|
A view of the city on the
move, the City of Woonsocket!
HOME OF THE CVS CORPORATION
| Highland Corporate Park, Woonsocket,
is centrally located in the Boston - Worcester - Providence
triangle, with direct interstate connection to Rte. 146 and
I-295 by way of the newly constructed Rte. 99. Driving time
between Woonsocket and Providence is 15 to 20 minutes. Boston
can be reached via I-295 or I-495 to I-95 in about an hour,
while travel time to central Worcester via Rte. 146 is
approximately 40 minutes. |
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60 ACRES OF
SCENIC ROLLING WOODLAND
LET US PUT TOGETHER A COST SAVINGS PACKAGE FOR YOUR
BUSINESS!
- Lots ranging from 3 to 9 acres
- Water and wastewater in excess of 1 million gallons
- Highly competitive cost at under $55,000 per acre
- Daycare facility at park entrance
- Immediate interstate highway access
ECONOMIC DEVELOPMENT PROGRAMS:
- Job Creation Tax Stabilization Program
- Tax Exemption on New Technology
- Small Business Loan Program
- State Enterprise Zone Designation
- Job Training Partnership Act
- State Training Tax Incentive Program
- Wholesale Inventory Tax Repeal
CITY OFFERS
ECONOMIC DEVELOPMENT PROGRAMS TO BUSINESS
JOB CREATION INCENTIVE PROGRAM
Since 1992, an aggressive property tax phase-in program for new
economic development in the City has been in place. The financial
incentives for prospective businesses are realized through the
adoption of a "phase-in" schedule, usually over a 10 year period,
for projects involving new construction or substantial renovation of
commercial and industrial properties resulting in new property tax
assessments.
The degree of the tax incentive varies, depending upon the number
of new employees, property location, and the size and type of
business. As an example, for major new companies locating in the
City's Highland Corporate Park, the level of program subsidy results
in a new business being assessed only 20% to 50% of expected taxes
in year one, with incremental increases over a 10 year period.
SMALL BUSINESS LOAN PROGRAM
This program is designed to assist businesses by providing gap
financing to enhance a firm's eligibility for conventional
financing. This City program provides loans to support local
business expansion and assist new businesses relocating to
Woonsocket. Funds are typically provided in the form of direct
loans, and may be applied toward property acquisition, fixed assets
financing, soft costs of development or rehabilitation, and in
certain cases, working capital.
Since first established, the program has provided nearly $2
million in low interest loans to small- and medium-size businesses.
Loans have ranged from $25,000 to $225,000. Interest rates are
usually set at or below the prime rate.
Flexible repayment terms are available, up to a maximum of 10
years, and deferments or balloon payment plans are considered upon
request.
ENTERPRISE ZONE BENEFITS
The Woonsocket/Cumberland Enterprise Zone was one of five
original zones established under this State program. The Zone
includes the new undeveloped sites in the Highland Corporate Parks.
The Program offers innovative State and local incentives to
attract new business and encourage the expansion of existing
businesses by providing tax credits for job creation. Job training
programs, expediting permitting processes, and priority
consideration for public financing are among the State's incentives.
Inquiries concerning available sites should be directed to:
NAI MG COMMERCIAL REAL ESTATE SERVICES
Attn: Mr. Michael J. Giuttari
300 Richmond Street, Suite 201 Providence, RI 02903
Telephone No.: (401) 751-3200
Inquiries concerning City Programs should be
directed to:
Jeffrey Polucha, Economic Development
Director
169 Main Street, Woonsocket, RI 02895
Telephone No.: (401) 767-9203
E-mail:
Jeffrey Polucha |
