PROVIDENCE – The R.I. Commerce Corp. on Wednesday is expected to consider a variety of economic development projects that would qualify for $5.6 million in state incentives.
They include tax credits through the Qualified Jobs incentive program for Change Healthcare Operations LLC, a healthcare technology company that wants to expand a call center in Pawtucket. The company request is expected to be considered by an incentive committee before the Commerce board meeting.
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The Qualified Jobs incentive provides companies that are creating jobs that pay at least the median salary in Rhode Island up to $7,500 a year as a tax credit. The funds are available a year after the positions have been filled.
In another significant project, Peyser Real Estate Group LLC, a real estate development firm that is incorporated in Livingston, N.J., is seeking $2 million through the Rebuild Rhode Island tax credit program. The company is led by CEO Lee Peyser. It proposes to redevelop an existing structure in the Conant Thread District of Pawtucket, at 71 Dexter St. and create a mixed-use development with 150 apartments and 20,000 square feet of commercial space.
The total development cost for the Peyser project is estimated at $43.5 million.
Rebuild tax credits may be used for either renovation or new construction. This would be the first application for a project in the Conant Thread district, a transit-oriented district that is located near a recently authorized rail station on the MBTA line in Pawtucket.
In other business:
- The board is considering approval of $815,000 in Rebuild tax credits for a manufacturing expansion for Mearthane Products Corp., at a facility at 100 Founders Dr. in Woonsocket. The total development costs for the project are expected to reach $4.1 million.
- Blount Fine Foods Corp. is seeking incentives under Rebuild for a project at its manufacturing site at 383 Water St. in Warren. The company is seeking $1 million in state incentives for a project valued at $10.4 million.
- RCG Armory Park View LLC is seeking $1 million in Rebuild credits for a historic renovation and expansion of the former nursing home building at 31 Parade St. in Providence. The company, whose registered agent is Mark Van Noppen, proposes a residential redevelopment of $5 million in value.
- Royal Oaks Realty, through the company 556 Atwells LLC, is seeking a maximum of $750,000 in Rebuild credits for a historic residential redevelopment of 556 Atwells Ave. in Providence. The building renovation into apartments is expected to cost $10 million.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
