Rebuild Rhode Island credits being sought to create an innovation center in Newport

NEWPORT – A coalition of several Newport-based entities and the Economic Development Foundation of Rhode Island will seek $2.1 million in Rebuild Rhode Island tax credits to create an innovation center.
The request on behalf of InnovateNewport is expected to be considered by the R.I. Commerce Corp. in its meeting Monday afternoon.
According to an agenda description, the application would allocate Rebuild Rhode Island tax credits for the rehabilitation of the former Sheffield School, at 513 Broadway. The former elementary school would be converted to co-working space aimed at entrepreneurs, innovators and small businesses.
The development coalition includes the city of Newport, the Newport County Chamber of Commerce and the Economic Development Foundation of Rhode Island. The city in 2014 received a $1.6 million grant from the U.S. Economic Development Administration to build an accelerator on the site.
The total development cost is estimated at $7.1 million. A website describing the project is at www.innovatenewport.com.

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