Gov. Raimondo & RI Commerce Corp. Announce New Construction Projects
Tuesday, January 26, 2016
Governor Gina Raimondo along with the Rhode Island Commerce Corporation Board of Directors approved incentive agreements for over $9 million in tax credits and grant funding to help new construction and support research and development. The approved projects include, one tax stabilization development, two Rebuild Rhode Island Tax Credit projects, and 11 Innovation Vouchers.
“These programs are working together to put shovels in the ground, reenergize vacant developments, and bring more high-skill, high-wage jobs to our state. We provided vital funding for three construction projects that wouldn’t have been able to move forward otherwise and awarded almost half of a million dollars in R&D grant funding, which will strengthen our growing innovation economy. Rhode Island has momentum again – we are showing we are competitive with other states and back in the game," said Raimondo.
Rhode Island Secretary of Commerce, Stefan Pryor added, "we are very pleased with the response to these new investment and incentive programs. In the past month, we have approved applications to four key programs: the Qualified Jobs Tax Credit, the Rebuild Rhode Island Tax Credit, the Tax Stabilization Incentive and the Innovation Voucher Initiative. As a result, we're growing well-paying jobs, catalyzing construction, lowering municipal tax burden, and fostering innovation in Rhode Island. We're also helping our capital city create a more vibrant 24/7 live/work environment – one that’s more attractive to business. And we're just getting started; we look forward to authorizing more investments in the coming months – investments that enable us to advance our economy.”
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Providence agreed to a tax stabilization agreement (TSA) with PRI, a division of Procaccianti Group, for a proposed internationally-branded, upscale, 154-room extended-stay hotel at the site of the Fogarty Building located in downtown Providence.
“The Tax Stabilization Agreement (TSA) recently approved by the City of Providence is a mission-critical component, without which, redevelopment of the former Fogarty Building at 111 Fountain Street to a new hotel would not be possible. It is extremely encouraging to see city and state governments embrace private real estate investment via innovative programs that help pave the way for future economic development and jobs growth,” said Ralph V. Izzi Jr., Vice President of Corporate Marketing & Public Affairs.
The Tax Stabilization Incentive provides reason for Rhode Island municipalities to enter into TSAs by reimbursing municipalities as much as ten percent of tax revenue foregone due to the completion of a TSA that spans at least 12 years. To qualify, projects must be at least $10 million and create 50 jobs, or at least $5 million and 25 jobs in Hope Communities.
For more information on the incentive programs, click here.
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