PROVIDENCE – The R.I. Commerce Corp. board of directors approved incentives for CV Properties LLC and Custom & Miller Box on Jan. 28.
CV Properties was approved for a tax-increment-financing incentive of $6.8 million, Rebuild Rhode Island tax credits of $100,000 and was approved for sales tax rebates on construction materials for the building of the 169-room, seven-story Aloft Hotel.
The project is expected to cost $55.2 million and will be located adjacent to the Wexford Innovation Center.
Custom & Miller Box was approved for up to $612,000 in Qualified Job Tax Credit incentives to expand Rhode Island operations by relocating and consolidating offices into an existing building in Pawtucket. The company anticipates creating 42 jobs eligible for the credit, including in production staff, sales and design jobs, with hiring starting in 2020.
“The two new projects we announced today will create jobs, spur development and contribute millions to our [gross domestic product],” stated Gov. Gina M. Raimondo.