The bill proposes the repeal of Section 2 of Chapter 332 of the Public Laws of 1981, which established the "Capital Center Commission" as a public corporation and agency of the State of Rhode Island. This repeal eliminates the Commission's powers and responsibilities, including its authority to adopt development plans, manage property, and levy special assessments on property owners within designated development districts. The removal of these provisions signifies the dissolution of the Commission, which may impact ongoing and future development projects in the Capital Center area, as there will no longer be a governing body to oversee such initiatives.

Additionally, the bill includes significant amendments to the governance structure of the commission responsible for property valuation and management. Key deletions from current law include the removal of the commission's authority to determine fair market value based on recent property sales and the elimination of the appointment process for commissioners. The bill restructures the board to consist of thirteen appointed members, with specific appointments made by the governor, the mayor of Providence, and the chairperson of the Providence Foundation, while removing previous provisions for appointments by legislative leaders. The bill also clarifies the terms of commissioners and their compensation. Overall, these changes aim to streamline operations and enhance efficiency in managing property-related matters, with the act taking effect upon its passage and the enactment of a corresponding ordinance by the city of Providence.