Part 4. Private Financing for Civic Infrastructure: A Portfolio-Based Approach
Known for its coastal New England charm and yacht-filled harbors, the town of Newport, Rhode Island also faces some significant challenges, including vulnerability to the impacts of a changing ocean as well as growing economic inequity. The town decided to turn these challenges into opportunity by issuing a national RFP seeking partners to plan and fund a suite of interrelated community goals, particularly civic infrastructure investment, economic diversification, and job creation. Newport’s Director of Civic Investment Paul Carroll describes how the town took a portfolio-based approach to attracting private investment, how this approach moves beyond a traditional public-private partnership, and what ingredients are needed to replicate Newport’s success.