BARRINGTON â€“ The Rhode Island Economic Development Corporation has approved issuing $8 million in tax-free bonds to finance the construction of a new Greater Providence YMCA aquatic center in Barrington and other improvements to the organizationâ€™s facilities.
The bond issue, approved unanimously by the EDC board Monday night, will allow the YMCA to proceed with a total development project estimated to cost $9.6 million.
RBS Citizens Bank has agreed to buy the bonds, according to the EDC approval documents, which will be paid back directly by the YMCA.
The bond issue is the second announced by the EDC to support a YMCA project this month.
Earlier the EDC approved a $5.4 million tax-exempt bond for the renovation of the Westerly-Pawcatuck YMCA.