Opera House Renovation Budget Increases To $25.6 Million

NEWPORT, RI — The construction budget, originally estimated at $18.5 million for the Newport Performing Arts Center had to increase to $25.6 million, the theater's board of directors announced Monday.

Additional fundraising is now required, according to the board of directors for the historic opera house at Washington Square because of unexpected costs causing delays.

“We have also found unexpected costs, such as those that develop when you find a spring underneath the main stage,” board chairman John Cratin told Newport Daily News. “In addition, we have an ongoing operating budget that we have to cover.”

In total, the board of directors needs to find a way to raise another $16 milion. The project has about $10 million in available funds because of a $4.2 million grant from a state cultural facilities bond and almost $6 million has been raised from foundations and individual donors.

“Ideally, we want to raise the remaining funds of roughly $16 million without drawing on the anticipated $5 million in federal and state tax credits, so these funds can be earmarked for establishing a programming endowment and capital reserves,” the board said in a statement.

The tax credit of roughly $5 million comes from a federal tax credit of over $1.8 million and about $3 million in a state tax credit.

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