Raimondo, Pryor unveil new incentives to attract and grow businesses, improve municipalities

GOV. GINA M. Raimondo and R.I. Commerce Secretary Stefan Pryor have announced three new incentive programs to attract and grow businesses and encourage new economic development projects in cities and towns.  / PBN FILE PHOTO/MICHAEL SALERNO
GOV. GINA M. Raimondo and R.I. Commerce Secretary Stefan Pryor have announced three new incentive programs to attract and grow businesses and encourage new economic development projects in cities and towns. / PBN FILE PHOTO/MICHAEL SALERNO

WOONSOCKET – Three new incentive programs were launched Friday by officials to improve streetscapes in central business districts, provide tax stabilization incentives, and give tax credits to Rhode Island companies that play a role in persuading a supplier or customer to relocate to the Ocean State and create at least 10 new jobs.
The programs were announced by Gov. Gina M. Raimondo, R.I. Commerce Secretary Stefan Pryor and Woonsocket Mayor Lisa Baldelli-Hunt at a press conference at the Stadium Theatre. Applications for the programs are available online at commerceri.com, under the “our services” tab by clicking on “incentives”.

“A thriving main street can revitalize a community and provide a boost for families and businesses,” Raimondo said in a statement. “The three tools we launched today are designed to work together with our other new incentives to help spur local economies across Rhode Island. We have to spark growth in our municipalities and encourage new developments to get people back to work.”

Pryor said the new programs will help municipalities across Rhode Island.
“It is important to position our 39 cities and towns for economic growth,” he said.

Here is information about the incentives:

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  • Main Street Rhode Island Streetscape Improvement Fund: Awards grants or loans on a competitive basis for improvements to commercial districts. Funding is available for projects that improve streetscapes in central business districts, such as enhanced sidewalks, new street furniture, new signage, upgraded building facades or improved street lighting. Projects can receive up to $300,000 in funding. Applications are due Feb. 5.
  • Tax Stabilization Incentive: Provides an incentive for Rhode Island municipalities to enter into tax stabilization agreements (TSAs) for qualifying development projects. Through the program, municipalities can receive reimbursement of up to 10 percent of tax revenue foregone under a TSA that spans at least 12 years.
  • Anchor Institution Tax Credit: Provides a tax credit to a Rhode Island company (“anchor institution”) that plays a substantial role in getting a material supplier, service provider or customer to relocate to the state and create at least 10 new jobs.

Potential applicants for any of the new incentives can contact the R.I. Commerce Corporation at (401) 278-9100 or business.development@commerceri.com.

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