Fidelity top user of convention center
2:29 PM Tue, Feb 26, 2008 | Permalink
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PROVIDENCE -- A decade after Fidelity Investments constructed its first office building in Smithfield, the Boston-based mutual fund company has become the top user of the Rhode Island Convention Center. Every December, Fidelity hosts a holiday party at the convention center as well as a national sales meeting for its Investments Institutional Services division. Fidelity's Advisor Distribution Group meets at the convention center annually, and twice a year, the Personal Investments division gathers on Sabin Street. Five years ago, Fidelity hosted only its holiday party locally. Now, it is the largest revenue source for the state-owned convention center, according to John J. McGinn, senior director of sales and marketing for the facility. "It's a great opportunity for us to increase our revenues in the meetings market," McGinn said. "They're doing so much business here now." In recognition of that patronage, the convention center invited Fidelity's meeting planners earlier this month to watch a Dancing with the Stars performance from the new luxury suites at the Dunkin' Donuts Center. Lawmakers worked hard to convince Fidelity to expand in Rhode Island, saying the company would create high-paying jobs and strengthen the state's financial services sector. In 1996, the state bought 350 acres of property in Smithfield and leased it to Fidelity for 25 years. At the end of the 25 years, the company will own the property. As part of the agreement, Fidelity's lease payments decrease as the company increases its Rhode Island workforce. In 2002, the state took an additional 40 acres of property along Route 7 in Smithfield by eminent domain. The state issued $10 million in bonds to acquire the property, and then leased it to Fidelity for 25 years. In 2005, at Fidelity's urging, the General Assembly approved a tax break for high-income workers. A year later, the company broke ground on a third building in Smithfield, a 577,000 square-feet structure that will be the largest office building in the state when it opens later this year. It will house 1,000 employees. The Rhode Island Convention Center Authority has welcomed the newest expansion. "The more of their employees live in Rhode Island, the more they'll want to have their meetings here," Arleen F. Oliva, senior sales manager for the convention center, said. 
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