Newport officials approved up to $100 million in industrial revenue bonds, also known as IRBs, on Monday to help finance the 342-unit housing development at the long-vacant former steel mill site along Route 9.
The IRB will help developer PLK Communities in financing acquisition, construction, installation and improvements for the project at 910 Lowell St. The city acts as a conduit issuing the IRB. It is not the city’s debt, and it does not affect the city’s bond capacity.
“This is great news, because this bond order tonight means the project is moving forward, and hopefully we’ll see some extra construction soon,” Newport Assistant City Manager Brian Steffen said…