Tax Credits For West Warwick Development on R.I. Commerce Agenda

WEST WARWICK, RI — When the Rhode Island Commerce Committee meets Monday, it will consider tax credit incentives for a proposed development in West Warwick.

Arctic Mill Realty Partners, LLC seeks an award under the Rebuild Rhode Island Tax Credit program, according to a posted meeting agenda. The applicants propose a mixed-use complex to include 136 apartments and 10,000 square feet of office and retail space in West Warwick. The total development cost for the project is estimated at $31.5 million.

Also seeking tax credits under the program are East Greenwich Partners, LLC for a mixed-use complex to include 9 apartments, 5 commercial units and 6 residential townhomes in East Greenwich. The total development cost for the project is estimated at $5.7 million.

Finally, Branch Holdings, LLC seeks incentives in relation to a mixed-use complex to include 228 apartments and 20,000 square feet of commercial space in Providence with a total development cost of $46.2 million.

The June 28 meeting will be held via telephone conference.

Rebuild Rhode Island helps eligible developers bridge financing gaps with redeemable tax credits covering up to 20 percent, and in some cases, 30 percent of project costs, according to the program's web page. Approved projects can also be exempted from sales tax on construction materials, furnishings, and equipment.