Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Commission approves up to $5 million taxable bonds to support Nexogen project in downtown Newport
Summary
Commissioners on Monday approved an order authorizing taxable industrial building revenue bonds up to $5 million to finance renovation of two downtown Newport properties to be leased to NXG Holdings, LLC (the Nexogen project).
Commissioners on Monday approved an order authorizing the issuance of taxable industrial building revenue bonds of up to $5,000,000 to finance improvements to an industrial building facility to be leased to NXG Holdings, LLC (the Nexogen project). The board voted unanimously by roll call.
City officials said the financing will support renovation and outfitting of two vacant downtown properties — the former U.S. Bank building on Monmouth Street and the former Molenkamp (funeral home) property on York Street — and that the project includes plans for some residential use at the funeral-home site and community space in the bank building’s large lobby area.
The bond authorization is an inducement and will be conditioned on compliance with a negotiated pilot agreement and related financing…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
