Commerce to consider incentives for data science firm

PROVIDENCE – At a meeting scheduled for Monday evening, the R.I. Commerce Corp. board of directors will consider incentives for Aretec Inc. to expand into Rhode Island.

The company, a data science firm, has proposed to create 40 new full-time jobs with a projected median wage of $68,700 – which would qualify for the Qualified Jobs Incentive program. The jobs would be for proposal writers and data scientists.

The company, if approved, would receive up to $800,000 over 10 years – if it satisfied the requirements.

The company said that it would hire the 40 workers by 2022. A third-party analysis projects the project would create $2.3 million in personal income, sales and business corporation taxes over 12 years and is projected to increase annual state gross domestic product by $6.4 million once the new hires are in place.

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If approved, the company would not receive incentives until the staffing requirements were met and the employees paid personal income taxes for one year.

Commerce RI will also consider two innovation vouchers for a combined value of $99,323.

The board is considering a $50,000 voucher for Aquanis Inc. to work with principal investigator Kenny Breuer at Brown University to use the wind tunnel at Brown to validate blade-mounted active load control system to reduce stress on wind turbines.

The board also will consider $49,323 for Bouckaert Industrial Textiles to develop and produce a family of non-woven matting to be used as a core for high-temperature applications in the vehicle, appliance and industrial sectors.

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