By Emily Greenhalgh
PBN Web Editor
PROVIDENCE – Colin P. Kane, head of the I-195 Redevelopment Commission, has turned down Gov. Lincoln D. Chafee’s offer to head the R.I. Economic Development Corporation.
Kane on Friday told Providence Business News that he could not agree with the administration regarding compensation and that the position would be too much of a pay cut.
Chafee spokeswoman Christine Hunsinger said that Kane was "one of many" people the governor was considering to lead the EDC since Keith W. Stokes’ resignation late Wednesday amid fallout from the state’s $75 million loan guarantee to video game maker 38 Studios LLC.
Keith W. Stokes, who took over the EDC in March 2010, called the decision to step down a “mutual” agreement reached with Chafee after the EDC board held lengthy discussions Wednesday over how to respond to 38 Studios default on a $1.125 million fee payment.
“I brought the organization as far as I could and it is in a very good place,” Stokes told PBN.
He added a desire to reconnect with his family after 16 years on the EDC board. “Change sometimes comes from bringing in new perspectives.”