Mayor Donald R. Grebien Supports New State Economic Incentives to Help Rhode Island’s Small Businesses Grow

Pawtucket – Mayor Donald R. Grebien is excited to announce Commerce RI, the state’s
agency dedicated to stimulating economic growth in Rhode Island, has unveiled three
new incentive programs that are geared to jumpstarting local economies throughout
the state. Applications for the Main Street Rhode Island Streetscape Improvement
Fund, Tax Stabilization Incentive and Anchor Tax Credit are now available on its
website.

Grebien is supporting Governor Gina Raimondo’s efforts to create a more vibrant
economy in the state’s 39 cities and towns through new economic development
incentives. “These new programs have tremendous potential for Pawtucket’s small
businesses,” says the Mayor. “I would like to encourage companies to take the time
to learn more about how these programs help their businesses grow and companies
should know that the City will be happy to work with anyone interested in learning
more about the programs,” continued Grebien. Companies seeking assistance from the
Mayor’s office may contact Dylan Zelazo of the Mayor’s office. Zelazo can be
contacted by calling (401) 728-0500, Ext. 268 or by email at
dzelazo@pawtucketri.com.

The Main Street Rhode Island Streetscape Improvement Fund awards grants or loans on
a competitive basis for improvements in central business districts such as enhanced
sidewalks, new street furniture, new way-finding signage, upgraded building facades
and improved street lighting. Projects can receive up to $300,000 in funding.
Applications are due on February 5, 2016.

Also, the newly released Tax Stabilization Incentive provides an incentive for Rhode
Island municipalities to enter into tax stabilization agreements (TSA) for
development projects that qualify. Under the program, municipalities can receive
reimbursement of up to 10% of tax revenue foregone under a TSA that spans at least
12 years.

Finally, the Anchor 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 and vendors close to home.

For information about these programs, visit the Rhode Island Corporation’s website,
www.commerceri.com and click “incentives” on the homepage. Potential applicants for
any of the new incentives are encouraged to contact the Commerce Corporation’s
Business Development Team at (401) 278-9100 or business.development@commerceri.com.

For details about the City of Pawtucket’s economic development incentives,
interested parties are encouraged to contact Herb Weiss, Economic & Cultural Affairs
Officer for Pawtucket. He can be reached by calling (401) 728-0500, Ext. 439 or via
email at hweiss@pawtucketri.com.