PROVIDENCE – The Interstate 195 Redevelopment Commission is borrowing $250,000 from the R.I. Economic Development Corporation to begin planning and engineering work on the former Jewelry District highway lands, Gov. Lincoln D. Chafee announced Thursday.
The money will be repaid this spring with the proceeds from a bond sale allowing the 195 Commission to purchase the highway lands from the state.
“The successful development of the 195 land is a once-in-a-generation opportunity to bring new, high-paying jobs to Rhode Island,” Chafee said in a news release. “Rhode Island has an unprecedented chance to build on our medical, research and educational institutions – the ‘meds and eds’ – to grow our knowledge economy. This grant is another engine to jump-start the job creators who will be making the Knowledge District a hub of activity and economic growth.”
The 195 Redevelopment Commission has met publicly seven times since it was formed last year, but has not had resources to do detailed planning work or hire specialists to assist Providence’s effort to rezone the area for redevelopment.