RIEDC Board Helps Pave Way for 209 New Jobs, Green Economy Growth
Related Media Coverage and Links
October 25, 2010 | Print this page | Share This |
The Rhode Island Economic Development Corporation (RIEDC) Board of Directors today approved financing and tax incentive measures for two critical projects aimed at creating at least 209 jobs. The Board also approved funding that will allow one of the state’s largest manufacturers to install a solar energy system to significantly reduce energy use and lower its business costs in Rhode Island.
`“The RIEDC’s strategic decision to invest in two advanced manufacturing companies will send a clear message that manufacturing is a vital part of Rhode Island’s economic recovery plans,” said Keith Stokes, Executive Director of the Rhode Island Economic Development Corporation.
Yardney Technical Products, Inc.
The RIEDC Board took a critical step in a process aimed to help Pawcatuck, CT-based Yardney Technical Products, Inc. to relocate to East Greenwich and create 165 jobs in Rhode Island. The Board approved the company for ‘Project Status’ which will make it eligible for a Rhode Island sales tax rebate on the purchase of construction materials and equipment, furniture, fixtures, machinery, computers and facility equipment once their relocation plans are finalized.
A new, modern facility will better position Yardney for growth in the advanced manufacturing sector. The project includes acquiring, building out and installing equipment at an existing facility at 2000 South County Trail in East Greenwich. The project represents the relocation of the research, development and manufacturing of advanced technology, high-performance batteries for aerospace, defense and other commercial and government applications.
Additional steps that need to be achieved before the company can relocate include the successful closing of a bond sale and a small business loan. The total cost of the project is about $12.5 million.
Toray Plastics (America), Inc.
As part of the state’s commitment to grow the green economy and lower the cost of doing business, the RIEDC Board approved $750,000 in financing through the agency’s Renewable Energy Fund (REF) for Toray Plastics (America), Inc., one of the state’s largest employers and users of electricity. The financing will help the plastics manufacturer install 1,650 solar panels at its Quonset Point facility in North Kingstown to reduce its energy costs and overall operating expenses. The financing came in the form of a $500,000 loan and a $250,000 grant.
For Toray, which employs 600 people in Rhode Island, the price of electricity is a major consideration when planning any future expansions, especially when compared to significantly lower rates in other parts of the country. Toray has made over $750 million in capital investments at their Rhode Island facilities over the years. The company has plans for another $16 million in investments that are expected to create more than 30 jobs.
As one of the single largest electricity consumers in the state, Toray is also one of the largest contributors to the Renewable Energy Fund.
Part of the RIEDC’s offering of financing programs, the REF provides financing for renewable energy businesses and projects that produce electricity in a cleaner, more sustainable manner and stimulate job growth. Since 2008, the REF has supported 42 clean energy projects with almost $8 million in funding.
Ocean Community YMCA
The RIEDC Board approved a $5.45 million tax-exempt bond to help finance the expansion of the Ocean Community YMCA (OCY) in Westerly which is expected to create 44 jobs at the facility when completed.
The financing will be used to modernize, renovate and enlarge the building. An independent feasibility and impact study found that similar projects at other YMCA’s have increased membership and revenue.
The bond will be purchased by a private lender who will assume all credit risk.
Formed in 1928, the OCY currently serves 13,000 members and employs 228 people.
