PROVIDENCE – The R.I Commerce Corp. will consider a few projects and companies for tax incentives at a board of directors meeting Monday afternoon and evening.
The first consideration that Commerce RI will consider is the application of Sprague Street Owner LLC for $1 million in Rebuild Rhode Island tax credits for an approximately $7.2 million mixed-use development project consisting of 25 residential units and approximately 6,300 square feet of commercial space. The principal of the project is Federico Manaigo, a New York-based developer.
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Manaigo already has developed a mixed-use project in Providence. In the West Elmwood area, the renovation of a former industrial mill, the Klein Building, on Cromwell Street, has resulted in Room & Works. The project includes 40 modern apartments, shared work space and a commercial kitchen that is operated as an incubator space for food entrepreneurs.
Commerce RI also will consider Cranston’s Electro Standards Laboratory Inc. for a Innovation Voucher program award. Companies with fewer than 500 employees can receive grants of up to $50,000 to fund research and development assistance from a Rhode Island university, research center or medical center.
Apart from incentives, Commerce RI will consider amendments to the Small Business Assistance Program agreements in respect to funding allocations and leverage ratios.
The board will consider an extension of its contract with HR&A Advisors Inc., a New York-based real estate consulting company. Commerce RI also said that the board will consider the utilization of incentive programs for the investment of public funds.
The meeting will take place at the offices of Commerce RI at 3156 Iron Horse Way, Suite 101, Providence, at 5 p.m.
Chris Bergenheim is the PBN web editor.
