Credits, grants approved for construction and research in RI

PROVIDENCE, R.I. (AP) — Gov. Gina Raimondo and the Rhode Island Commerce Corporation have approved agreements for more than $9 million in tax credits and grants to spur new construction and support research and development.

The Democratic governor and the quasi-public agency’s board of directors approved incentive agreements Monday.

They include one tax stabilization development, two tax credit projects and 11 innovation vouchers for research and development.

The agency says the city of Providence agreed to a tax stabilization agreement with PRI, a division of the Procaccianti Group, for a proposed extended-stay hotel downtown. Providence qualifies for a reimbursement from the agency.

Tax credits were approved for a proposed residential unit development and a proposed mixed-use development in Providence.

Vouchers were given to industries important to the state, including aquaculture, defense and advanced manufacturing.

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