PROVIDENCE, R.I. (AP) - A state board voted on Monday to use funds allocated by voters in 2016 to buy land to expand the Port of Providence.
The Providence Journal reported the state plans to buy up to 25 acres of land between Allens Avenue and the Providence River to lease to ProvPort, a holding company controlled by the city.
On Monday evening, the Commerce Corporation Board voted unanimously to use $20 million approved by voters in 2016 to buy land near the existing port, a spokesperson for the board told the newspaper.
The portion of the board’s meeting where they voted to authorize the fund’s use was not open to the public, the newspaper reported, and no further information was available about the land they intend to purchase, who owns it or its cost.
Waterson Terminal Services operates the port on behalf of ProvPort. Under a 2016 deal, the state will lease the land to ProvPort and take 8% of revenues generated on the expansion and the city of Providence will take 4%, the newspaper reported.
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