Warwick courting Citizens for new campus

WARWICK – Rhode Island’s second-largest city is among the suitors for a potential new campus for Citizens Financial Group Inc.
The City Centre Warwick district, near a public transit hub, is a great location for the bank’s employees and customers, said Mayor Scott Avedisian.
The mayor said city officials have had discussions for more than a year with a developer, whom he would not identify, who has applied for state tax credits to help finance a project that could include Citizens.
“He’s been negotiating with Citizens as a potential tenant,” said Avedisian.
In a telephone interview, Avedisian would not disclose the proposed location within City Centre, or the size of the project. But the location of City Centre, near the InterLink intermodal commuter rail station, would seemingly put the project in line for a maximum state tax credit. The state has set a cap of $15 million for the tax credit.
The state’s Rebuild Rhode Island tax credits, created this year, will provide up to 30 percent in tax credits for commercial and mixed-use projects located near public transit hubs. The city recently expanded the boundary of the Centre footprint across Jefferson Boulevard, to include property being prepared for development near the former Elizabeth Mill.
“It has been my goal, for the better part of a year, to bring a new Citizens Bank campus to City Centre Warwick,” Avedisian said, in a statement.
Citizens employs 5,000 people, and the bank has said it is exploring the option of consolidating some of its staff and back office functions in a new location in Rhode Island. The bank has a lease for service and support staff at a facility in Cranston. The lease expires in 2018, according to Citizens.
It is also considering a renewal, according to a spokesman. No timetable has been set for making a decision.
The state’s application period for initial applications for the Rebuild Rhode Island tax credit closed on Nov. 25. It is not clear how many applicants applied in the first wave.

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