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Article: Convention Center Authority heaps on debt to buy Dunkin' Donuts Center.
- Article from:
- Providence Journal (Providence, RI)
- Article date:
- August 21, 2005
CopyrightCOPYRIGHT 2005 Providence Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Andrea L. Stape
Aug. 21--PROVIDENCE -- Borrowing $92.5 million is not cheap.
Just ask the Rhode Island Convention Center Authority.
The authority, a quasi-public state agency that oversees the Rhode Island Convention Center, is in the midst of borrowing money to buy the Dunkin' Donuts Center from the city of Providence and to renovate it.
The authority plans to raise the $92.5 million by issuing bonds, which it will then pay back with interest over the next 25 to 30 years. The authority expects to use $2 million of that money to pay for the fees involved in borrowing the money.
Those fees go to lawyers, insurance ...