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Woonsocket's Job Creation Incentive Program was developed by the City
administration and enacted by the City Council in 1992. The Program's
basic intent is to encourage economic development by providing a strong
local financial incentive to new and existing businesses to construct
and/or substantially renovate industrial and commercial facilities. The
financial incentive comes in the form of a "phase-in schedule" of new or
additional municipal property tax assessments. The length of the
"phase-in" period ranges from five to ten years based upon the type of
development, and begins with a first year tax percentage as low as 0% for
major renovation and 50% for new construction projects. The Program, as detailed in the attached program description, contains eight tables listing the various levels of tax abatement for different types of construction. A major factor in the final calculation of tax benefits is the total number of new jobs to be created as a result of the proposed construction. Businesses are encouraged to hire Woonsocket residents for at least 40% of the new jobs to be created, targeting low to moderate income residents. This innovative program is currently being reviewed as a model for other municipalities in the region. Combined with other programs recently enacted, it clearly reflects the priority goal of Woonsocket's Comprehensive Plan: New job generation. Additional program details and application may be obtained by contacting the Economic Development Director, Jeff Polucha, by calling (401) 767-9203 or E-mail: Jeff Polucha. Woonsocket has what it takes to MOVE you!!
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