The resolution proposes an appropriation of $750,000 to WaterFire Providence. This nonprofit arts organization has played a significant role in the revitalization of downtown Providence over the past 30 years. WaterFire has transformed the city into a notable destination, attracting nearly one million visitors annually and generating substantial economic benefits, including an estimated annual economic output of over $151 million and direct tax revenue exceeding $11.9 million for the state. The event enhances community engagement and supports local businesses by increasing hotel occupancy and restaurant patronage during its events.

WaterFire Providence has also invested in community development by rehabilitating a historic property into the WaterFire Arts Center and creating programs such as ArtLab@WaterFire and WaterFire Accelerate, which aim to empower young members of the BIPOC community and emerging artists. The resolution seeks to provide operational support for these initiatives, ensuring the continuation of WaterFire's programs and events that benefit both the local economy and the cultural landscape of Rhode Island.