Much has been said and written about the 38 Studios debacle that left Rhode Island taxpayers on the hook for a $75 million loan guarantee. Clearly, the state had no business entering into a deal fraught with so much risk and so little public discussion.
Unfortunately, bad decisions such as that one, based on speculation and hope rather than pragmatism — and possibly intended to benefit allies and supporters of politicians — seem to happen in government with some frequency.
From Massachusetts come reports of a $113 million marine terminal that was supposed to provide a staging area for the highly touted Cape Wind project — an undertaking that was going to put 130 wind turbines off the coast of Cape Cod and become “America’s first offshore wind farm.” Cape Wind was going to provide clean energy and jobs, and the terminal was going to play a key role in its development, as well as construction of other wind projects that were supposed to follow.
As it turned out, the Cape Wind project was effectively shelved this year after it missed deadlines and the two largest utilities in Massachusetts pulled out.
Massachusetts Gov. Charlie Baker’s administration says going ahead with the terminal project was a mistake when the Cape Wind project faced so many hurdles. But that wasn’t the message when former Gov. Deval Patrick’s administration pitched the 21-acre terminal. The Patrick administration said it would be a “multi-purpose marine terminal” that supports “the delivery, assembly and installation of offshore wind turbines, as well as shipping and other commercial activities.”
Reprinted via Providence Journal – the news service is not affiliated with the Alliance