(Editor’s note: This is the second in an occasional series focused on questions from Providence Business News readers for R.I. Commerce Corp. Secretary Elizabeth M. Tanner. See the first installment here.)
1. What are some incentives/programs that are not utilized [or as well known] for businesses focused on urban development in areas such as Pawtucket and Woonsocket?
Rhode Island Commerce is committed to supporting investment in all cities and towns, including Pawtucket and Woonsocket. We aim to facilitate development by offering financing options and simplifying processes. Our goal is to create a business-friendly environment, encouraging job creation and economic growth.
As for specific Commerce-led programs that could be leveraged by developers, I would start by highlighting our Rebuild RI Tax Credit Program [commerceri.com]. Targeted at large-scale development projects with a minimum total cost of $5 million, this program offers redeemable tax credits covering up to 20% [and, in some cases, 30%] of a project’s cost. The overarching goal of the Rebuild program is to help fill financing gaps. Since its launch, Rebuild has provided more than $200 million across more than 60 projects, helping to drive $3 billion in economic activity across the state.
Additionally, our Site Readiness Program [commerceri.com] aims to catalyze construction projects at “shovel-ready” sites. We understand how much planning goes into development projects before the actual construction work begins – and we know that planning can be costly. The Site Readiness Program provides municipalities and/or developers with flexible funding to cover a wide range of site-specific and pre-development activities, such as property surveys, master planning, environmental studies and more. Important note: The Site Readiness Program currently has $1.4 million in funding available and is accepting applications through Friday, April 19!
2. Is R.I. Commerce going to try to convince Hasbro to stay in Providence and move its operations from Pawtucket to Providence; since Providence is a national corporation destination city?
[Editor's note: Hasbro Inc. last month posted a loss of $1.49 billion in what the company called a “challenging” 2023, following a $203.5 million profit in 2022. On Dec. 11, The Pawtucket-based toymaker and entertainment company announced it would lay off 1,100 employees globally as part of an ongoing company restructuring and would leave its Providence office adjacent to the Amica Mutual Pavilion and Providence Public Library by the end of this year.]
Hasbro was founded in Providence in 1923, and more than 100 years later is still headquartered in Rhode Island; a testament to its deep commitment to this state.
Since the pandemic, companies across the globe have had to reevaluate their real estate footprint and workforce operations, adjusting them to fit evolving business needs. Rhode Island Commerce has been in contact with Hasbro and maintains a collaborative partnership with the company and is proud to have Hasbro here in state continuing to contribute to our economic vitality by serving as a catalyst for innovation, employment, and community development.
(Do you have a question for R.I. Commerce Secretary Elizabeth M. Tanner? Send it to PBN Editor Mike Mello at mello@pbn.com.)
