Commerce calls for targeted RebuildRI applications and allocates $15M

PROVIDENCE – The R.I. Commerce Corp. is seeking applications for the Rebuild Rhode Island tax credit program for projects focused on manufacturing, historic rehabilitations, mixed-use projects located in federally designated Opportunity Zones and workforce housing, the corporation announced Thursday.

Commerce is allocating $15 million of its Rebuild funding cap to projects in the designated areas.

“The Rebuild Rhode Island Tax Credit has proven catalytic, spurring new development across the state,” said R.I. Commerce Secretary Stefan Pryor in a statement. “These additional investments will help new developments get off the ground, put more cranes in the sky and create more jobs for Rhode Islanders.”

 

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To qualify for credit financing under the $15 million, applications must meet at least one of the following:

  • Have a manufacturing project occupied by at least one manufacturer.
  • Have a historic rehabilitation project that develops or adaptively reuses a certified or registered historic property.
  • Have a mixed-use development in an Opportunity Zone or have a mixed-use development that supports new affordable or workforce housing. The project criteria for these developments are that the projects must have at least 25,000 square feet occupied by at least one business, have a project cost of at least $5 million or is located in one of the state’s Hope communities, including in Central Falls, Pawtucket, Providence, Warwick and West Warwick.

Special consideration will be given to projects that predominantly utilize the sales tax rebate feature of the Rebuild program, Commerce said. Applications for projects under the $15 million allocation are due by Jan. 15, 2020.

Commerce said those applying for awards of $1 million or less will be able to use a simplified application process.

“This round of work will focus in part on smaller projects, including critical manufacturing upgrades and historic-property renovations,” added Pryor. “We thank Gov. [Gina M.] Raimondo and the General Assembly for the new resources and methods through which to implement this impactful program.”

Commerce also noted it is still seeking new applications for the overall preexisting RebuildRI program, in which applications will continue to be accepted on an ongoing basis.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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