HEALTH AND SAFETY -- THE RHODE ISLAND LIFE SCIENCE HUB ACT, the official text

H8529 2026 -- H 8529 ======== LC006426 ======== STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ A N A C T RELATING TO HEALTH AND SAFETY -- THE RHODE ISLAND LIFE SCIENCE HUB ACT Introduced By: Representatives Baginski, and Slater Date Introduced: May 06, 2026 Referred To: House Finance It is enacted by the General Assembly as follows: 1 SECTION 1. Section 23-99-4 of the General Laws in Chapter 23-99 entitled The Rhode 2 Island Life Science Hub Act is hereby amended to read as follows: 3 23-99-4. Rhode Island life science hub established. 4 (a) There is hereby constituted as an independent public a public corporation for the 5 purposes set forth in this chapter with a separate legal existence from the state to be known as the 6 Rhode Island life science hub hereinafter to be referred to as the “hub”. The exercise by the hub of 7 the powers conferred by this chapter shall be considered to be the performance of an essential 8 governmental function and the hub shall be considered a “constituted authority” and an 9 “instrumentality” of the state acting on behalf of the state for federal tax purposes. 10 (b) The hub shall be governed and its corporate powers exercised by a board of directors 11 consisting of sixteen (16) seventeen (17) directors: fifteen (15) of whom shall be appointed by the 12 governor, and one of whom shall be the person the board hires from time to time as president and 13 chief executive officer of the hub , and one of whom shall be the chairperson of the I-195 14 redevelopment district commission . The president and chief executive officer of the hub shall serve 15 ex officio and, except as otherwise provided in subsection (k) of this section, shall not be a voting 16 member of the board of directors. The chairperson of the I-195 redevelopment district commission 17 shall serve ex officio and shall not be a voting member of the board of directors. The fifteen (15) 18 directors appointed by the governor shall consist of seven (7) public directors and eight (8) 1 institutional directors. The seven (7) public directors shall have the following qualifications: one 2 shall be a senior executive with extensive background in the banking, grant making, or fundraising 3 fields, or their designee; one shall be a member of a life science trade association, or their designee; 4 one shall be the president or a senior executive of a Rhode Island based life science company, or 5 their designee; two (2) shall be senior executives of Rhode Island based life science companies 6 specializing in biomanufacturing, or their designees; one shall be a representative of organized 7 labor, or their designee; and one shall be a member of the public who shall be a certified public 8 accountant and a member of the Rhode Island society of certified public accountants, or their 9 designee. The eight (8) institutional directors shall have the following qualifications: one shall be 10 the secretary of commerce, ex officio; three (3) shall be the president of Rhode Island college, ex 11 officio, or their designee, the president of the university of Rhode Island, ex officio, or their 12 designee, and the president of Brown university, ex officio, or their designee; one shall be the dean 13 of the Warren Alpert Medical School of Brown university, ex officio, or their designee; one shall 14 be the president and chief executive officer of Brown university health, ex officio, or their designee; 15 one shall be the president and chief executive officer of Care New England Health System, ex 16 officio, or their designee; and one shall be the director of economic development for the city of 17 Providence, ex officio, or their designee. To the extent that an institution takes on a new legal name, 18 the institutional director shall continue to serve as an institutional director without the need for 19 reappointment. To the extent that an institution merges, converts, consolidates with, or sells or 20 transfers all or substantially all of its assets to another company and such company retains its 21 primary operations in the state, the chief executive officer of such company shall be qualified for 22 appointment as an institutional director in accordance with this section. 23 (c) The chair of the board shall be appointed by the governor, with the advice and consent 24 of the senate, and shall be an individual who served in the capacity as a senior executive with 25 extensive background in the banking, grant making, or fundraising fields. The vice-chair of the 26 board shall be the secretary of commerce. All directors, including ex officio directors, shall be 27 voting members of the board of directors, except for the director serving as president and chief 28 executive officer of the hub, who shall not be a voting member of the board. Eight (8) voting 29 directors shall constitute a quorum, and any action to be taken by the board under the provisions of 30 this chapter may be authorized by resolution approved by a majority of the directors present and 31 entitled to vote at any regular or special meeting at which a quorum is present. No votes on the 32 certification of any life science company nor on the allocation or award of any investment fund 33 resources to any certified life science company shall be taken unless the chair is present and voting. 34 A vacancy in the membership of the board of directors shall not impair the right of a quorum to LC006426 - Page 2 of 12 1 exercise all of the rights and perform all of the duties of the board. Pursuant to § 42-46-5(b)(6), 2 board directors are authorized to participate remotely using videoconferencing technology in open 3 public meetings of the board; provided, however, that: 4 (1) The remote director(s) and all persons present at the meeting location are clearly audible 5 and visible to each other; 6 (2) A quorum of the body is participating, either in person or by the use of remote 7 videoconferencing technology; 8 (3) A voting director who participates in a meeting of the board remotely shall be 9 considered present for purposes of a quorum and voting; 10 (4) If videoconferencing is used to conduct a meeting, the public notice for the meeting 11 shall inform the public that videoconferencing will be used and include instructions on how the 12 public can access the virtual meeting; and 13 (5) The board shall adopt rules defining the requirements of remote participation including 14 its use for executive session, and the conditions by which a director is authorized to participate 15 remotely. 16 (d) Each public director shall serve an initial term of four (4) years. At the expiration of the 17 initial terms of public directors in January 2028, the governor shall appoint two (2) directors for a 18 term of four (4) years, two (2) directors for a term of three (3) years, two (2) directors for a term of 19 two (2) years, and one director for a term of one year. Thereafter, the governor shall appoint a new 20 public director or directors to succeed the public director or directors whose terms then next expire, 21 to serve a term of four (4) years. The president and chief executive officer shall have a board term 22 coextensive with such person’s employment contract with the hub. In the event that the chair of the 23 board position becomes vacant for any reason, or the chair is not able to perform the duties of that 24 position for any reason, the vice chair shall serve as the interim chair until the chair is able to resume 25 the chair’s duties; provided, however, in the event that the chair is not able to resume the chair’s 26 duties in that position, the governor shall appoint a new chair and, in making this appointment, the 27 governor shall give due consideration to appointing an individual from a list of six (6) candidates, 28 three (3) of whom shall be provided to the governor by the speaker of the house and three (3) of 29 whom shall be provided to the governor by the president of the senate. Any person appointed to fill 30 a vacancy in the office of a public director of the board shall be appointed in a like manner and 31 shall serve for the unexpired term of such public director. Any director shall be eligible for 32 reappointment. 33 (e) The public director who is a certified public accountant and a member of the Rhode 34 Island society of certified public accountants shall serve as treasurer and shall be charged with LC006426 - Page 3 of 12 1 keeping the funds, books of account, and accounting records of the hub. No grants, loans or other 2 financings, or incentives shall be issued by the hub to any certified life science company without 3 the approval of the board. The board shall annually elect a secretary who shall keep a record of the 4 proceedings of the board and shall be custodian of all books, documents, and papers. 5 (f) Board directors, other than the director who serves as the president and chief executive 6 officer of the hub, shall serve without compensation, but each director shall be entitled to 7 reimbursement for actual, reasonable, and necessary expenses while engaged in the performance 8 of official duties. Board directors, officers, and employees shall not be liable to the state, the hub, 9 or to any other person as a result of their activities except for malfeasance in office or intentional 10 violations of law. 11 (g) The board shall establish an application review committee consisting of not less than 12 three (3) directors of the board, which shall review certification proposals submitted by life sciences 13 companies that shall be supported by independently verifiable information, and the board shall 14 make a record of findings based on the certification proposal, documents submitted therewith, and 15 any additional evidence that the life science company meets all criteria that the hub may prescribe. 16 (h) Certified life science companies shall be eligible to receive funding from the hub, upon 17 a majority vote of the board, for the following benefits which shall be awarded by the board on a 18 competitive basis: 19 (1) Grants, loans, or other investments; 20 (2) Assistance from the hub in obtaining federal, state, and nonprofit monies; or 21 (3) Assistance from the hub in facilitating clinical trials. 22 (i) Notwithstanding any other provisions of law in relation to their tenure of office, the 23 governor may remove any director, including institutional directors, for the neglect of any duty 24 required by law, incompetence, unprofessional conduct, or willful misconduct. If an institutional 25 director is so removed, such institutional director’s designee shall serve on the board in their place 26 for the remainder of their term. 27 (j) Each director shall make full disclosure, in accordance with §§ 36-14-1 — 36-14-7, of 28 any financial interest, if any, in any matter before the board. Such interest must be disclosed in 29 advance to the directors of the board, recorded in the minutes of the board, and the director having 30 such an interest shall recuse themselves and shall not participate in any decision of the board 31 relating to such interest. 32 (k) With the advice and consent of the senate, the board shall have the power to hire a 33 president, who shall also serve as the chief executive officer of the hub and who shall be a non- 34 voting member of the board of directors, but who shall be entitled to vote as a member of any LC006426 - Page 4 of 12 1 advisory committee to which the president/chief executive officer is appointed. The board also shall 2 have the power to establish compensation and conditions of employment for the president and chief 3 executive officer; provided, further, the board shall have the power to hire other employees and 4 establish compensation and conditions of employment for such employees. 5 (l) The commerce corporation shall provide operating quarters for the hub for, at a 6 minimum, the first year of the hub’s operation. 7 (m) In addition to the application review committee, the board may establish one or more 8 advisory committees, each consisting of not less than three (3) and not more than seven (7) 9 directors, which may also include persons who are not directors, which committees shall support 10 the board on science, technology, and other matters. Such advisory committees shall keep records 11 of their findings and recommendations. 12 (n) The hub shall continue as long as it shall have bonds outstanding and until its existence 13 is terminated by law. Upon the termination of the existence of the hub, all right, title, and interest 14 in and to all of its assets and all of its obligations, duties, covenants, agreements, and obligations 15 shall vest in and be possessed, performed, and assumed by the state and no part of the earnings of 16 the hub shall inure to the benefit of any private person. 17 SECTION 2. Sections 42-64.14-6, 42-64.14-7, 42-64.14-13, 42-64.14-15 and 42-64.14-21 18 of the General Laws in Chapter 42-64.14 entitled The I-195 Redevelopment Act of 2011 are 19 hereby amended to read as follows: 20 42-64.14-6. The I-195 redevelopment district commission. 21 (a) The powers of the district to achieve the purposes of this chapter shall be exercised by 22 a commission as herein provided: 23 The I-195 redevelopment district commission shall consist of seven (7) voting members. 24 The governor of the State of Rhode Island shall appoint, with the advice and consent of the senate, 25 the seven (7) voting members of the commission. 26 The mayor of the city of Providence shall, within thirty (30) days of passage of this act, 27 submit to the governor a list of names of at least six (6) individuals that the governor shall give due 28 consideration to appointing three (3) individuals from the list. The speaker of the house of 29 representatives shall, within thirty (30) days of passage of this act, submit to the governor a list of 30 names of three (3) individuals of which the governor shall give due consideration to appointing one 31 individual from the list. The governor shall also appoint three (3) individuals without regard to the 32 lists submitted by the mayor of the city of Providence or the speaker of the house of representatives 33 and the governor shall designate one of the members to serve as chairperson of the commission. 34 The governor shall, within forty (40) days of passage of this act, submit to the senate for advice LC006426 - Page 5 of 12 1 and consent the initial list of individuals for appointment to the commission including any 2 individuals appointed by the governor from the lists presented by the mayor of the city of 3 Providence and the speaker of the house of representatives within the time limits set forth in this 4 subsection. 5 Three (3) members shall be appointed for a term of two (2) years; three (3) members shall 6 be appointed for a term of three (3) years; and one member, who shall be the chair, shall be 7 appointed for a term of four (4) years. Appointments made thereafter shall be for four-year (4) 8 terms. Any vacancy occurring in the commission shall be filled by the governor of the State of 9 Rhode Island in the same manner prescribed for the original appointments, including those seats 10 by recommendation of the mayor of the city of Providence and the speaker of the house of 11 representatives being selected from a similar prepared list from those parties. A member appointed 12 to fill a vacancy of a director appointed by the governor of the State of Rhode Island shall be 13 appointed for the unexpired portion of the term of office of the member whose vacancy is to be 14 filled. Members of the commission whose terms expire shall continue to serve until their successors 15 are appointed and qualified. 16 In addition to these voting members, there shall be two (2) three (3) ex officio, non-voting 17 members as follows: the city of Providence planning director, or the planning director s designee, 18 and the chief executive officer of the Rhode Island commerce corporation, or the chief executive 19 officer s designee and the chair of the Rhode Island life sciences hub . 20 (b) The commissioners shall receive no compensation for the performance of their duties 21 under this chapter, but each commissioner may be reimbursed for the commissioner s reasonable 22 expenses incurred in carrying out those duties, however said reimbursement must be approved at a 23 public meeting of the commission. A commissioner may engage in private employment, or in a 24 profession or business. 25 (c) The chairperson shall designate a vice chairperson from the commission who shall serve 26 at the pleasure of the chairperson. Four (4) voting commissioners shall constitute a quorum, and 27 any action to be taken by the commission under the provisions of this chapter may be authorized 28 by resolution approved by a majority of the commissioners present and entitled to vote at any 29 regular or special meeting at which a quorum is present. A vacancy in the membership of the 30 commission shall not impair the right of a quorum to exercise all of the rights and perform all of 31 the duties of the commission. Notwithstanding anything in this chapter to the contrary, in the event 32 that a vacancy is not filled within thirty (30) days of such vacancy, a quorum shall be deemed to 33 exist with a majority of the then duly authorized voting commissioners present. 34 (d) The commission shall appoint a secretary and such additional officers and staff LC006426 - Page 6 of 12 1 members as they shall deem appropriate and shall determine the amount of reasonable 2 compensation, if any, each shall receive. The chair shall appoint the executive director with the 3 approval of the commission provided that the position of the executive director must be advertised 4 and the appointment must be approved at a public meeting of the commission. The commission 5 may vest in an executive director or the director’s subordinates the authority to recommend 6 additional staff members and to determine the amount of compensation each individual shall 7 receive, which shall then be approved by the commission at a public meeting. 8 (e) No full-time employee shall during the period of the employee s employment by the 9 commission engage in any other private employment, profession, or business, except with the 10 approval of the commissioners. 11 (f) Any action taken by the commission under the provisions of this chapter may be 12 authorized by vote at any regular or special meeting, and each vote shall take effect immediately, 13 unless otherwise expressly indicated by the commission. 14 (g) Employees of the commission shall not, by reason of their employment, be deemed to 15 be employees of the state or the city for any purpose, any other provision of the general laws, 16 charter, or ordinance to the contrary notwithstanding, except for the provisions of the ethics code 17 as set forth in chapter 14 of title 36. Further, no employee of the commission shall be entitled to or 18 accrue pension benefits with the city of Providence or state during such employment. 19 (h) It shall be the responsibility of the commission to conduct a training course for newly 20 appointed and qualified members within six (6) months of their qualification. The training shall 21 encompass ethics, including the minimum applicable standards established in the code of ethics as 22 set forth in chapter 14 of title 36 (“code of ethics”). 23 (i) The commission shall be subject to the provisions of the open meetings act contained in 24 chapter 46 of title 42 (“open meetings”); provided, however, weekends and state holidays shall be 25 excluded in the count of hours contained in §§ 42-46-6(b) and 42-46-6(c). Every meeting of the 26 commission shall be open unless it is closed pursuant to the exemptions as set forth in § 42-46-5, 27 with the following exceptions: 28 (1) For purposes of determining what constitutes a compliant closed or executive session, 29 the provisions as set forth in § 42-46-5(a)(5) shall not apply to the commission. However, an 30 additional exemption to those provided for in § 42-46-5, allowing for a closed or executive session, 31 shall apply to the commission in accordance with subsection (i)(2) of this section. 32 (2) To consider the purchase, exchange, lease, or value of real property if the commission 33 declares in open session that an open meeting would have a detrimental effect on the negotiating 34 position of the commission with other parties to the negotiation; provided, however, any vote taken LC006426 - Page 7 of 12 1 in a closed session under this subsection, and any minutes of a closed session taken under this 2 subsection, shall be made public once the disclosure would no longer jeopardize the commission’s 3 negotiating position. 4 (j) In every case where the commission holds a closed or executive session, an audio 5 recording of the closed session shall be made. The audio recording shall be kept as minutes in 6 accordance with § 42-46-7. 7 (k) The commission shall be subject to the provisions set forth in chapter 2 of title 38 8 (“access to public records”). 9 42-64.14-7. Powers and duties of the commission. 10 The commission shall have all the rights and powers reasonably necessary to carry out and 11 effectuate this chapter, including, but not limited to, the rights and powers: 12 (1) To sue and be sued, complain and defend, in its corporate name. 13 (2) To have a seal that may be altered at pleasure and to use the seal by causing it, or a 14 facsimile of the seal, to be impressed or affixed, or in any other manner reproduced. 15 (3) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use, and 16 otherwise deal in and with, real or personal property, or any interest in real or personal property, 17 wherever situated. 18 (4) To acquire and to dispose of real property, subject to the provisions of this chapter, 19 without the necessity of obtaining the approval of the state properties committee or otherwise 20 complying with the provisions of title 37. 21 (5) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of 22 all or any part of its property and assets for any consideration and upon any terms and conditions 23 as the commission shall determine. 24 (6) To make contracts and guarantees and incur liabilities, borrow money at any rates of 25 interest as the commission may determine. 26 (7) To make and execute agreements of lease, conditional sales contracts, installment sales 27 contracts, loan agreements, mortgages, construction contracts, operation contracts, and other 28 contracts and instruments necessary or convenient in the exercise of the powers and functions of 29 the commission granted by this chapter. 30 (8) To invest and reinvest its funds, and at its option to take and hold real and personal 31 property as security for the payment of funds so loaned or invested. 32 (9) To acquire or contract to acquire, from any person, firm, corporation, municipality, the 33 federal government, or the state, or any agency of either the federal government or the state, by 34 grant, purchase, lease, gift, condemnation, or otherwise, or to obtain options for the acquisition of LC006426 - Page 8 of 12 1 any property, real or personal, improved or unimproved, and interests in land less than the fee 2 thereof; and to own, hold, clear, improve, develop, and rehabilitate, and to sell, assign, exchange, 3 transfer, convey, lease, mortgage, or otherwise dispose or encumber that property for the purposes 4 of carrying out the provisions and intent of this chapter, for any consideration as the commission 5 shall determine, and with the approval of the commission to retain a master developer for all or any 6 portion of a project. Any master developer position shall be subject to advertising and solicitation 7 of applicants shall be approved at a duly posted public meeting of the commission. 8 (10) To conduct its activities, carry on its operations, and have offices and exercise the 9 powers granted by this chapter, within the state. 10 (11) To make and alter bylaws, not inconsistent with this chapter, for the administration 11 and regulation of the affairs of the district in a manner that is publicly accountable and transparent. 12 (12) To be a promoter, partner, member, associate, or manager of any partnership, 13 enterprise, or venture within the district and to engage in promotional, marketing, and similar 14 activities for the benefit of the district. 15 (13) To enter into contracts, agreements, and cooperative agreements with the city and its 16 agencies and instrumentalities and the state and its agencies and instrumentalities for the sharing 17 of personnel and other resources. 18 (14) To have and exercise all powers reasonably necessary to effect its purposes; provided, 19 however, that, except as provided in subsection (15) of this section, the commission shall not have 20 any power to create, empower or otherwise establish any corporation, subsidiary corporation, 21 corporate body, any form of partnership, or any other separate entity without the express approval 22 and authorization of the general assembly. 23 (15) To create, empower or otherwise enable a nonprofit corporation for the purpose of 24 holding title to, operating, and/or supporting district parks; provided, that such nonprofit 25 corporation shall include a conflict of interest policy and shall provide that, upon dissolution, its 26 assets shall revert to the commission, another nonprofit entity, or the state. 27 42-64.14-13. Planning, permitting, appeals and development. 28 (a) The commission shall exercise its powers in a manner consistent with development 29 plans approved for the I-195 redevelopment district by the commission. Such plans may be 30 prepared without limitation by the commission in order to achieve the purposes of this chapter. 31 Development in the district, whether by the commission or otherwise, shall be subject to the plans 32 prepared by the commission and the commission plans shall be consistent with the city of 33 Providence comprehensive plan adopted by the city pursuant to § 45-22.2-1 et seq. and the city of 34 Providence zoning ordinances pursuant to § 45-24-27 et seq. as previously enacted by the city of LC006426 - Page 9 of 12 1 Providence, and as may be enacted and/or amended from time to time through July 1, 2012, or 2 enacted thereafter with the consent of the commission pursuant to the provisions of § 45-24.6-1 et 3 seq. (the Rhode Island special economic development district enabling act ) . Approved plans for 4 the I-195 redevelopment district may be considered, in whole or part as appropriate, for adoption 5 as an element of the state guide plan by the state planning council, but shall not be subject to the 6 state guide plan or any other approval provisions related thereto. 7 (b) The commission shall serve as the sole permitting authority for all development within 8 the district, as defined in § 37-5-8, pursuant to the powers granted to the commission by §§ 42- 9 64.14-7 and 42-64.14-8. The state fire marshal and the state building code commissioner shall issue 10 any necessary permits related to fire safety and building code compliance respectively. The 11 commission shall seek the cooperation of the state building code commissioner and the state fire 12 marshal to expedite all necessary permits and approvals for development within the district. 13 (c) The commission shall have authority to approve and/or mandate an accelerated plan 14 review process, which may include the implementation of phased and/or fast-track development, 15 which is defined as the initiation of development prior to final issuance of all permits and approvals 16 and/or the completion of final project design and construction plans. 17 (d) The commission shall create for the redevelopment of its properties and parcels sold by 18 it design guidelines in consultation with the state historic preservation officer. 19 (e) All appeals timely filed pursuant to chapter 35 of this title entitled the Administrative 20 Procedures Act with the Rhode Island superior court relative to permits and approvals shall be 21 accelerated and given priority and advanced on the calendar of the Rhode Island superior court. 22 (f) Under no circumstances shall the commission establish, authorize, zone, plan, or permit 23 in the district a so-called “casino” or any form of gambling, including but not limited to those 24 activities governed by title 41 of the Rhode Island general laws, so-called “video-gambling” or any 25 lotteries whatsoever except for the sale of lottery tickets pursuant to chapter 61 of this title. 26 Furthermore, upon conveyance, but in any event before approving any project, development, or 27 redevelopment, the commission shall ensure that a deed restriction, running to the benefit of the 28 city of Providence and the state, is recorded against the subject property effectuating and 29 memorializing such restriction. The aforementioned restriction shall run with the land and be 30 binding upon all successors and assigns. Any deed restriction conveyed to the state pursuant to this 31 subsection may be waived only by statute, resolution, or other action by the general assembly that 32 complies with the constitutional requirements for the expansion of gambling. 33 42-64.14-15. Abutting properties. 34 When a development plan is proposed that includes properties from both the I-195 surplus LC006426 - Page 10 of 12 1 land and abutting property, and there is actual or contemplated identical ownership of both the I- 2 195 surplus land and the abutting property, then the abutting property shall be subject to all of the 3 powers and authority of the commission pursuant to §§ 42-64.14-7 and 42-64.14-8 and shall not be 4 subject to any local review, approval and permitting authority provided that: (a) The Providence 5 city council has authorized by enactment of a local ordinance the jurisdiction of the commission 6 over abutting properties, and (b) Notwithstanding any provision of this chapter or any other law to 7 the contrary, the commission shall exercise its authority in a manner consistent with and subject to 8 the city of Providence comprehensive plan adopted by the city pursuant to § 45-22.2-1 et seq. and 9 the city of Providence zoning ordinances pursuant to § 45-24-27 et seq. as previously enacted by 10 the city of Providence, and as may be enacted and/or amended from time to time through July 1, 11 2012, or enacted thereafter with the consent of the commission provisions of § 45-24.6-1 et seq. 12 (the Rhode Island special economic development district enabling act ) . For purposes of this act 13 “abutting property” shall mean property that shares property lines but does not include property 14 across a public street. 15 42-64.14-21. Sunset. 16 (a) The provisions of § 42-64.14-9, I-195 redevelopment district life sciences jobs 17 incentives program shall sunset on December 31, 2021. If an eligible life sciences company that 18 was established in the district and participated in the life sciences jobs incentive program on or 19 before December 31, 2021, maintained the qualifications to be certified with the commission, then 20 the tax credits acquired by the company shall remain valid for ten (10) years from the date of 21 qualification. 22 (b) The provisions of this chapter shall sunset when one hundred percent (100%) of the 23 properties have been developed and sold or twenty-one (21) years from the date of enactment on 24 December 31, 2039 , whichever is earlier. All authority vested in the commission shall dissolve and 25 all local and state authority granted to the commission in §§ 42-64.14-7 and 42-64.14-8 shall revert 26 to the appropriate state or municipal authority. In the event that the commission retains ownership 27 in properties at the time of sunset, the ownership of said parcels shall revert to the commerce 28 corporation and any leases of parcels shall transfer and be held by the corporation ; provided 29 however, that ownership of the district parks may be transferred to a nonprofit entity created 30 pursuant to 42-64.14-7(15) designated by the commission . All procedures to dissolve the 31 commission shall be in accordance with § 42-64-7.3. 32 SECTION 3. This act shall take effect upon passage. ======== LC006426 ======== LC006426 - Page 11 of 12 EXPLANATION BY THE LEGISLATIVE COUNCIL OF A N A C T RELATING TO HEALTH AND SAFETY -- THE RHODE ISLAND LIFE SCIENCE HUB ACT *** 1 This act would amend the composition of the Rhode Island life science hub board of 2 directors by adding the chairperson of the I-195 redevelopment district commission to the board 3 and would amend the I-195 redevelopment district commission by adding the chair of the Rhode 4 Island life science hub to the commission and would provide additional amendments to the powers 5 and duties of the commission. 6 This act would take effect upon passage. ======== LC006426 ======== LC006426 - Page 12 of 12