Commerce RI approves TIF for Newport hotel, 2 Innovation Vouchers and an Industry Cluster grant

PROVIDENCE – The R.I. Commerce Corp. board of directors and Gov. Gina M. Raimondo voted July 23 to approve an estimated $3.5 million in tax increment financing for a new 80,000-square-foot mixed-use development in downtown Newport, including an 84-room hotel, waterfront restaurant, storefront retail and office space. The TIF was designated for Hammetts Wharf LLC.

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