Raimondo Rolls out Incentive Programs to Attract and Grow Businesses, Help Municipalities
Main Street Rhode Island Streetscape Improvement Fund Tax Stabilization Agreement Incentive, and Anchor Institution Tax Credit Open for Applications
PROVIDENCE, RI – Governor Gina M. Raimondo, with Secretary of Commerce Stefan Pryor and Woonsocket Mayor Lisa Baldelli-Hunt, today launched three new incentive programs at the Stadium Theatre in Woonsocket, RI. These programs are designed to enhance business attraction and jumpstart new local economic development projects in our cities and towns. Applications for the Main Street Rhode Island Streetscape Improvement Fund, Tax Stabilization Incentive, and Anchor Tax Credit are now available online.
“A thriving main street can revitalize a community and provide a boost for families and businesses,” said Raimondo. “The three tools we launched today are designed to work together with our other new incentives to help spur local economies across Rhode Island. We have to spark growth in our municipalities and encourage new developments to get people back to work.”
“These new incentive programs will help municipalities across Rhode Island enhance their commercial corridors,” said Secretary of Commerce Stefan Pryor. “It is important to position our 39 cities and towns for economic growth, helping them make their business districts ever more attractive to business.”
“Woonsocket has a rich heritage of entrepreneurialism and innovation, and it continues to be a great destination to move or start a business,” said Woonsocket Mayor Lisa Baldelli-Hunt. “Programs like these will help make our city an even more compelling location for new businesses, and further promote everything Woonsocket has to offer.”
- The Main Street Rhode Island Streetscape Improvement Fund awards grants or loans on a competitive basis for improvements to commercial districts. Funding is available for projects that improve streetscapes in central business districts, such as enhanced sidewalks, new street furniture, new way-finding signage, upgraded building facades or improved street lighting. Projects can receive up to $300,000 in funding. Applications are due February 5, 2016.
- The Tax Stabilization Incentive provides an incentive for Rhode Island municipalities to enter into tax stabilization agreements (TSAs) for qualifying development projects. Under the program, municipalities can receive reimbursement of up to 10% of tax revenue foregone under a TSA that spans at least 12 years.
- The Anchor Institution Tax Credit provides a tax credit to a Rhode Island company (“anchor institution”) that plays a substantial role in getting a material supplier, a service provider or a customer to relocate to the state and create at least 10 new jobs. Rhode Island companies can reduce costs, increase efficiency and spur collaboration by bringing their important suppliers close to home.
To learn more about these programs, visit the Rhode Island Commerce Corporation’s website. Potential applicants for any of the new incentives are encouraged to contact the Commerce Corporation’s Business Development team at (401) 278-9100 or email@example.com.