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.”
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.