “integrated life sciences” building in the Jewelry District.
Many have praised the university’s investment in the former neighborhood of jewelry manufacturers that has been trying to reinvent itself for decades, applauding the economic development this involvement has brought in the form of jobs, capital and prestige. Supporters of Brown’s plans say there is plenty of room for the university’s ambitions and for private-sector companies to set up shop in what many call the Innovation and Design District.
But the growth of the institution beyond its traditional borders has also drawn attention for other reasons.
In many cases, Brown’s real estate purchases have kept valuable property off the city’s tax rolls because the university is a tax-exempt organization, even while it continues to build upon its multibillion-dollar endowment.
Grumbling about whether Brown is contributing its fair share to the city has gotten louder among some city and state officials now that long-standing agreements that had Brown paying millions of dollars annually to the city have expired or are about to expire.
City Councilman John Goncalves, whose Ward 1 covers the Jewelry District, has been one of the most outspoken critics of Brown’s increasing real estate holdings and its financial contributions to the city.
“We’re vigilant about Brown’s growth in general because as Brown continues to grow and expand, it results in land or real estate being taken off of our tax roll as a municipality,” said Goncalves, who is a Brown graduate. “That’s a big concern for us.”
MOVING IN
Brown’s push into the Jewelry District started simply enough.
The university, which has long had a contentious relationship with residents on cramped College Hill when expansion plans are announced, instead leased a former foundry in the Jewelry
District at 110 Elm St. in the late 1990s to house Brown’s advancement division, which needed more space than available on the main campus.
With that successful foothold, Brown bought the Speidel Co. building at 70 Ship St. in 2003 for $13.5 million and renovated it into modern laboratories to replace antiquated spaces on College Hill, said Russell Carey, executive vice president for planning and policy at Brown.
The big move came in August 2011, when thenPresident Ruth Simmons opened the doors to the new home of the Warren Alpert Medical School in the Jewelry District, a 134,000-square-foot space born from a $45 million renovation of a former jewelry manufacturing plant.
It was current President Christina H. Paxson’s arrival in 2012 that solidified Brown’s intent to plant roots, just as plans to relocate Interstate 195 and open 26 acres of land to development were becoming reality.
“There were a lot of conversations about how can our activities also create traction for commercial development, housing, biotech, startups, other types of activity,” Carey said. “With the relocation of highway and the 195 lands being available and the general opportunities in that area, that was an area where growth and development were desired.”
A 10-year strategic plan was drawn up that called for Brown to expand in the Jewelry District to “free up space on College Hill for undergraduate-focused departments and programs; and contribute to the economic and cultural vitality of Providence and Rhode Island.”
Such talk was applauded by city and state officials who had stumbled in marketing the area as the “knowledge district” in the early 2000s.
By 2017, Brown relocated almost all of its administrative offices to the South Street Landing along the Providence River, anchoring the revitalization of an abandoned power station along with Rhode Island College and the University of Rhode Island, all of which are leasing space there. The collaboration “brought the building back to life, turned it into tax-paying commercial property, and brought hundreds of new people in that space that had been vacant for 20 years,” Carey said.
Brown diversified its real estate holdings in 2021, spending $75 million to buy a 174-unit luxury apartment building called River House next door to South Street Landing. The property, converted to house Brown graduate and medical students, was kept on the city’s tax rolls under a tax stabilization
MAKING THEMSELVES AT HOME
KEY PLAYER:
agreement the city had with the previous owner.
Then last year, the university purchased 10 Jewelry District parcels from Care New England Health System – including four buildings that were already tax exempt. While two buildings continue to house CNE research operations, Brown is developing plans for how to use the other two.
Nevertheless, the size of Brown’s Jewelry District portfolio – which now includes 17 buildings, 20 parking lots and eight leased spaces – isn’t setting off alarms for those in the local real estate industry.
Joseph R. Paolino Jr., managing partner of Paolino Properties LP, says the university’s outsized presence won’t crowd out private-sector businesses or dissuade others from moving in.
Paolino called Brown University one of the city’s “best economic development engines,” mainly because of the number of jobs its investments are creating. But it goes beyond that.
“What they’re able to do is hopefully find cures for diseases through their research,” Paolino said. “So you’re expanding your tax base, you’re expanding your job base, you’re expanding your income base, and you’re employing people.”
TAX TALKS
Still, Brown’s buying spree – coupled with its $6.5 billion endowment – have some city and state leaders questioning if it should be chipping in more to the city.
While nonprofit institutions such as private colleges and hospitals are exempt from paying property taxes on noncommercial properties, the city has struck deals with the schools and other nonprofits for annual payments meant to offset some of the cost of providing city services to those
70 SHIP ST.
Laboratory space
Sale date: Sept. 30, 2003
Sale price: $13.6 million
2022 assessed value: $31.5 million
2022 property taxes: $0
BUILDINGS OWNED PARKING LOTS OWNED TERRAIN OWNED BUILDINGS LEASED
200 CHESTNUT ST. Research facility leased by Care New England Sale date: June 29, 2022 | Sale price: $4.9 million 2022 assessed value: $2.7 million 2022 property taxes: $0
1 POINT ST. Student housing
Sale date: July 2021 | Sale price: $75 million 2022 assessed value: $30.5 million 2022 property taxes: $199,237
12 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com POINTST EDDY ST SOUTHST ELMST SHIP ST EDDY ST RICHMOND ST CHESTNUTST RICHMONDST IMPERIALST BASSETTST ELBOWST CLAVERICKST CLIFFORDST CHESTNUTST PARSONAGE ST HOSPITALST SOUTHST Providence River DYER ST EDDY ST TALLMANAVE. HOPPINST POINTST
Russell Carey, Brown University executive vice president for planning and policy, at an announcement in 2016 that Brown would be an anchor tenant for the Wexford Science & Technology building at 225 Dyer St. in the Jewelry District.
COURTESY BROWN UNIVERSITY
SOURCES: CITY OF PROVIDENCE; BROWN UNIVERSITY
Since the early 2000s, Brown University has accumulated real estate holdings in the Jewelry District, effectively making it a second campus away from its original home on College Hill. Brown says it owns 17 buildings, 20 parking lots and an open plaza. It also leases spaces in five buildings and three parking lots.
organizations.
In a payment in lieu of taxes – or PILOT – agreement reached in 2003, Brown and the city’s other three private colleges have been paying annual fees to the municipality. That pact ends in May.
Brown had a second agreement with the city, signed in 2012 with then-Mayor Angel Taveras, which had the university paying an additional $31.5 million over 11 years. The last annual installment – a payment of $2 million – was made last June.
Negotiating new deals with Brown, Johnson & Wales University, Rhode Island School of Design and Providence College is now high on the to-do list for Mayor Brett Smiley during his first year in office.
It may be a tricky balancing act.
In an interview with PBN shortly after his election in the fall, Smiley said he was going into negotiations “hoping for a significant increase” in payments from the colleges.
But when asked about it in early February, his response was a bit more restrained.
Smiley acknowledged Brown has become an anchor in the Jewelry District and has shown a “willingness to be a tenant to catalyze private development.”
“We are hopefully about to hit the tipping point where the promise of a true life sciences cluster will take off,” Smiley said. “I believe we need to come up with an agreement that works for everyone, that recognizes Brown’s economic impact on the city, that supports the services they consume and identifies the other ways they can contribute to the fiscal health and vibrancy of our city other than just payments.”
Brown’s land holdings in the city are immense. A Providence Finance Department report issued a year ago calculated that Brown owned property with a combined assessed value of $1.3 billion as of fiscal 2021, and if the university paid full property taxes on its portfolio, it would owe $49.3 million annually.
Under PILOT agreements with the city, it paid about $3.4 million in fiscal 2022.
Goncalves says this is not enough, figuring Brown should be contributing at least $10 million a year.
“If the cost of living is going up for everyone else in the city, there is no reason why the wealthiest institutions aren’t expected to contribute more, particularly during a housing crisis,” he said.
Goncalves said he does not deny Brown University’s role in building out the biotechnology infrastructure the city needs to stand out and compete with other leading cities such as Boston. But the implications of Brown’s expansion in the city can’t be ignored.
Most of Brown University’s properties – including academic buildings and dormitories – are untaxed. There are some exceptions, including the River House apartment building in the Jewelry District, which Brown bought through the subsidiary River House Holdings LLC. The university paid nearly $1 million in taxes on the property in fiscal 2022.
But Goncalves argues that converting the building to student housing removed almost 200 units from an already tight housing market.
“Brown is an incredible economic driver, but we’d like to forge a greater partnership and revisit the model,” Goncalves said.
It’s not that Brown is unwilling to talk.
The university acknowledges that it and the other colleges are “beginning detailed conversations” with
Smiley this month on voluntary payments to the city.
But in an emailed statement, Brown spokesperson Brian Clark says Brown has already been the largest voluntary financial contributor among nonprofit institutions in the city – more than $80 million from 2012 to 2022 – and it opposes any effort to tax properties used for academic activities.
ON A MISSION
Sharon Steele has put out the welcome mat for Brown.
Steele, president of the Jewelry District Association, is known for fiercely objecting to projects that the group deems detrimental to the neighborhood’s residents and businesses.
She’s displeased with the direction of several projects that have been given the green light by the I-195 Redevelopment District Commission. Her complaint: too many residential projects.
That’s why Brown’s investment in the neighborhood is so crucial, Steele says, spurring more than just apartment buildings.
“We are well on our way to being a center for life sciences,” Steele said. “We’re not talking about small changes; we’re talking about [changing] the face of the Jewelry District. [Brown’s presence] has been extraordinarily important because they’ve led this charge.”
Not that there aren’t some concerns from residents about Brown’s plans.
When university officials, including Paxson, appeared at a Jewelry District Association meeting in December to outline its future plans, they fielded questions from several attendees about potential disruptions caused by construction and the comings and goings of lab workers at all hours when the buildings are operational.
Steele says Brown’s responses – including promising to provide frequent updates for neighbors –have eased worries.
Caroline Skuncik, executive director of the I-195 Redevelopment District Commission, says the commission’s choices of projects have been due to the real estate market. In recent years, rents for commercial and office space in Providence have not increased enough to justify construction costs, which have grown exponentially. But Skuncik says the next few years will likely be different.
“It’s always a balancing act,” she said. “We’ve done a lot of residential, so we’re trying to move away from it and focus on commercial.”
On that score, Brown has been invaluable, Skuncik says.
Brown University’s involvement in the district is creating a “cluster of activities,” she said. It’s attracting other parties, from private companies and investors to potential startups, driving the innovation sector and setting the foundation for a life sciences sector.
“If you look at innovation districts around the country, they all have to have an active research institution that serves as an anchor. Brown has been playing this role,” she said.
Case in point: the eight-story lab building set to be completed at Richmond and Clifford streets in 2025. The property is being developed by Ancora L&G LLC. The R.I. Department of Health will use the bottom three floors to replace its aging lab on Orms Street. Brown committed to leasing 20,000 square feet for 10 years.
The project would never have been possible without Brown’s involvement, Skuncik says. “There’s a spillover effect of Brown’s investment in our projects. Because the developer had those commitments in place, they were willing to take risks,” she said.
Brown certainly benefits, too.
At the state-of-the-art Wexford building on Dyer Street, the university leases two floors – totaling 31,000 square feet of lab space – and is planning to lease a third floor.
“Larger projects that one entity like us probably wouldn’t do on our own, when combined with others and others’ need and developers … has generated tax revenue for the city and larger development opportunities,” Carey said.
‘MOVING THE NEEDLE’
For all the space it owns or leases in the Jewelry District, Brown is looking for more.
Last year, the university unveiled plans for an “integrated life sciences building,” a facility that will provide new laboratories for biology, medicine, brain science, bioengineering and public health researchers.
Brown says the facility will be needed because the Laboratories for Molecular Medicine at 70 Ship St. and other research facilities on College Hill and South Main Street are at or near capacity.
No wonder. According to the university, life sciences units at Brown include 20 biology and clinical departments and more than a dozen research centers and institutes.
The project will “bring more research activity into the Jewelry District and lots of collaborations with hospitals and increase the attractiveness for other types of life sciences research and commercial activity,” he said.
Matthew Fair, a partner at Hayes & Sherry Real Estate Services, sees very little downside to Brown taking up so much space in the Jewelry District.
“The investments they are making there are the only reason or the main driver for why others are coming in to invest and build new apartments and redevelop office space and open new retail,” Fair said. “They’re moving the needle more than anyone else in that area of the city.”
Thompson has lived in the district since 2006 and started the tours eight years ago. For him, the challenges that come with Brown’s expansion – such as construction disruptions, loss of parking and higher rents – are offset by long-term benefits.
“When Brown comes into the state lab, we’re going to see more retail coming in, more restaurants, more coffee shops, things like that, smaller serviceoriented things,” Thompson said. “[Businesses] go where the people are.”
The tours, he says, celebrate the neighborhood’s historic buildings. And Brown, he added, has done its best to “pay homage” to that history by matching the look of existing buildings.
As long as they and other developers do this, he says, the district’s history is safe.
“There is history in the buildings,” Thompson said. n
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 13
‘We are well on our way to being a center for life sciences.’
SHARON STEELE,
Jewelry
District Association president
JEWELRY DISTRICT
NEIGHBORHOOD PRIDE: Olin Thompson, a Jewelry District resident and amateur historian, points to the architectural features on a stone building at 110 Elm St. that was once a foundry and is now leased by Brown University for administrative and medical offices.
PBN PHOTO/CLAUDIA CHIAPPA
MEET THE MAKERS US EXTRUDERS
CONTINUED FROM PAGE 1
Bill Kramer, company president, sifts sand-like shreds of blue-green netting through his fingers. His even tone rises with excitement as he explains the process.
“Our goal is to understand what it takes to run different materials [through an extruder machine] to sell equipment to people interested in using it,” Kramer said. “No one is doing fishing nets yet.”
An engineer with nearly half a century of experience in extrusion manufacturing, Kramer’s thirst for innovation is never quenched.
“I am the guy who comes up with the crazy idea on the back of the napkin and pushes to see if it will work,” he said.
That same philosophy lies at the heart of US Extruders. Since opening in 2017, the plastic extrusion machine manufacturer has grown quickly, able to compete with much larger and longer-standing companies such as rival Davis-Standard LLC of Stonington, Conn. Kramer attributes the company’s success to its relentless desire to improve.
This includes taking what he and the other six founders have learned from prior experiences. The seven founders struck out on their own after their former workplace, American Kuhne, was sold and its Ashaway extrusion manufacturing plant in Hopkinton shut down in 2015.
“It was kind of a low time,” Kramer said. As co-founder and president of American Kuhne, he felt personally responsible for the 50 workers now forced to move to Pennsylvania or else lose their jobs.
So, he started over, bringing with him a team of experts in screw design, operations, marketing, purchasing and sales.
For two years, the fledgling staff worked quietly to put the pieces in place; bound by noncompete agreements, they couldn’t open a rival company
right away.
U.S. Extruders CEO Dan Schilke, who worked directly under Kramer at American Kuhne, bought a half-empty warehouse in an industrial park near the Westerly Airport. The building was “kind of in shambles” from years of sitting empty, Kramer said. But Schilke transformed it into a state-of-art manufacturing environment, renting out a small
section of the 40,000-square-foot space to the previous owner to bring in some extra money.
They hired many of the workers made jobless after American Kuhne closed, and they also gathered a roster of potential customers. U.S. Extruders now has 33 employees.
Graham Engineering Corp., which bought American Kuhne, sued Kramer in Pennsylvania
SPRING HEALTH CARE SUMMIT & HEALTH CARE HEROES AWARDS
PBN’s Spring Health Care Summit will include health care experts and business leaders who will bring attendees up to date on the latest news and expectations in this vital and ever-changing piece of the region’s economy and arm the region’s business community with the best insights available to handle the future of health care.
VISIT PBN.COM FOR DETAILS
For sponsorship, advertising and exhibitor opportunities, contact 680.4800 or Advertising@PBN.COM
PBN is proud to introduce the inaugural Health Care Heroes Awards, which will honor individuals and organizations making an impact on the quality of health care in Rhode Island and Southeastern MA. Join us in recognizing those who embody the word “hero” and prove their excellence in helping others, promoting innovation or improving access to care.
#PBNHCHeroes Deadline 2/23 to apply.
14 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
UNCHARTED TERRITORY: Bill Krarmer is the president of US Extruders Inc. in Westerly, which recently applied for an R.I. Commerce Corp. grant to work on recycling old fishing nets as plastic material for new products.
PBN PHOTO/MICHAEL SALERNO
6, 2023 ❤ Providence Marriott ❤ 9-11:30am
April
PARTNER SPONSORS
District Court in 2016 for violating noncompete agreements, according to news reports.
Schilke declined to comment on the lawsuit, except to say, “In the end, I’d say we won because we’re functioning.”
Functioning, and thriving. The company has reported steady growth even through the pandemic and subsequent supply chain slowdowns.
“I think the lawsuit really drew us closer together,” Schilke said.
Tthe company puts a focus on domestic suppliers, with more than half of the sheet metal, stainless steel, electrical paneling and other parts coming from companies in Rhode Island, Connecticut and Massachusetts.
For Kramer, the emphasis on local suppliers is both philosophical and practical.
“One of the things we’re committed to is being able to stand behind our machinery and deliver what we promised, and it’s very hard to do that with foreign equipment because it just lengthens the supply chain,” Kramer said.
They haven’t avoided the pain of shipping delays and material shortages entirely. A nationwide shortage of semiconductor chips, which are used in the machine’s touch-screen control panels, left machines half-finished for up to a year, sitting on the factory floor.
Customers are understanding, in part because of the company’s emphasis on constant communication, which Kramer sees as a differentiator.
“Customers often are frustrated by the responses they get from other manufacturers because things aren’t exactly what they promised,” he said. “We’ve always approached our business as doing the right thing first and worrying about the cost later. It’s surprising how well that works.”
Each of the 50,000-pound painted steel machines is custom designed before being assembled, with a test run of the company’s product on-premises before it ships out.
Integral to the machinery are the signature
extruder screws. Sometimes as small as half an inch wide, the ridged, steel parts spin faster and faster to melt plastic, which can be reshaped into catheters, wire tubing, cables or film, among other products. Kevin Slusarz, the company’s director of process technology and a founding member, is one of a handful of experts nationwide with the knowledge and experience to craft the stainless steel screws, according to Kramer.
Whether for a medical device company or a plastic packaging manufacturer, the basic mechanics and features of each machine remain the same. It’s in the 10% of variability – adding wheels below the base or nixing the electric motor gearbox to make the machine quieter (often requested by medical device customers) – that Kramer gets to scratch his innovation itch.
“What seems like a really small change can affect a lot of things,” he said.
Now in his 70s, Kramer has cut back to parttime work, focused mostly on innovation.
“Unlike our engineers, who have the responsibility to make something work, I can just create something and throw it at them and see if they can test it,” he said.
He also deals with customers, and is the introduction voice on the company’s podcast, “Med-Ex, the medical extrusion podcast,” which started last year.
Schilke leads the day-to-day operations, overseeing assembly on the floor, driving out to suppliers
and working with back-office staff. But much like an extruder machine, it’s the sum of all the parts – in this case, the people – that make the company shine.
“We all have really different backgrounds and areas of expertise,” Schilke said of the seven founding members.
The company is also willing to train novices, and has hired several to work on its assembly team, aided by federal COVID-19 funding administered through Polaris MEP’s Machine & Marine program.
“They are really doing a good job of setting career pathways,” said Lindsey Brickle, Polaris MEP’s senior workforce manager. “They don’t just train workers; they are focused on improving their job quality and leveraging a lot of state programs.”
Soon, the leadership team will bring those diverse perspectives to the table again to debate results of the test runs on the fishing net recycling project. There’s scientific analysis – ensuring that the heated and recycled plastic pellets are strong enough to be reused. Then there’s the business side, which includes finding a company that is interested in buying a machine to recycle fishing nets.
So far, they haven’t found any takers, but Kramer isn’t dissuaded.
“Opportunities to try something new don’t always look great in the beginning,” he said. “You have to see beyond that.” n
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 15 MEET THE MAKERS
‘What seems like a really small change can affect a lot of things.’
SNEGOREDLUNCHEON.HEART.ORG Media Sponsors TO OUR 2022 SPONSORS Thank You 2023 Go Red for Women Luncheon Sponsors Local Sponsors
BILL KRAMER, US Extruders Inc. president and co-founder
FOCUS | LAW REVIEW
laws all noncompete pacts, or Hawaii, which bans them in the technology sector. Neighboring Massachusetts requires any employer who uses them to offer payment in return, known as “garden leave.”
The payment setup makes the FTC’s proposal problematic, according to Matthew H. Parker, a partner at W helan Corrente Flanders LLP in Providence.
As proposed, the rule would invalidate the noncompete portion of a contract but not the garden leave payment that goes with it. Meaning a worker who got $10,000 to sign a oneyear noncompete can go work for a competitor while still getting paid by their former boss-turned-rival.
Like Hawks-Ladds, Parker sees the FTC’s attempt to undo a century-old practice as a potential overreach of power. And while the federal agency claims that it will help employers by letting them move workers from job to job, Parker isn’t sure the benefits outweigh the risks for businesses.
Those risks include the exposure of trade secrets or losing cultivated customer lists when a worker leaves.
A lost clause? FTC may ban noncompete pacts
BY NANCY LAVIN | Lavin@PBN.com
THIRTY
million people. That’s how many workers federal regulators say could find new jobs, increase their wages, or even start their own companies if freed from the constraints of noncompete agreements.
The Federal Trade Commission in January published a proposal seeking to ban the use of noncompete agreements, a document or clause in a contract legally prohibiting a current or former worker from competing with an employer for a specific time after leaving the job.
In addition, the proposed rule would invalidate agreements that have already been signed. The consumer protection agency says such a move, still in the public comment period, would increase wages by $300 billion, doubling the number of companies and slashing $148 billion in consumer health costs per year.
In promoting its plan, the FTC has also given companies and business associations the best legal argument to challenge the rule in court.
Referred to by employment lawyers and court officials as the “major questions doctrine,” the legal framework suggests that federal regulatory agencies don’t have the power to make major economic or politi-
cal changes. While not new, the principle gained prominence in a 2022 U.S. Supreme Court case related to the U.S. Environmental Protection Agency’s ability to regulate carbon dioxide emissions.
Joshua Hawks-Ladds, co-chairman of the labor, employment law and employee benefits department at Pullman Comley LLC in South Kingstown, thinks that the same legal interpretation could be applied to the FTC and noncompete agreements.
The FTC’s proposal to ban noncompete agreements still has a long way to go –public comment, economic analysis and congressional review – before it becomes final. It may never happen, according to Hawks-Ladds.
“I never like to predict what will happen, but I am suspicious this rule will ever see the light of day,” Hawks-Ladds said. “My opinion is that the FTC will modify the rule so it’s not so sweeping in scope.”
Nationwide, the FTC estimates 1 in 5 workers are subject to noncompete agreements now.
The ratio may be smaller in Rhode Island, where a law passed in 2019 banning noncompete agreements for low-wage, hourly and student workers. Still, the Ocean State is less strict than other jurisdictions, such as California, which out-
SKEPTICAL:
Attorney Joshua Hawks-Ladds says he believes the Federal Trade Commission may modify its proposal to prohibit noncompete agreements so it doesn’t have such a sweeping effect.
And while Rhode Island may not seem like a hub for secret-hoarding corporations, these covenants are popular across all types of industries, from the neighborhood hairdresser to the community veterinarian clinic.
“Everyone has a book of business clients and a competitor,” said Eric Renner, a business litigator and partner at Duffy & Sweeney Ltd. in Providence.
Even so, businesses might hesitate to crack down if a worker violates their noncompete agreement.
Vicki J. Bejma, an associate attorney with Robinson & Clapham who represents employees in legal disputes, said noncompete pacts are generally disfavored by the courts.
In the last decade, the shift of public opinion against monopolies and in favor of workers’ rights has further deterred the use of noncompete agreements, Renner said.
Instead, companies may consider confidentiality or nondisclosure agreements specific to trade secrets or other private information. The FTC rule does not apply to these alternatives unless they are written so broadly that they stop workers from finding other jobs in the same field.
Michael J. Yelnosky, a professor at Roger Williams University School of Law, thinks forcing companies to be more specific in what they’re protecting is a good thing.
“The main problem with noncompetes now is that they are written so broadly,” Yelnosky said. “I think the FTC is really trying to make the point that firms and their lawyers need to focus more specifically on the stuff that is protectable, like trade secrets and customer lists.”
Is there another option instead of restrictive clauses that might start new employees off on the wrong foot?
“I always tell clients to treat workers so they don’t want to leave,” Hawks-Ladds said. “Compensate them fairly, make them happy and want to remain loyal to your company.” n
16 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
PBN PHOTO/ ELIZABETH GRAHAM
‘The main problem with noncompetes now is that they are written so broadly.’
MICHAEL J. YELNOSKY, Roger Williams University School of Law professor
AG’s effort to launch cold case unit hits snag
BY CHRISTOPHER ALLEN | Allen@PBN.com
THE MYSTERY SURROUNDING the death of Lori Lee Malloy has haunted her daughter, Lauren Lee Malloy, for three decades.
In 1993, when Malloy was just an infant, her mother was found dead in her East Providence apartment by the police. Initially investigated as a homicide, the death was later ruled natural by a medical examiner who has since been discredited. The case was briefly reviewed in 2020 but never officially reopened.
Malloy is convinced her mother was murdered. She has fought for years to have the case reopened and now devotes much of her time to helping those with similar experiences through Unsolved R.I., which she founded in 2021. The organization has partnered with regional and national groups to gather information, share updates and keep these cases in the public eye.
“I’m grateful for that now because it gave me
real insight into the process and helped me see opportunities to do things better,” Malloy said. “I’m fortunate to work with an ethical, intelligent, compassionate group.”
The existence of Unsolved R.I. illustrates what Malloy and others say is a problem in the Rhode Island justice system: there is no dedicated statewide unit to investigate major unsolved crimes. Unless new evidence comes to light, much of the investigative legwork is done through a network of nonprofits and amateur detectives who keep hope alive through the sharing of new leads and theories.
“We absolutely need a statewide unit,” Malloy said. “There is certainly a want and need in the community for this type of effort.”
These pleas have not gone unheard. In December, the R.I. Office of the Attorney General requested an additional $349,960 in its next fiscal budget to create a four-person cold case unit in the office’s criminal division.
The request noted that while prosecutors “are able to process new evidence discovered for cold cases on a rolling basis, given their demanding caseload, it is an unfortunate reality that upcoming filing deadlines and court appearances take precedent.”
Brian Hodge, spokesperson for Attorney General Peter F. Neronha, says the office is prosecuting more than 14,000 open cases, a majority of which are major felonies. This brings the present caseload of the average prosecutor to about 250 apiece, which Hodge said is “an all-time high.”
Still, the proposed $13.8 billion budget released by Gov. Daniel J. McKee included increases in funding for various other departments but levelfunded the attorney general’s office for the second straight year.
“The state police has a team that works on ‘cold cases’ in collaboration with the attorney general’s office,” said Matthew Sheaff, a spokesperson for McKee. “Members of the state police Major Crimes Unit are all assigned cold cases in addition to their normal caseload.
“We’ll continue to discuss this topic with the
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 17 LAW REVIEW | FOCUS A partner-led law firm representing individuals and businesses Every client deserves an experienced law firm partner who is invested in their success—and that is what Cameron & Mittleman delivers. 301 Promenade Street Providence, RI 02908 401.331.5700 www.cm-law.com
‘We absolutely need a statewide unit.’
ON PAGE
LAUREN LEE MALLOY, Unsolved R.I. founder
CONTINUES
19
FOCUS | PUBLIC COMPANIES
FOCUS | PUBLIC COMPANIES IN RHODE ISLAND
CLOSER LOOK
Ranked by revenue: 1
CVS Health Corp.
Revenue: $322.5 billion
2
Verizon Communications Inc.
Revenue: $136.8 billion
3
Bank of America Corp.
Revenue: $95 billion
LIST RESEARCHED BY James Bessette
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To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.
UPCOMING LISTS
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WANT TO JOIN?
For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 6804838 or write to Research@ PBN.com.
NL = Not listed last year.
FOOTNOTES
j All financial data is noted as of Feb. 10, 2023, calculated by Yahoo! Finance.
Reflects current revenue and net income (loss) for parent company in U.S. dollars as reported to the U.S. Securities and Exchange Commission.
Bally’s Corp. on June 28 agreed to sell the properties and buildings of its two Rhode Island casinos in Lincoln and Tiverton to Gaming & Leisure Properties Inc. for $1 billion. The sale is subject to state approval.
|
Tiffany &Co. | Tiffany.com
Moët Hennessy - Louis Vuitton, Société RobertAlley, vice president, jewelry manufacturing;MichaelBergkoetter, senior vice president, industrial
Toray Plastics (America)Inc. | toraytpa.com
Toray Industries Inc.
2022: 14
AkihiroNikkaku, CEO, president and chief operating officer, Toray Industries Inc.;Ken Kurokawa, chairman and CEO, Toray Plastics (America) Inc.;ChristopherRoy, president and chief operating officer, Toray Plastics (America) Inc.
2022: NL
Bank Rhode Island | bankri.com Brookline Bancorp Inc. Paul A.Perrault, CEO and president, Brookline Bancorp Inc.;WilliamTsonos, CEO and president, Bank Rhode Island
1 All financial data is noted as of Feb. 10, 2023, calculated by Yahoo! Finance.
2 Reflects current revenue and net income (loss) for parent company in U.S. dollars as reported to the U.S. Securities and Exchange Commission.
3 Bally’s Corp. on June 28 agreed to sell the properties and buildings of its two Rhode Island casinos in Lincoln and Tiverton to Gaming & Leisure Properties Inc. for $1 billion.
The sale is subject to state approval.
4 Lee Fenton will step down as CEO. Robeson Reeves, president of Bally's Corp.'s Interactive division, will take over as CEO on March 31.
5 Hasbro Inc. announced Jan. 26 it would lay off 1,000 employees companywide, with a "small percentage" of those employees being within the Rhode Island operations. It is unclear specifically how many Rhode Island-based employees will be laid off.
6 Formerly National Grid Rhode Island. National Grid on May 25 announced the sale of Narragansett Electric Co. to PPL Rhode Island Holdings LLC for $3.8 billion, and rebranded as Rhode Island Energy.
Lee Fenton will step down as CEO. Robeson Reeves, president of Bally’s Corp.’s Interactive division, will take over as CEO on March 31.
Hasbro Inc. announced Jan. 26 it would lay off 1,000 employees companywide, with a “small percentage” of those employees being within the Rhode Island operations. It is unclear specifically how many Rhode Island-based employees will be laid off.
Formerly National Grid Rhode Island. National Grid on May 25 announced the sale of Narragansett Electric Co. to PPL Rhode Island Holdings LLC for $3.8 billion, and rebranded as Rhode Island Energy.
18 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
IN RHODE ISLAND (ranked by number of local employees)
(ranked
local
2023 rank Company | Website Corporate parent Corporate CEO and local executive Corporate headquarters Phone No. of local employees Stock symbol Exchange PE Ratio 1 Dividend Yield Revenue 2 Net income (loss)Type of business 1 2022: 1 CVS HealthCorp. | cvshealth.com Karen S.Lynch 1 CVS Drive Woonsocket, R.I.02895 (401)765-1500 8,600 CVS NYSE 15.53 $2.20 2.44% $322.5 bil. $4.2 bil. Health solutions company 2 2022: 2 General Dynamics Electric Boat | gdeb.com General Dynamics Corp. PhebeNovakovic, chairman and CEO;Kevin M.Graney, president 2941 Fairview Park Drive Falls Church, Va.22042 (703)876-3000 5,200 GD NYSE 20.68 $5.04 2.2% $39.4 bil. $3.4 bil. Submarine construction, design and life cycle maintenance 3 2022: 3 Citizens Financial GroupInc. | citizensbank.com BruceVan Saun, chairman and CEO;Keith Kelly, president, Rhode Island 1 Citizens Plaza Providence, R.I.02903 (401)456-7000 4,500 CFG NYSE 10.51 $1.62 3.75% $8 bil. $2.1 bil. Financial institution 4 2022: 4 Bank of AmericaCorp. | bankofamerica.com BrianMoynihan, chairman and CEO;Kevin Tracy, Rhode Island president 100 North Tryon St. Charlotte, N.C.28255 (800)432-1000 2,500 BAC NYSE 11.22 $0.86 2.41% $95 bil. $27.5 bil. Financial services 5 2022: 5 Bally'sCorp. 3 | ballys.com SoohyungKim, chairman, Bally's Corp.;Lee Fenton, CEO 4 100 Westminster St. Providence, R.I.02903 (401)723-3200 2,000 BALY NYSE NA NA NA $2.2 bil. ($10.4 mil.) Gaming and entertainment 6 2022: 6 HasbroInc. | hasbro.com ChrisCocks, CEO 1027 Newport Ave. Pawtucket, R.I.02862 (401)431-8697 1,400 5 HAS NASDAQ 19.92 $2.78 4.89% $6.2 bil. $414.6 mil. Developer of toys and games, branded entertainment 7 2022: 7 Verizon CommunicationsInc. | verizon.com HansVestberg, chairman and CEO;Nia C. Mathis, regional president, New England 140 West St. New York, N.Y.10007 (800)837-4966 1,300 VZ NYSE NA $2.59 6.49% $136.8 bil. $21.7 bil. Telecommunications provider 8 2022: 9 Rhode Island Energy 6 | rienergy.com PPL Corp. DaveBonenberger, president 2 North Ninth St. Allentown, Pa.18101 (610)774-5151 1,100 PPL NYSE 30.06 $1.07 3.8% $7.1 bil. $700 mil. Local electric and natural gas distribution company 9 2022: 8 International Game TechnologyPLC | igt.com VincentSadusky, CEO;RobertVincent, chairman, IGT Global Solutions Corp. 66 Seymour St. London, EnglandX0 W1H 5BT (44-207) 535-3200 1,051 IGT NYSE 63.35 $0.80 2.99% $4.2 bil. $359 mil. Gaming technology producer and services provider 10 2022: NL Raytheon Missiles & Defense | raytheon.com Raytheon Technologies GregoryHayes, chairman and CEO, Raytheon Technologies;WesleyKremer, president, Raytheon Missiles & Defense 1151 E. Hermans Road Tucson, Ariz.85756 (520)794-3000 1,039 RTX NYSE 28.49 $2.16 2.21% $67.1 bil. $5.3 bil. Manufacturer of air and missile defense systems, precision weapons, radars, command and control systems, and advanced defense technologies 11 2022: 10 Amgen Rhode Island | amgen.com Amgen Inc. RobertBradway, chairman and CEO;Brian Britson, Rhode Island site vice president of operations 1 Amgen Center Drive Thousand Oaks, Calif.91320 (805)447-1000 970 AMGN NASDAQ 20.15 $7.76 3.23% $26.3 bil. $6.6 bil. Biotechnology manufacturer 12 2022: NL Santander
Banco
TimothyWennes,
Lopez, region president, tri-state and Rhode Island 28660 Boadilla del Monte Madrid, Spain (34-91) 289-0000 952 SAN NYSE 7.97 NA NA $57.9 bil. $10.3 bil. Banking and financial services 13 2022: 12 United Natural FoodsInc.
unfi.com J.Alexander "Sandy"Douglas, CEO 313 Iron Horse Way Providence, R.I.02908 (401)528-8634 803 UNFI NYSE 10.98 NA NA $29.5 bil. $238 mil. Distributor of natural, organic and specialty foods 14
by number of
employees)
Bank N.A. | santanderbank.com
Santander SA
CEO and president;Yajaira
2022: 13
727 5th
New York, N.Y.10022 (212)755-8000 650 LVMH NYSE NA NA NA $84.5 bil. $15 bil. Jewelry manufacturer
Ave.
15
Nihonbashi
Tower Tokyo, Japan (401)294-4511 557 NA OTC 13.06 $17.00 2.22% $18.5 bil. $627.2 mil. Manufacturer of polyester and polypropylene films
Mitsui
16
131 Clarendon St. Boston, Mass.02117 (617)730-3500 220 BRKL NASDAQ 9.63 $0.53 3.95% $328.1 mil. $109.7 mil. Financial institution
CONTINUED FROM PAGE 17
AG’s office for the next budget cycle,” Sheaff added.
Still, advocates for the AG’s cold case unit point to the success in nearby Bristol County, Mass., where the district attorney created a unit in 2015.
Gregg Miliote, spokesperson for Bristol County District Attorney Thomas Quinn III, says the cold case unit collaborates with local police departments and the Mass. State Police and has two full-time investigators and other staff who pitch in when available. Using the latest in forensic technology, the unit has solved five rape cases in the past year, in addition to multiple unsolved homicides. In 2021, using DNA left at the scene, the office solved the 1991 murder of Berkley resident Howard Ferrini. New evidence implicated now-deceased mobster Kevin Hanrahan.
With technological advances now available, Miliote says it’s vital that law enforcement agencies have the resources to juggle more recent investigations with unsolved crimes, which leave behind friends and family members that “are living with these [tragedies] for a very long time.”
And while Rhode Island is small, the lack of such a unit seems starker when compared with other states. Hodge says the attorney general’s office has less than half the number
of state prosecutors than Delaware has, which has a smaller population. The same is true for the Washington, D.C., office, which does not handle adult criminal prosecutions, yet has 670 staff and over 300 attorneys.
“As it is, this level of caseload is unsustainable,” Hodge said. “Our office is not able at present to commit dedicated resources to focus solely on unsolved cold cases, nor will it be in the foreseeable future.”
Because there is currently no statewide management of cold cases, it can be difficult to track how many cases remain unsolved in Rhode Island.
“But we know it is in the hundreds,” Hodge said.
Meanwhile, Malloy continues her fight for answers. A state judge last November approved a motion to exhume her mother’s body, which took place at an East Providence cemetery in early February. The body was undergoing a forensic examination, but Malloy said as of Feb. 6, she had not received confirmation that the case has been reclassified as a homicide.
“This is one of the most difficult things I’ve ever gone through,” she said. “But I’m happy my mom is getting a second chance at justice.
I’m also grateful for this experience because it’s allowed me to learn more about my mom than I ever thought I would.” n
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 19 LAW REVIEW | FOCUS
PERSEVERING: Lauren Lee Malloy has fought for years for answers in the death of her mother, Lori Lee Malloy. Her 1993 death had been ruled natural, but the younger Malloy believes it was a murder. As part of her fight for justice, Malloy founded the group Unsolved R.I. in 2021 and supports the proposal to create a cold case unit in the attorney general’s office.
PBN PHOTO/MICHAEL SALERNO
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FOCUS | RHODE ISLAND PROPERTY TAX RATES (ranked by FY 2023 commercial tax rate)
FOCUS | RHODE ISLAND PROPERTY TAX RATES
CLOSER LOOK
Ranked by residential tax rates
1
Johnston Residential tax rate 2023: $23.24 per $1,000
2
North Providence Residential tax rate 2023: $22.81 per $1,000
3
Foster Residential tax rate 2023: $21.96 per $1,000
LIST RESEARCHED BY James Bessette
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UPCOMING LISTS
March 3: Mortgage Bankers & Brokers, Residential Real Estate Agencies; March 17: General Contractors, Property Management Firms
WANT TO JOIN?
For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 6804838 or write to Research@ PBN.com.
FOOTNOTES
j The tax assessments for commercial are based on dollar amount per $1,000 of property value and are as of Dec. 31, 2021, for the 2022 tax year as reported by the R.I. Division of Municipal Finance; residential rates are based on owner occupancy, which are not the same for property that is not owner-occupied.
The tax assessments are as of Dec. 31, 2020, for the 2021 tax year.
Tax levy information is as of Dec. 31, 2021.
Tax levy information is as of Dec. 31, 2020.
20 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
2023 rank City/town Website Top elected official, title Commercial tax rate 2023 1 Residential tax rate 2023 1 Commercial tax rate 2022 2 Residential tax rate 2022 2 Tax levy 2023 3 Tax levy 2022 4 Median commercial property value Median residential property value Tax payment based on median commercial value Tax payment based on median residential value 1 2022: 2 Providence providenceri.gov BrettSmiley, mayor $35.4 $17.8 $36.7 $24.56 $370,899,524 $365,945,176 $451,700 $318,700 $15,990 $5,673 2 2022: 4 West Warwick westwarwickri.org DavidGosselin Jr., Town Council president $30.88 $18.04 $32.43 $23 $61,760,338 $68,937,375 $321,350 $195,500 $9,923 $3,527 3 2022: 5 North Providence northprovidenceri.gov Charles A.Lombardi, mayor $29.55 $22.81 $29.55 $22.51 $69,705,046 $69,705,046 $301,550 $301,600 $8,911 $6,789 4 2022: 6 Pawtucket pawtucketri.com Donald R.Grebien, mayor $29.02 $16.58 $29.02 $16.58 $103,491,223 $107,020,663 $611,200 $188,600 $21,068 $3,127 5 2022: 1 Central Falls centralfallsri.us Maria L.Rivera, mayor $28.75 $17.46 $42.33 $23.76 $15,183,661 $15,261,498 $367,500 $282,400 $10,566 $4,931 6 2022: 7 Johnston townofjohnstonri.com JosephPolisena Jr., mayor $28.34 $23.24 $28.34 $23.24 $72,855,936 $76,820,854 $370,529 $210,625 $10,501 $4,895 7 2022: 8 Warwick warwickri.gov Frank J.Picozzi, mayor $28.1 $18.73 $28.1 $18.73 $226,362,002 $237,731,457 $342,650 $219,000 $9,628 $4,102 8 2022: 9 Cranston cranstonri.com Kenneth J.Hopkins, mayor $27.77 $18.51 $27 $18 $183,576,692 $186,867,012 $310,900 $212,700 $8,634 $3,937 9 2022: 10 East Providence eastprovidence.com Roberto L.DaSilva, mayor $26.89 $21.86 $26.45 $21.5 $113,585,483 $114,059,066 $244,100 $180,700 $6,564 $3,950 10 2022: 3 Woonsocket woonsocketri.org LisaBaldelli-Hunt, mayor $25.94 $13.98 $34.75 $23.75 $52,223,352 $54,282,311 $231,200 $161,500 $5,997 $2,258 11 2022: 11 Lincoln lincolnri.org PhilipGould, town administrator $24.68 $16.45 $25.21 $20.29 $57,196,227 $58,126,879 $469,850 $371,550 $11,596 $6,112 12 2022: 12 West Greenwich wgtownri.org Mark D.Tourgee, Town Council president $24.51 $17.4 $24.03 $24.03 $20,549,079 $20,938,506 $481,800 $322,700 $11,809 $5,615 13 2022: 14 East Greenwich eastgreenwichri.com Mark I.Schwager, Town Council president $24.16 $21.42 $23.25 $21.01 $59,885,192 $59,949,801 $618,600 $459,800 $14,945 $9,849 14 2022: 15 Scituate scituateri.org AbbieGroves, Town Council president $24.01 $16.38 $23.19 $18.69 $32,369,404 $32,768,878 $314,800 $354,900 $7,558 $5,813 15 2022: 13 Coventry town.coventry.ri.us AnnDickson, Town Council president $23.59 $19.57 $23.39 $19.4 $75,971,336 $77,468,878 $416,100 $251,850 $9,816 $4,929 16 2022: 16 Glocester glocesterri.org William A.Worthy Jr., Town Council president $22.43 $18.69 $22.13 $18.44 $24,130,106 $22,649,470 $253,000 $218,000 $5,675 $4,074 17 2022: 17 Foster townoffoster.com Denise L.DiFranco, Town Council president $21.96 $21.96 $21.34 $21.34 $13,429,759 $13,641,853 $235,900 $256,200 $5,180 $5,626 18 2022: 18 Richmond richmondri.com MarkTrimmer, Town Council president $20.58 $20.58 $20.62 $20.62 $20,364,735 $20,862,003 $378,300 $277,300 $7,785 $4,632 19 2022: 20 Barrington barrington.ri.gov Michael W.Carroll, Town Council president $19.65 $19.65 $19.15 $19.15 $66,865,925 $67,661,399 $434,000 $436,000 $8,528 $8,567 20 2022: 19 North Smithfield nsmithfieldri.org KimAlves, Town Council president $18.94 $13.91 $17.57 $14.77 $34,560,505 $35,948,906 $498,100 $289,700 $9,434 $4,030 1 The tax assessments for commercial are based on dollar amount per $1,000 of property value and are as of Dec. 31, 2021, for the 2022 tax year as reported by the R.I. Division of Municipal Finance; residential rates are based on owner occupancy, which are not the same for property that is not owner-occupied. 2 The tax assessments are as of Dec. 31, 2020, for the 2021 tax year. 3 Tax levy information is as of Dec. 31, 2021. 4 Tax levy information is as of Dec. 31, 2020.
(ranked by FY 2023 commercial tax rate)
FOCUS | RHODE ISLAND PROPERTY TAX RATES (ranked by FY 2023 commercial tax rate)
FOCUS | RHODE ISLAND PROPERTY TAX RATES (ranked by
FY 2023 commercial tax rate)
CLOSER LOOK
Ranked by 2023 tax levies
1 Providence Tax levy 2023: $370,899,524
2 Warwick Tax levy 2023: $226,362,002
3 Cranston Tax levy 2023: $183,576,692
LIST RESEARCHED BY James Bessette
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FOOTNOTES
j The tax assessments for commercial are based on dollar amount per $1,000 of property value and are as of Dec. 31, 2021, for the 2022 tax year as reported by the R.I. Division of Municipal Finance; residential rates are based on owner occupancy, which are not the same for property that is not owner-occupied.
The tax assessments are as of Dec. 31, 2020, for the 2021 tax year.
Tax levy information is as of Dec. 31, 2021.
Tax levy information is as of Dec. 31, 2020.
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 21
2023 rank City/town Website Top elected official, title Commercial tax rate 2023 1 Residential tax rate 2023 1 Commercial tax rate 2022 2 Residential tax rate 2022 2 Tax levy 2023 3 Tax levy 2022 4 Median commercial property value Median residential property value Tax payment based on median commercial value Tax payment based on median residential value 21 2022: 21 Smithfield smithfieldri.com T.MichaelLawton, Town Council president $18.70 $17.13 $18.70 $17.13 $58,247,230 $60,045,093 $326,100 $290,300 $6,098 $4,973 22 2022: 22 Hopkinton hopkintonri.org MichaelGeary, Town Council president $18.53 $18.53 $18.53 $18.53 $19,453,162 $20,010,120 $363,000 $209,500 $6,726 $3,882 23 2022: 23 Warren townofwarren-ri.gov JohnHanley, Town Council president $18.01 $18.01 $17.72 $17.72 $25,268,227 $25,476,376 $391,800 $278,200 $7,056 $5,010 24 2022: 25 Middletown middletownri.com Paul M.Rodrigues, Town Council president $17.85 $12.02 $17.23 $12.02 $49,197,108 $48,554,082 $743,250 $356,300 $13,267 $4,283 25 2022: 27 Portsmouth portsmouthri.com Kevin M.Aguiar, Town Council president $15.65 $15.65 $15.31 $15.31 $59,662,963 $59,257,906 $333,300 $370,000 $5,216 $5,791 26 2022: 28 Cumberland cumberlandri.org Jeffrey J.Mutter, mayor $14.99 $14.99 $14.74 $14.74 $68,563,584 $70,419,063 $348,500 $249,900 $5,224 $3,746 27 2022: 31 Tiverton tiverton.ri.gov Denise M.deMedeiros, Town Council president $14.63 $14.63 $14.27 $14.27 $40,460,760 $40,560,680 $431,600 $309,250 $6,314 $4,524 28 2022: 32 Newport cityofnewport.com Xaykham “Xay"Rexford Khamsyvoravong, mayor $14.41 $9.61 $13.99 $9.33 $82,949,013 $81,941,588 $640,400 $511,900 $9,228 $4,919 29 2022: 24 North Kingstown northkingstown.org Gregory A.Mancini, Town Council president $14.06 $15.96 $17.50 $17.50 $84,522,399 $85,043,886 $468,900 $435,600 $6,593 $6,952 30 2022: 33 Exeter town.exeter.ri.us Daniel W.Patterson, Town Council president $13.94 $13.94 $13.72 $13.72 $13,952,547 $14,628,901 $550,000 $320,000 $7,667 $4,461 31 2022: 26 Burrillville burrillville.org Donald A.Fox, Town Council president $13.91 $13.91 $16.01 $16.01 $30,737,271 $32,446,095 $601,980 $218,523 $8,347 $3,039 32 2022: 30 Bristol bristolri.gov Nathan T.Calouro, Town Council chairman $13.00 $13.00 $14.38 $14.38 $46,858,304 $46,647,579 $508,600 $375,200 $6,612 $4,878 33 2022: 34 Narragansett narragansettri.gov EwaDzwierzynski, Town Council president $12.14 $9.00 $11.96 $8.86 $55,984,526 $56,035,516 $422,500 $493,150 $5,129 $4,438 34 2022: 29 South Kingstown southkingstownri.com RoryMcEntee, Town Council president $10.95 $10.95 $14.45 $14.45 $74,934,701 $76,628,505 $568,950 $465,000 $6,230 $5,092 35 2022: 35 Westerly westerly.govoffice.com Edward P.Morrone, Town Council president $9.56 $9.56 $11.52 $11.52 $75,757,128 $77,593,563 $432,650 $291,900 $4,136 $2,791 36 2022: 37 Charlestown charlestownri.org Deborah A.Carney, Town Council president $8.17 $8.17 $8.18 $8.18 $23,074,917 $23,523,789 $403,250 $384,450 $3,295 $3,140 37 2022: 38 New Shoreham new-shoreham.com KeithStover, first warden $7.08 $7.08 $6.70 $6.70 $12,002,438 $11,400,152 $1,412,450 $1,093,350 $10,000 $7,741 38 2022: 36 Jamestown jamestownri.net Nancy A.Beye, Town Council president $6.79 $6.79 $8.28 $8.28 $22,722,221 $22,374,657 $426,000 $493,000 $2,893 $3,347 39 2022: 39 Little Compton little-compton.com Robert L.Mushen, Town Council president $4.90 $4.90 $6.04 $6.04 $13,188,939 $13,484,200 $443,800 $537,250 $2,175 $2,633 1 The tax assessments for commercial are based on dollar amount per $1,000 of property value and are as of Dec. 31, 2021, for the 2022 tax year as reported by the R.I. Division of Municipal Finance; residential rates are based on owner occupancy, which are not the same for property that is not owner-occupied. 2 The tax assessments are as of Dec. 31, 2020, for the 2021 tax year. 3 Tax levy information is as of Dec. 31, 2021. 4 Tax levy information is as of Dec. 31, 2020.
22 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com PREMIER EVENT 2023 Thank You to everyone who joined us at the The Graduate Providence Thank You to the our sponsors
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26 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com ©2023 CliftonLarsonAllen LLP. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. 401-272-5600, CLAconnect.com We’ll get you there. CPAs | CONSULTANTS | WEALTH ADVISORS Where is your there? CLA brings balance to get you where you want to go. Start at CLAconnect.com/balance .
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28 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com
BANKING
BankNewport is pleased to announce that Victor Correia has been named vice president, portfolio relationship manager in the Commercial Lending Group. In his position, Correia manages existing portfolio customers and assists with new customer acquisition, resolving issues, and managing the credit approval process, while working with the Credit Underwriting Team on loan packages and credit decisions. Prior to his new position, Correia was vice president, branch manager of the Bank’s Warren office. Correia earned a Total Quality Management Certificate from the University of Rhode Island, and is a resident of Bristol, Rhode Island.
BANKING
BankNewport is pleased to announce that Matthew Colasanti has been named vice president, residential loan officer. In his new position, Colasanti originates residential loan products and provides quality customer service throughout the mortgage origination process. Prior to joining BankNewport, Colasanti was a mortgage loan officer for Navy Federal Credit Union and for Advanced Financial Services. Colasanti is a graduate of the University of Rhode Island and holds a National Mortgage License. He currently resides in his hometown of Barrington, Rhode Island with his family.
HEALTH CARE
RIPIN is pleased to announce that Emily Garthee has been named Chief Operating Officer. Emily will design and implement policies and operations that advance RIPIN’s mission and ensure workforce development, performance management, and program evaluations align with RIPIN’s strategic goals. She will continue to oversee RIPIN’s human resources, information technology, quality improvement, administrative, and communications departments. Emily brings 10 years’ experience to her new role, having first joined RIPIN in 2013. She holds a bachelor’s degree from University of Rhode Island and a Master’s in Business Administration from Southern New Hampshire University, and she is certified by the Society of Human Resources Management (SHRM-CP).
PEOPLE ON THE MOVE
BANKING
BankNewport is pleased to announce that Joseph Arver has been named senior vice president, financial advisor. In his new position, Arver manages financial planning and analysis, asset-liability management, and the Bank’s budgeting process. Prior to his new role, he was vice president, senior financial analysis, working on the new Axiom Budgeting System.
Prior to joining BankNewport in 2016, Arver worked at State Street Financial of Boston. He earned a Bachelor of Science in Business Administration from URI and holds a Master of Business Administration from the Smeal College of Business at Pennsylvania State University. He lives in North Kingstown.
BANKING
BankNewport is pleased to announce that Alison K. Hanson has been named vice president, retail operations team lead. In her new position, Hanson oversees the daily activities of the Retail Administration Department as well as the development and maintenance of the branch procedure manual and collaborates with CRM end users. Prior to her new role, she was assistant vice president, retail administration supervisor. Hanson earned a Bachelor of Science from Salve Regina University. A native of East Hampton, New York, she currently resides in Middletown, Rhode Island.
HEALTH CARE
RIPIN is pleased to announce that Nancy Silva has been promoted to the role of Senior Director of Health Initiatives. Nancy will continue to oversee RIPIN’s partnerships with the Rhode Island Department of Health, including RIPIN’s Community Health Network program and RIDOH’s Community Health Worker (CHW) workforce initiatives. Nancy brings 16 years’ experience to her new role, having first joined RIPIN in 2007. She holds a bachelor’s degree from Bryant University and a Master’s in Business Administration from Fitchburg State University.
BANKING
BankNewport is pleased to announce that Mathew Insana has been named senior vice president, commercial loan officer. Insana will be responsible for business development and crossselling opportunities, working with business owners and investors in need of financing for commercial real estate, investment properties, business loans and lines of credit. Prior to his new role, he was vice president, commercial lending. Prior to joining BankNewport, Insana was vice president, commercial lending at HarborOne Bank. He ear ned a Bachelor of Science in Finance from Providence College and is a member of the Rhode Island Loan Committee for New England Certified Development. Insana lives in Cranston.
BANKING
BankNewport is pleased to announce that Brennon Viola has been named cash management sales and service officer. In his new position, Viola provides tailored solutions to the Bank’s business clients, helping to mitigate risk and improve cash flow. Prior to his new role, Viola was a branch manager, and small business relationship manager at Santander’s Coventry branch. He has also worked as a business development executive at Worldpay and as a branch manager at Citizens Bank. He currently resides in Colchester, CT.
LAW
Roberts, Carroll, Feldstein & Peirce (RCFP) announces that attorney Philip R. Primeau has joined the firm’s commercial lending and corporate law practice groups. He focuses on negotiating, structuring, diligencing and documenting term, revolving and construction loans collateralized by real estate and business assets. He deals with business and corporate matters ranging from commercial zoning and land use to the resolution of mechanics’ liens, and is a certified information privacy professional. A summa cum laude graduate of Providence College, he earned a bachelor of arts degree in theology, and subsequently earned his juris doctorate degree from Roger Williams University School of Law.
BANKING
BankNewport is pleased to announce that Alizete Lagesse has been named vice president, portfolio relationship manager. In her new position, Lagesse will serve as a liaison between the commercial lending team, credit department, and the customer and provide the highest level of service and responsiveness to customers and business partners. Prior to her appointment, Lagesse was vice president and small business relationship manager for Eastern Bank. Before that, she was vice president and small business leader at Santander Bank. Lagesse holds a degree in business management from Fisher College. She and her husband, David, reside in Westport, Massachusetts.
HEALTH CARE
RIPIN is pleased to announce that Deborah Masland has been named Associate Director of Programs and Services. Deborah will oversee all programmatic activity at RIPIN, ensuring that programs meet deliverables, operate effectively, and work together to best meet the needs of the community. Deborah brings twenty years’ experience to her new role, having first joined RIPIN in 2003. She has a bachelor’s degree from Barrington College in Pennsylvania and is a Certified Community Health Worker.
LAW
Attorney Carleigh B. Romano has joined RCFP in the practice areas of commercial lending, business and corporate transactions. She assists financial institutions in drafting loan agreements, promissory notes, mortgages, security agreements, and more. Corporate work ranges from agency operations to complex business transactions with international entities. Ms. Romano’s experience is in admiralty and maritime law involving the Jones Act, customs restrictions, shipping operations, environmental law, and renewable energy research. She is a graduate of Roger Williams University School of Law where she earned a juris doctorate degree, and completed her bachelor of arts degree in political science at University of Miami.
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 29 For additional information or to submit a Standard listing, go to PBN.com/pbnconnect. For a Featured listing, contact your account manager or Advertising@PBN.com | 401.680.4800
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Carson receives leadership award
REP. LAUREN H. CARSON, D-Newport, recently received the 2022 James McCarvill Leadership Award from the Providence Warwick Convention & Visitors Bureau. The award, named after the late former executive director of the R.I. Convention Center Authority, recognizes Carson’s contribution to the organization and the hospitality community. Carson received the award at PWCVB’s annual meeting on Nov. 1.
What does receiving this award mean to you?
It was a great honor. This special award was created to honor the late James McCarvill, former executive director of the R.I. Convention Center Authority. McCarvill passed away last year, and this leadership award now provides an enduring legacy and tribute to his strong leadership. I truly appreciated being in the company of the members of the Rhode Island hospitality industry. I am committed to working with them on the legislature on key issues related to this industry.
What did you do to help the hospitality industry across the state and how did the industry improve as a result?
I have made several contributions to growing the hospitality industry in Rhode Island. Earlier in my tenure as state representative serving Newport, I chaired a study commission on tourism for more than two years. That commission highlighted the importance of the hospitality industries to the Rhode Island economy and brought their issues front and center to the legislature. The commission created a stronger advocacy voice for hospitality, and I was happy to build this with the industry leaders, many of whom have become good friends of mine. The commission raised issues – the rapid growth of the third-party rental industry, the strengths and weaknesses of our tourism strategies, and taxation and funding of our tourism promotion programs.
In what ways can tourism be bolstered for Rhode Island?
While that commission is no longer meeting, I have stayed in strong communications with industry leaders as they struggled through the major impact of COVID-19 on their businesses and grew new creative programs to keep this industry active. I commend the tourism industry for the very creative techniques and programs employed in the past three years that allowed for rebound, stabilization and growth in some areas.
Is the hospitality industry still facing challenges?
If so, what needs to be done to help support it?
Tourism in Rhode Island is on a rebound from COVID-19. We need to keep the industry front and center in the legislature and continue to work to keep Rhode Island a fun and exciting place to visit. We must monitor and receive new funding and investments from the federal government, encourage the regional and state marketing leaders to work closely to align our marketing investments and programs, and most importantly, we must continue to encourage Rhode Island to enjoy Rhode Island! I hope your readers will get down to Newport or South County for a fun day or have a lovely dinner in Providence soon. We need to invest in ourselves. n
30 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com IT’S PERSONAL
April 20, 2023 5:30-8pm Omni Providence presenting sponsor Image by Freepik Government Agencies Enterprise Private Co. (500+ employees) Large Private Co. (>150 employees) Small Private Co. (<150 employees) Public Co. Nonprofits / Social Service Agencies Recognize an outstanding executive making a difference at your company. • Chief HR/People Officer • Chief Financial Officer • Chief Marketing Officer • Chief Operating Officer • Chief Information/Technology Officer • Chief Legal Officer • Chief Diversity Officer • Chief Medical Officer • C-Suite: Career Achievement Honoree • C-Suite: Rising Star • Other C-Suite titles* *C level executive or equivalent positions PBN’s C-Suite Awards program recognizes top RI and Southeastern MA’s C-level executives from public, private and nonprofit companies who are innovators, trailblazers, role models and leaders in the community. Winners will be honored at the C-Suite Awards on April 20th and recognized in a special report in the April 21st PBN issue. For Sponsorship and advertising opportunities, contact 680.4800 or Advertising@PBN.com #PBNCSuite Access the application by hovering over the QR code with your phone camera or visit PBN.com/events AWARD CATEGORIES: APPLICATIONS WILL BE ACCEPTED IN THE FOLLOWING CATEGORIES: SAVE THE DATE: NOW ACCEPTING APPLICATIONS DEADLINE MARCH 8TH
AUTHOR AND LECTURER Leo Buscaglia once talked about a contest he had been asked to judge. The purpose of the contest was to find the most caring child. The winner was a 4-year-old child whose next-door neighbor was an elderly gentleman who had recently lost his wife.
Upon seeing the man cry, the little boy joined the old gentleman in his garden, climbed onto his lap and sat.
When his mother asked him what he had said to the neighbor, the little boy said, “Nothing. I just helped him cry.”
Compassion is at the heart of every little thing we do. Yet all too often, it can be cast aside, with tragic consequences. To lose our compassion, we lose what it is to be human.
Although compassion seems to be a waning art these days, there are many ways we can show compassion to others.
One way is through kindness. Kindness should not be confused with weakness. Quite the opposite, kindness demonstrates basic decency and respect that reflect a willingness to get along with someone, even when you disagree with them. You’ve all heard the old saying that nice guys finish last; not true – nice people can and
MACKAY’S MORAL | HARVEY MACKAY
The passion of compassion
often do finish first.
No one wants to work with or do business with someone who treats them rudely or disrespectfully. The smallest act of kindness can have a significant impact on a person’s life.
We can also show compassion simply by listening carefully and without judgment. If you want people to listen to you, you need to listen to them. Listening can be hard work, and some people are more challenging to listen to than others. But when you find yourself tuning out what someone is saying, you should ask yourself why. Are you tuning them out because what they’re saying is irrelevant or boring? Or are you tuning them out because you don’t want to hear what they’re saying?
Encouraging other people is another form of compassion. Offering compliments based on a person’s character or actions inspires them to perform in such a manner that it invites additional praise. People tend to
live up to the recognition they receive. Encouragement is oxygen to the soul. It gives people a natural high.
Forgiveness is another key to compassion. Forgiving someone ultimately makes you stronger. A nationwide Gallup poll found that 94% of those surveyed said it was important to forgive. Yet in the same survey, only 48% said they usually tried to forgive others.
I don’t think a single person can escape life without being hurt by another person. Everyone, and I mean everyone, messes up, hurts others, finds fault, misjudges and acts emotionally and improperly from time to time at the expense of others. It is far better to forgive and forget than to resent and remember.
Showing respect is another way to show compassion. I like to say, “Be respectful or be regretful.” Involve people. Ask for their opinions on matters. And listen.
Expressing gratitude and appre-
Encouragement is oxygen to the soul.
ciation is compassion. Saying thank you – and meaning it – is never a bad idea. It appeals to a basic human need to be appreciated. And it helps keep in perspective the importance of receiving and giving help.
Being patient is another form of compassion. The world today is testing everyone’s patience. And we have never needed it more. Patience is an invaluable virtue, but it takes some work. We live in a world where we are used to getting things quickly, including information or products. This impatient attitude can cause a lot of harm – unproductive time, stress, poor decisions and more.
Research shows that when we feel compassion, our heart rate slows and we secrete the bonding hormone oxytocin, which results in people wanting to care for other people.
Maybe that’s why compassionate people live longer.
Mackay’s Moral: Helping someone up won’t pull you down. n
Harvey Mackay is the author of the New York Times bestseller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com.
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 31 Applications now being accepted. Save the date MAY 25, 2023 12 NOON PROVIDENCE MARRIOTT PARTNER SPONSORS Access the application by hovering over the QR code with your phone camera or visit PBN.com/events For Sponsorship and advertising opportunities, contact 680.4800 or Advertising@PBN.com Additionally, one woman will be chosen for Career Achievement & another for being an Outstanding Mentor to other business women. CATEGORIES: CREATIVE Advertising / Design / Marketing / The Arts FINANCIAL Accounting / Banking / Financial Advisors SOCIAL Education / Government / Nonprofits HEALTH CARE Administrators / Nurses / Physicians PROFESSIONAL Hospitality / Insurance / Legal / Real Estate TECHNICAL Architecture / Construction / Engineering / IT / Manufacturing IT’S PERSONAL
IT’S TAX SEASON, which means many small businesses will be looking for ways to save money and get the most out of credits and deductions for their return. Preparing a tax filing can be a scramble to find the proper documents, fill out the correct forms and follow the appropriate filing steps. Fortunately, some simple ways exist to make the experience less overwhelming and run more smoothly.
Small-business tax preparation starts with ensuring your books are in order. Glen Zibolis, a Rhode Islandbased advanced certified QuickBooks ProAdvisor and part-time business adviser with the Rhode Island Small Business Development Center, suggests a few tips to simplify the preparation process and help you get tax season ready.
Pick the right accounting software. If you are still using a spreadsheet to manage your smallbusiness taxes, the chances for human error are much higher, which can impact the accuracy of your tax returns. If hiring a professional accountant isn’t an option, there are numerous accounting software options
Smoothing out tax prep
available.
No matter the software you choose, starting with a basic understanding of how to access and retrieve financial reports is imperative. From there, picking the best software will ultimately depend on your business reporting needs. We like to recommend QuickBooks because it is the most accessible accounting tool, offering a seamless way to understand your business’s overall financial health, pull regular reports and track the information you need to become tax season ready Separate business expenses from personal ones. For a smallbusiness owner, it is easy to feel like personal and work lives overlap. Unfortunately, one of the most common ways to get into tax trouble is by mingling personal and business expenses. Several issues can arise if you don’t separate your expenses. First, filing taxes will be challenging
and potentially present missed financial gains as it will be difficult to decipher which deductions can be claimed on the return. Second, securing a loan could become tricky as lenders need an accurate income picture for the business.
One of the first things on the to-do list as a new small-business owner is to establish a separate business bank account. With this, you will ensure accurate financial records, keep personal transactions private, and save yourself future headaches.
Regularly reconcile bank and credit card statements. An essential step for small-business tax preparation is ensuring all bank and credit accounts are reconciled monthly. This means comparing your financial records with those you get from your bank to check for discrepancies. You will want to take this step for any business credit cards or payment accounts (such as Venmo
or PayPal), too.
By regularly reconciling statements, a business owner can generate a more accurate tax return, validate data entry, catch potential fraud and spot if employees or other people might be stealing.
Bonus tips. Free up time and gain expertise with the help of a professional accountant. Retain copies of all checks deposited into bank accounts. Maintain a business trip and mileage log if using a personal vehicle for business. Correctly classify your business to avoid overpaying or underpaying taxes. It’s worth consulting with a tax professional to confirm the correct classification.
Whether or not it’s your first tax season, you can use these small-business tax preparation tips to get a head start on filing and getting organized for the next tax year. The staff at the Rhode Island Small Business Development Center is available to provide more guidance. n
Manuel J. Batlle is the associate director of the Rhode Island Small Business Development Center at the University of Rhode Island.
Dealing with ‘dark traits’
HAVE YOU EVER suffered through tales of greatness from a self-absorbed “friend” who reminds you of Michael Scott from “The Office” – and not in a good way? Have you been betrayed by a colleague out of the blue, undermined on a project, or had a work friendship dropped without explanation?
If so, you may have been dealing with someone who has what psychologists term a “dark personality.” These people score higher on three socially undesirable traits: narcissism, psychopathy and Machiavellianism.
In recent work, my colleagues and I focused on the ways people with these dark personalities succeed in sales organizations and the social factors that allow them to extend their successful tenures.
Narcissists have the most familiar type of dark personality. They aren’t shy about letting you know exactly how highly they think of themselves. Conservative estimates of narcissism in the population fall around 6.2%
While narcissistic behavior can be annoying, it’s usually more tolerable than the other dark traits.
Functional – meaning noncrimi-
nal – psychopaths are particularly disturbing. Psychologists estimate they comprise up to 4% of the population. Psychopaths have no qualms about exploiting others for their own benefit. They generally have little empathy for others and are prone to telling lies for no particular reason.
In the workplace, a psychopath may seem charming at first. But eventually, you’ll likely find yourself either questioning their motivations or becoming a victim of their behavior.
Machiavellians are the most prevalent of the dark personalities, estimated to be about 16% of the population Machiavellians are more subtle in the pursuit of their agendas. They forge ahead regardless of ethical considerations. And they’re adept at playing the long game.
Compared with a psychopath’s unnecessary lies, you’re more likely to overhear the Machiavellian in the group telling little white lies that are strategically designed to further a future agenda.
Here are five tips for avoiding dark personalities or minimizing their harm.
Don’t fall for first impressions. Dark personalities are experts at making great first impressions, drawing you in with humor and charisma. So, when you meet someone new, be wary of superficial appeal.
Ask questions about past relationships and listen carefully for clues about who this person really is. They’re less likely to have long-standing friendships.
Just be mindful not to overcorrect and ditch a potential new work friend based only on first impressions, either.
Share your own (bad) experiences. When you encounter a dark personality and the outcome is unpleasant, you might feel embarrassed for allowing yourself to be fooled. As a result, you might not want to talk about it. Dark personalities exploit that reluctance.
So to help unmask the dark personality and keep others from meeting the same fate, sharing your experience, with discretion, is critical.
Manage up to clue bosses in. Those with dark personalities are good at carefully managing the impressions they make on people in positions of
power. So, at work, you can practice managing up to help your boss see the dark personality more clearly.
Share your experiences in a nongossipy way. It may help your boss see through the facade and help you deal with the issue.
Plug into your networks. Remember to also listen to others. To avoid falling into a manipulator’s web, tap into the network of those around you who share a link to the person in question. See if you can gather references regarding their behavior over the long term. Ideally, you can benefit from others’ knowledge, without having to learn the hard way.
Be aware of your own biases. Dark personalities are experts in manipulating situations to serve their interests, and you may never notice you’re ensnared until it’s too late. Considering yourself too smart or savvy to ever find yourself in the same predicament is misguided. n
32 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com IT’S PERSONAL
GUEST COLUMN |
MANUEL J. BATLLE
One of the most common ways to get into tax trouble is by mingling … expenses.
Cinthia Beccacece Satornino is the research director at the University of New Hampshire Sales Center and an assistant professor of marketing. Distributed by The Associated Press.
GUEST COLUMN | CINTHIA BECCACECE SATORNINO
EDITORIALS
Jewelry District’s promise tied to Brown’s expansion Pryor right choice to lead housing
WATCHFUL EYE: Providence City Councilman John Goncalves, a Brown graduate, says the university’s expansion can’t come at the expense of muchneeded city taxes. PBN FILE PHOTO/ MICHAEL SALERNO
Providence’s Jewelry District has a proud past as a national manufacturing hub and may one day be the innovation and design center city marketers dream of.
What it undeniably is today, however, is the unofficial second campus of Brown University, which owns 39 properties in the roughly 100-acre area located about a half-mile from its College Hill base. And the university expansion in the district that began in the 1990s is ongoing, with plans for a new life sciences building.
As this week’s cover story reports, most neighborhood and city leaders are all in on Brown’s growing role as a district anchor and hoped-for life sciences magnet. But this year may test that symbiotic relationship as the new mayor, Brett Smiley, begins negotiating with Brown and other nonprofits on new tax deals.
Brown’s expansion in the city has been greatly aided by expiring deals that allow payments in lieu of taxes for noncommercial properties.
In the university’s case, it generates jobs, research and academic training that hopefully spark business clusters. In exchange, it pays far less in taxes for much of its $1.3 billion in assessed city property.
Mayor Smiley will be looking for more from Brown and other colleges but also sees the promise of the former’s growing presence in the Jewelry District.
The bet here is both sides recognize they have too much at stake to antagonize the other and work out a new deal they both can live with. Brown can and should pay more but the potential payoff in the Jewelry District is the real prize for both. n
POLL CENTRAL
EXECUTIVE POLL
Workplace comfort
Have you ever confronted an employee about inappropriate behavior?
Yes: 100%
No: 0%
What bothers you the most at your desk?
Slow computer: 50%
Other: 25%
I am comfortable at my desk: 25%
Having limited space or storage in office: 0%
What is the most common workplace distraction at your company?
Other: 50%
Employees invading personal space: 25%
Employees not responding to messages: 25%
Employees talking too loudly: 0% Employees regularly being late for work: 0%
Have employees working from home made operations easier or more challenging?
Operations about the same either in person or remote: 50%
PBN.COM POLL
Gov. Daniel J. McKee took an important step in developing a coordinated statewide plan for affordable housing by naming the highly qualified Stefan Pryor to lead the effort.
Secretary Pryor, the former state secretary of commerce, has all the requisite management background, local knowledge and political support that his short-lived predecessor as housing secretary, Joshua Saal, lacked.
State leaders expected Mr. Saal, who resigned after six months on the job in January, to do too much, too soon without adequate staffing to get a new state department up and running. Mr. Saal’s poor communication with state leaders didn’t help his cause but it is telling Secretary Pryor urged that he be kept on in a temporary consulting role at a rate of $105 per hour.
Secretary Pryor must quickly develop a department that can effectively communicate with both state leaders and Rhode Island’s varied housing interests.
Significantly boosting affordable housing will take longer, but Secretary Pryor understands the challenge and at least starts with the political support he’ll need to succeed. n
Should the General Assembly ban assault-style weapons in Rhode Island this year?
FEB. 3-9
I’m not sure 2%
No, most states do not ban them
Yes, as long as those who have them are grandfathered in 0%
THIS WEEK’S POLL: Are you confident in the direction of Providence’s I-195 Redevelopment District Commission?
• Yes, the plan to focus on more commercial development is overdue
• Yes, it has done a good job and will continue to under the new chairman
Easier: 25%
Uncomfortable chair: 0% More challenging: 25%
• No, the market should dictate how the district is filled
• No, the new plan is the same as the old
• I’m not sure
To vote, go to PBN.com and follow the link on the home page
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 33 Read even MORE business news on PBN.com Your subscription to our print edition includes unlimited access to current articles and archives on our website. PBN publishes an average of a dozen new stories each day See what you’re missing by signing on today, and every day! Go to PBN.com and click on Sign In/ Register on the top of your screen. For assistance, call 401-680-4810 or 855-813-5805. You can also sign up for free daily e-newsletters featuring breaking news, top stories and industry specific reports: PBN.com/email OPINION
The Providence Business News Executive Poll is a weekly survey of 70 business leaders throughout the state, representing small and large companies in a variety of industries.
0%
Yes, that is long overdue 53% No, that’s a violation of Second Amendment rights 45%
OPINION
Do remote workers need a commute?
For most American workers who commute, the trip to and from the office takes nearly one full hour a day – 26 minutes each way on average, with 7.7% of workers spending two hours or more on the road.
Many people think of commuting as a chore and a waste of time. However, during the remote work surge resulting from the COVID-19 pandemic, several journalists curiously noted that people were missing their commutes. One remote worker told The Washington Post that she regularly sat in her car in the driveway at the end of the workday in an attempt to carve out some personal time and mark the transition to nonwork roles.
As management scholars who study the interface between peoples’ work and personal lives, we sought to understand what it was that people missed when their commutes disappeared.
In our published conceptual study, we argue that commutes are a source of “liminal space” – a time free of both home and work roles that provides an opportunity to recover from work and mentally switch gears to home.
During the shift to remote work, many people lost this built-in support for these important daily processes. Without the ability to mentally shift gears, people experience role blurring, which can lead to stress and
burnout.
We wanted to learn whether the commute provides that time and space, and what the effects are when it becomes unavailable.
We reviewed research on commuting, role transitions and work recovery to develop a model of a typical American worker’s commute liminal space. We focused our research on two cognitive processes: psychological detachment from the work role – mentally disengaging from the demands of work – and psychological recovery from work – rebuilding stores of mental energy used up during work.
We developed a model that shows that the liminal space created in the commute created opportunities for detachment and recovery.
However, we also found that day-to-day variations may affect whether this liminal space is accessible for detachment and recovery. For instance, train commuters must devote attention to selecting their route, monitoring arrivals or departures and ensuring they get off at the right stop, whereas car commuters must devote consistent attention to driving.
We found that, on the one hand, more attention to the act of commuting means less attention that could otherwise be put toward relaxing recovery activities. On the other hand, longer commutes might give people more time to detach and recover.
In a follow-up study we conducted, we examined a week of commutes of 80 university employees to test our conceptual model. The employees completed morning and evening surveys asking about the characteristics of their commutes, whether they “shut off” from work and relaxed during the commute and whether they felt emotionally exhausted when they got home.
Most of the workers reported using the commute’s liminal space to both mentally transition from work to home roles and to start psychologically recovering from the demands of the workday.
We found that on days with longer-thanaverage commutes, people reported higher levels of psychological detachment from work and were more relaxed during the commute. However, on days when commutes were more stressful than usual, they reported less psychological detachment from work and less relaxation.
Our findings suggest that remote workers may benefit from creating their own form of commute to provide liminal space for recovery and transition – such as a 15-minute walk to mark the beginning and end of the workday.
Our preliminary findings align with related research suggesting that those who have returned to the workplace might benefit from seeking to use their commute to relax as much as possible n
.
Matthew Piszczek is an assistant professor of management at Wayne State University. Kristie McAlpine is an assistant professor of management at Rutgers University. Distributed by The Associated Press.
Cost of getting sick for older people of color is higher
MARC C OHEN AND JANE TAVARES GUEST COLUMN
As you age, you’re more likely to get sick And health problems can affect your financial well-being too.
People with health problems spend heavily on health care – the cumulative cost of chronic diseases in the U.S. is nearly $4 trillion a year. And illnesses make it less likely that you can work as many hours as you might have put in otherwise. Getting sick may even mean you have to stop working altogether.
We are gerontology researchers who wanted to see if it was possible to estimate the economic tolls of chronic health problems and whether race and ethnicity makes a difference.
To do this, we took advantage of a relatively new way to figure out the approximate costs of treating illnesses and the missed income among people who are employed but have to reduce their hours or stop working.
This measurement is expressed in total dollars and makes it possible to better understand the costs associated with different groups of people when they get sick.
When we analyzed and cross-referenced a nationally representative panel study of 11,820 U.S. adults age 60 and older using this new metric, the results were disturbing. We found that Black people and Latinos over age 60 – who are typically less able to afford to get sick than their non-Hispanic white counterparts – face bigger financial
consequences when they get chronic illnesses.
Most older Americans will have at least one of these common and often fatal chronic conditions sooner or later: diabetes, cancer, lung disease, heart disease, stroke and some kind of dementia, according to the Centers for Disease Control and Prevention.
Three other illnesses are also very common late in life: hypertension, arthritis and depression
We used that new measurement, created by the Milken Institute, to obtain estimates for the costs of lost wages for adults age 60 and over, and total treatment costs for specific illnesses.
We adjusted these combined costs to reflect 2022 prices. For people with multiple conditions, we summed up all of those costs.
We found that the average yearly “disease cost burden” associated with older people who are Black or Hispanic, including those who have to stop working or reduce their employment hours, is $22,734. That’s about $4,500, or 25%, higher than the $18,145 average cost of getting sick for their white counterparts.
One big reason for this disparity is that older people of color are more likely to have losses in earned income when they get sick. For example, we found that 39% of people of color lost wages due to common chronic diseases, versus 17% of non-Hispanic white
older adults.
Most people of color are vulnerable because they usually have less wealth than white people; the illnesses they tend to get are costlier overall; and they are also more likely to have to leave the labor force once they become ill.
We also divided the population of all older people into four equal groups based on how much money they lost in wages due to illness. Those who lost the least missed out on about $8,000 a year. Those who lost the most missed out on more than $30,000.
We then looked at the relationship between mean household net wealth and lost wages due to illness among these four groups.
We found that older Americans who lost the most in wages due to chronic illnesses tend to have the least wealth to spend on dealing with getting sick. We also found that Black people and Latinos who get chronic diseases and lose out on the most earned income have only 15% to 22% of the net wealth of older white people. n
Marc Cohen is a clinical professor of gerontology and co-director of LeadingAge Long-Term Services and Support Center at the University of Massachusetts Boston. Jane Tavares is a senior research fellow and lecturer at the center. Distributed by The Associated Press.
34 | FEBRUARY 17-MARCH 2, 2023 | PROVIDENCE BUSINESS NEWS | www.pbn.com OPINION
MATTHEW PISZCZEK AND KRISTIE Mc ALPINE GUEST COLUMN
People experience role blurring, which can lead to stress and burnout
ONE LAST THING
Paige Clausius-Parks
Rhode Island KIDS COUNT executive director
Paige Clausius-Parks became executive director of Rhode Island KIDS COUNT in December. She previously served as senior policy analyst for the Providence-based nonprofit.
Welcome new approaches RHODE
Island KIDS COUNT has become a statewide leader in policy and advocacy working to improve the health, safety, education, economic well-being and development of Rhode Island’s children and families with a commitment to equity and the elimination of disparities. To achieve this mission, we engage in authentic partnerships with individuals and organizations, including those with lived experience, to develop strategies and solutions to improve children’s lives.
n Partnerships are key to accomplishing big goals. The goal of improving the lives of Rhode Island’s children and families is far too big for any one individual, organization or public body to accomplish alone. Authentic, meaningful and collaborative partnerships, where all members are invested in the same outcomes, is essential. Centering the voices of
those with lived experience is a powerful, essential part of the work.
n Never underestimate the power of an inclusive process. Collaboration and transparent inclusive processes are key drivers of sustained, positive change. This may require abandoning old ways of working and thinking to make room for new approaches. Examine why things are done the way they are. Question if that way works for those most impacted. Engage in the vulnerable activity of trying something new and communicate the process of change with honesty. Such courageous actions of leadership help develop relationships and partnerships.
n Letting people in creates more opportunities to get it right. We won’t always get it right, so we must commit to gathering feedback, reflecting and continuously improving our processes and ourselves. n
www.pbn.com | PROVIDENCE BUSINESS NEWS | FEBRUARY 17-MARCH 2, 2023 | 35
PBN
SALERNO
PHOTO/MICHAEL
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