BREAKING: RI EDC Official out after Schilling default - ABC6 - Providence, RI and New Bedford, MA News, Weather
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PROVIDENCE, R.I. (AP) - The head of the Rhode Island agency whose board approved a $75 million loan guarantee for former Red Sox pitcher Curt Schilling's now financially troubled video gaming company has resigned.
A statement from Gov. Lincoln Chafee's office says Keith Stokes resigned Wednesday as executive director of the Economic Development Corp.
Schilling's 38 Studios asked the state for additional help after defaulting May 1 on a $1.1 million payment to the EDC. In a statement, Chafee said he accepted the resignation and thanked Stokes for his service.
The business relocated from Massachusetts in 2010 after Rhode Island offered a $75 million loan guarantee that state officials said would means 450 jobs and millions in tax revenue. Stokes called the loan guarantee a calculated risk well worth taking.
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