major investments in the URI, starting with the physical infrastructure, which was badly neglected. The steam plant was upgraded and several dormitories were renovated and wired for Internet access. Several academic buildings were refurbished as well. The Ryan Center, a 7,600-seat sports and event complex that was completed in 2002, is located at One Lincoln Almond Way at URI. Tax policy and regulatory reforms Through tax incentives and regulatory reforms, the state was able to encourage the growth of industries such as financial services, biotechnology, and the marine trades. The historic preservation tax credit signed into law by Governor Almond in 2001 led to projects, such as the rehabilitation of the Masonic Temple as a hotel in Providence. The Quonset Davisville Port and Commerce Park, was greatly expanded in terms of number of businesses and level of employment. Almond was a strong advocate to transform the existing port at Quonset into a privately owned, compact container port. To make the state more competitive, Almond was successful in overseeing a five-year plan to reduce the state's income tax by 10% and to begin the phase out of the tax on capital gains. There were 45 other tax reductions enacted during Almond's time in office, including instituting one of the nation's highest research and development and investment tax credits. Capital projects and infrastructure The Rhode Island Capital Plan Fund, created by Almond, allowed the state to pay for projects out of current revenues instead of seeking funds from bonds. Every part of the state has benefited from the Rhode Island Capital Plan Fund, from World War II Memorial Park in Woonsocket to the new pavilion at Misquamicut State Beach in Westerly. The Governor directed funds to many of the state's recreational areas, including the boat ramps in East Providence and Bristol, as well as fishing industry piers at Galilee and Newport. The years of renovating the Rhode Island State House was recognized by the National Trust for Historic Preservation in 2002. During his tenure as governor, Almond was active in planning and authorizing a number of infrastructure projects in Quonset Point, including construction of Rhode Island Route 403. Additionally, he was planning for the construction of a third track along the rail line from Quonset Point to the point in Central Falls where the line branches off toward the CSX rail yard in Worcester, Massachusetts, including the raising of bridges to accommodate