Jobs for Newport in Discussions to Preserve Jobs, Economic Activity from Newport Yachting Center
Tuesday, October 07, 2014
The partners in Jobs for Newport have announced that they are in discussions to preserve the economic activity and jobs at risk following the sale of the Newport Yachting Center, and to move that activity to the proposed Newport Entertainment Center.
“The Newport Entertainment Center is the natural choice to fill the gap left behind in the local economy and the Newport arts community by the changes at the Newport Yachting Center,” said Jobs for Newport partner Joseph R. Paolino, Jr. “The entertainment center is the natural new home for events that bring people to the city."
“We are committed to saving successful, popular events like the Newport Summer Comedy Series to keep this economic activity here where it belongs and draw locals and visitors to Newport’s restaurants, hotels and shops,” Paolino added.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe recent announcement of the sale of the Newport Yachting Center, along with the news that its new owners have no plans to continue the concerts and festivals that have traditionally been held at the venue, have raised local concerns. The Yachting Center’s annual lineup of events has included the Newport Summer Comedy Series and the Newport Music Festival.
Now, the Jobs for Newport partners are stepping in to preserve these popular events with a new location that would be a natural fit for the programming. The proposed $40 million private investment to renovate Newport Grand into the Newport Entertainment Center includes plans for a world class concert and performance venue with seating for thousands of patrons.
After learning about the changes at the Newport Yachting Center, Paolino entered into discussions with Joe Rocco, President of the Newport Summer Comedy Series, among others, to preserve the economic activity associated with the events.
“We are exploring options in our efforts to keep the Newport Comedy Series in Newport,” said Rocco. “One of those options may be moving the shows to Newport Grand, which we are excited about, whether or not it is sold to developers Joe Paolino, Peter de Savary and Paul Roiff. They are among many parties which have contacted us over the past two weeks to determine our interest in moving the shows to their property.”
“I met with the potential new owners of Newport Grand on October 2nd,” Rocco added. “It was a good meeting, but there is much more to be discussed. If they or the present owners can provide a first-class venue at an affordable cost it is certainly a property we will seriously consider and they are definitely on our short list.”
“I have seen their latest plan that incorporates a new venue for entertainment and it is sensational," Rocco continued.
A recent economic impact study found that the proposal to turn Newport Grand into the Newport Entertainment Center would approximately double the number of employees at the new complex. In addition to the performance venue, the Jobs for Newport partners have proposed the addition of table games, two new restaurants, a European-style full service spa and fitness center, and exhibition, large meeting and banquet spaces to create over 300 jobs in gaming and over 50 jobs in hospitality management. It would also save the 175 existing jobs at the current facility.
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 years after the upgrades are complete. This new revenue is guaranteed by state law. The project would also create over 400 direct and indirect construction jobs.
The proposed $40 million investment to create the Newport Entertainment Center will move forward if voters in the City of Newport and statewide approve Questions 1 and 2 on the November 4 ballot.
