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Newport approves up to $400,000 to subsidize demolition, spur downtown redevelopment
Summary
The Newport Board approved a motion to proceed with a plan to subsidize demolition and redevelopment of multiple deteriorated Main Street buildings, committing up to $400,000 contingent on final mayoral approval and safeguards described in a tri-party deal with the Industrial Development Board and private developer Steve Wilson.
The Newport Board of Aldermen voted to proceed with a plan to subsidize demolition and redevelopment of four dilapidated Main Street structures, authorizing up to $400,000 in support contingent on final mayoral approval and contract safeguards.
The proposal presented a tri-party structure that would route funding through the Industrial Development Board (IDB) to reimburse demolition and preparatory costs. Developer Steve Wilson, identified in the meeting as the private investor interested in rebuilding the block between McMahon and Woodlawn on Main Street, proposed demolishing and rebuilding properties that consultants said were not financially viable to rehabilitate. The funding framework would allow Wilson to draw $100,000 per structure (up to $400,000 total) as…
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