The RESGroup team was originally hired by the Rhode Island Foundation to review the existing economic development incentives offered by the State for economic development and compare them to other states that would be considered by companies seeking to relocate in the northeast region. Taking into consideration the States objectives for job growth, retention of businesses and increasing real estate taxes, the team recommended new types of public programs that would incentivize job creation and real estate development while creating a tax positive or neutral outcome. The results of the analysis were used to support the new Governor’s recommended budget for funding economic development programs over a five-year period. The incentives put in place have been highly successful.
RESGroup now has a multi-year on-call contract with the Rhode Island Commerce Corporation to review all proposed projects and evaluate the market feasibility, financial feasibility and need for public incentives, and economic impact. Projects have included mixed use residential, retail, office, industrial, affordable housing and student housing projects. As part of this on call contract, RESGroup updated the original analysis of State incentive programs, with particular focus on the development of historic properties and affordable housing, and on sales tax rebates and exemptions on construction materials.
