Jobs for Newport Statement on the Sale of the Newport Yachting Center: “We’re Prepared to Save those Jobs and Keep that Economic Activity in Newport Where it Belongs”

NEWPORT, RI – The Jobs for Newport campaign issued the following statement following the news that the Newport Harbor Corp. has sold the Newport Yachting Center on the city’s waterfront to the Peregrine Group, LLC.

“The sale of the Newport Yachting Center creates a real danger that jobs will be lost and the economic activity from the entertainment at the venue will be lost to the City.    To prevent this, we are committed to working with all parties to preserve those jobs and that activity by hosting future events at the Newport Entertainment Center.  We agree with Discover Newport’s Evan Smith that ‘this region deserves a world class entertainment center in Newport, RI.’

We’re prepared to be that venue, save those jobs and keep that economic activity in Newport where it belongs.

In fact, our location is the perfect place to preserve this activity and save these jobs.    We are prepared to host top performers right here in Newport.

People need a world class venue for that kind of performance and Newport Grand is the right answer.   Staging the concerts and events that were once held at the yachting center fits perfectly with our plans for our new entertainment center – and at the same time we can help save some of the jobs of the people who work there.”

Newport voters will decide in November on a $40 million proposal to turn Newport Grand into an entertainment center.   According to a recent economic impact study, the private $40 million investment to turn Newport Grand into the Newport Entertainment Center would save nearly 200 existing jobs.  The project would also create over 400 direct and indirect construction jobs, and an additional 350 permanent jobs at Newport Grand.

The study also found that the proposal would preserve existing property tax relief generated for the City by Newport Grand, and increase it by $9 million over the first six after the upgrades are complete.  This new revenue is guaranteed by state law.

To learn more about the plans for Newport Grand, click here.

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Avatar About the Author: The Rhode Island Small Business Journal is a printed monthly magazine and an online resource for the aspiring and start-up entrepreneur and small business owner.

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