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Rhode Island Foundation Invests in Downtown Redevelopment for Providence.

By Gregory Smith, Providence Journal, R.I. Knight Ridder/Tribune Business News

Mar. 22--PROVIDENCE, R.I. -- The Rhode Island Foundation, which put its Downcity investment program on hold when the stock market soured, is now placing its bet on two familiar names.

The Providence Preservation Society Revolving Fund and the Providence Foundation are taking charge of most of the $8 million remaining from the Rhode Island Foundation's original $10 million program.

"We haven't withdrawn" from the crusade to boost Downcity, said Ronald V. Gallo, pre

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