PROVIDENCE – Incentives for economic development or job creation by three companies will be considered by the R.I. Commerce Corp. Monday afternoon, according to the posted agenda.
Waldorf Capital Management LLC is seeking an amendment to an incentive package previously authorized through the Rebuild Rhode Island tax credit program, for the construction of a 95-unit residential building in Providence.
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Commerce RI has already approved up to $2.98 million in real estate tax credits for the Chestnut Commons project. The developers now seek up to $3.5 million. In addition to the new apartments, the project at Chestnut and Friendship streets also would create 5,900 square feet of retail space.
The site is a slender parcel of the former Interstate 195 lands. The revised project is expected to have a development cost of $33.4 million, according to the Commerce RI agenda.
The mixed-use development recently received a revised design approval from the I-195 Redevelopment District Commission. It will occupy a site next to another Waldorf project, the 95 Lofts building, which was a re-purposing of a former manufacturing building.
In other business, the Commerce Corp. on Monday is expected to consider incentives for two companies that are seeking to relocate to Rhode Island.
- Xeros Inc., the cleaning technology division of Xeros Technology Group, which is based in Sheffield, England, is pursuing the relocation of operations now located in Seekonk to Rhode Island. The amount of the incentives or the number of jobs proposed to be created were not detailed in the agenda documents. The company is seeking funds through the Qualified Jobs Incentive Tax Credit program, which provides up to $7,500 annually per job for jobs created in Rhode Island that generally exceed the state’s median salary.
Xeros has U.S. headquarters in Manchester, N.H., and holds patents in technology to reduce water consumption in commercial laundromats.
- Alliance Paper Company Inc. is requesting incentives under the Qualified Jobs Incentive Tax Credit program. The company is a paper products manufacturer that is considering a relocation of its operations in Fall River to Rhode Island. The amount of the incentive package and the number of jobs to be transferred or created were not specified in the agenda documents.
The Commerce Corp. board, led by chairwoman Gov. Gina M. Raimondo, meets at 5 p.m. Monday at its offices at 315 Iron Horse Way, Providence.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
