Home Economy Economic Activity Commerce awards $10.6M for job creation, innovation and development

Commerce awards $10.6M for job creation, innovation and development

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PBN Staff

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06/24/2025

6JqeB5HE-PpXZ97iJ-bxw5OKJE-DoYLEDFb-9ZOCkM6s-COMMERCE-1 — THE R.I. COMMERCE Corp. has awarded $10.6 million in incentives through the state’s Innovation Voucher, Qualified Jobs Tax Credit, Main Street RI Streetscape Improvement Fund and Site Readiness Program, Gov. Daniel J. McKee announced Tuesday.

PROVIDENCE – R.I. Commerce Corp. has awarded $10.6 million in incentives through the state’s Innovation Voucher, Qualified Jobs Tax Credit, Main Street RI Streetscape Improvement Fund and Site Readiness Program, Gov. Daniel J. McKee announced Tuesday. The awarded funds support business growth, job creation, local municipalities and developers. “We’re committed to growing Rhode Island’s economy

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PROVIDENCE – R.I. Commerce Corp. has awarded $10.6 million in incentives through the state’s Innovation Voucher, Qualified Jobs Tax Credit, Main Street RI Streetscape Improvement Fund and Site Readiness Program, Gov. Daniel J. McKee announced Tuesday. The awarded funds support business growth, job creation, local municipalities and developers. “We’re committed to growing Rhode Island’s economy – and this work is evidence of that,” McKee said. “Through strategic investments, we’re creating good-paying jobs, sparking innovation and supporting local development – from undersea vehicle manufacturing in Bristol to Main Street improvements in cities and towns across Rhode Island.” Under the state's Qualified Jobs Tax Credit, Vatn Systems Inc., which recently opened its new headquarters in Bristol’s Unity Park, will receive about $6.7 million in tax credits over 10 years to create a minimum of 228 new jobs in Rhode Island with an average salary of $102,000. Circadian Positioning Systems Inc. of Newport and Deep Blue Composites of Bristol each received Innovation Vouchers totaling $150,000. Circadian Positioning System received $75,000 to partner with Brown Health to conduct testing of their proprietary Circadian-Targeted Lighting System on a government vessel. The system is designed to mitigate fatigue due to circadian misalignment. Deep Blue Composites was awarded $75,000 that will validate a multiaxis filament winding process, correlating its output to simulation-driven predictions of mechanical performance for structural composite tubes. Seven municipalities received grants for projects through the Main Street RI Streetscape Improvement Fund totaling $1.8 million:

Central Falls: $200,000 for site-specific improvements and predevelopment activities for Dexter Street and Dexter Street Plaza.
Cranston: $600,000 for the creation of a pedestrian-friendly environment that prioritizes safe, comfortable and accessible walking spaces along Park Avenue.
East Providence: $100,000 for roadway design plans for constructing Seaport Drive, located on an underserved section of the waterfront, resulting in a multiuse roadway to the waterfront, as well as the planned urban coastal greenway.
Lincoln: $100,000 for the development of a comprehensive streetscape improvement plan for a half-mile stretch of Smithfield Avenue.
NeighborWorks Blackstone River Valley: $150,000 for improvements to the Millrace District in Woonsocket through wayfinding signs, site amenities and public art.
Pawtucket: $440,000 to develop an enhanced pedestrian corridor in City Plaza that fosters accessibility and encourages foot and bicycle traffic with street repaving and structural repairs, installing enhanced lighting and adding seating and greenery.
Providence: $250,000 to replace outdated extender poles and lights at various locations along Atwells Avenue and at DePasquale Square.

Fourteen projects received $1.9 million through the Site Readiness Program:

28 Agnes St. development in Providence: $50,000 for site-specific improvements, technical assistance and marketing support for creating 200 residential units and retail space in the Olneyville-Dike Street Corridor.
162 Main St. in Woonsocket: $75,000 for environmental assessments, infrastructure improvements, demolition activities and architectural and engineering studies to 162 Main Street, which will contain 45 residential units and commercial lease space.
258 Pine St. in Pawtucket: $75,000 for the development of residential units.
Ann & Hope Mill redevelopment in Cumberland: $75,000 to support architectural construction administration and environmental remediation services.
Bowen’s Wharf flood vulnerability improvements in Newport: $47,000 to improve drainage infrastructure.
George Washington Highway Apartments in Lincoln: $75,000 for architectural predevelopment activities to create 250 apartments at a site off George Washington Highway.
Marieville Urban Transformation in North Providence: $345,000 to enhance and beautify the Marieville area with tree replacement, streetlight repairs and upgrades, sidewalk repairs and crosswalk enhancements.
The Millrace District in Woonsocket: $295,000 for site-specific environmental oversight, investigation, and remediation of an unregistered underground storage tank.
The Post at Olneyville Square Phase 2 in Providence: $75,000 to convert a parking lot on Westminster and Dike streets into a 24-unit apartment building.
Pound Hill Estates in North Smithfield: $75,000 for site-specific planning and pre-development activities related to land survey, architecture, engineering, legal, etc., for new residential units.
Source Water Exploration Project in North Smithfield: $300,000 for exploring and identifying a new high-capacity public well to replace private wells along Route 146.
South Kingstown Housing Initiative: Exploration of workforce housing option: $75,000 for architectural and engineering planning activities for the development of three properties into new residential units.
Trinity Square Streetscape improvements in Providence: $220,000 for streetscape improvements, including façade improvements to buildings, landscape beautification, gateway signage and an engineering study for the redesign of the complex intersection at Broad, Elmwood and Bridgham Streets.
Woonsocket Façade Revitalization Project in Woonsocket: $175,000, for exterior improvements to historic buildings in the Main Street corridor from Court Street to South Main Street.