NEWPORT, R.I. - The International Yacht Restoration School has received a $100,000 Preservation Grant from the state of Rhode Island to help expand its educational programs while restoring an important waterfront landmark, IYRS reported in a release yesterday.
The Rhode Island Historical Preservation & Heritage Commission awarded IYRS the grant, which is to be used toward the restoration of the 1831 Aquidneck Mill Building, a 30,000-square-foot building listed on the National Register of Historic Places.
IYRS was one of 21 sites from 13 towns and cities that received the grants and was one of four organizations that received the top award of $100,000.
“To have the state's support for this project is invaluable-and we believe it is a cornerstone ingredient to creating both wider interest in the restoration, and additional financial support,” said Terry Nathan, IYRS president. “We very much want the restoration to be a community-oriented project. It helps IYRS grow and contributes broadly to the quality of life for the people of Newport and Rhode Island.”
The mill is being restored to help IYRS meet a growing demand for its educational programs. Over the past 20 months, enrollment in the school's full-time, two-year program has grown by 50 percent.
Costs for the restoration have been estimated at $6.5 million. Approximately 19 percent of that cost is expected to be reimbursed through state tax credits. Once enough monies are raised to break ground, the mill's restoration is slated to take 15 months.
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