RIEDC Board Listens to Plans for Warwick Station District and Economic Development in RI's Urban Communities
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January 25, 2011 | Print this page | Share This |
Board Also Approves Tax Credit for Innovation-Based Small Business Expected to Create 86 Jobs in Rhode Island
At Governor Lincoln D. Chafee’s first meeting presiding as Chairman of the Rhode Island Economic Development Corporation (RIEDC) Board of Directors today, the Board heard presentations about two of the governor’s key economic development priorities and gave final approval to a tax incentive measure aimed at creating 86 jobs in Rhode Island.
“I believe Rhode Island is poised for economic recovery and job growth…but only if the RIEDC focuses on leveraging our existing assets, supporting our existing businesses and stimulating “Main Street” economic development, especially in our financially challenged communities,” Chafee said.
“Governor Chafee began to lay the foundation for two of his economic priorities which align with current RIEDC initiatives and programs,” Stokes said. “The Governor and I are working with the board and our public and private sector economic development partners to develop a strategic plan to encourage the success of small businesses and urban communities while building on our existing economic assets to stimulate a new era of job creation and economic growth for all Rhode Islanders.”
Warwick Mayor Scott Avedisian presented the board with an overview of efforts to create jobs and attract businesses to the Warwick Station Development District by capitalizing on existing intermodal transportation infrastructure to foster high-value, high-quality mixed-use growth.
RIEDC Executive Director Keith Stokes and Governor Chafee’s Director of Community Relations, Doris M. de los Santos, updated the Board about a comprehensive economic development initiative to strengthen Rhode Island’s urban communities. The plan focuses on providing: a) betters access to investment capital for small businesses; b) coordinated access to and development of effective business development resources; c) identification of the most promising industry growth sectors; d) re-branding of our cities as places to start, grow relocate a business; e) identification of urban communities most in need of revitalization; and e) establishing workforce training and career education pathways.
Governor Chafee will be joined by Stokes and local officials on a series of “Main Street Listening Tours” beginning later this week to hear first-hand how the state can best assist with economic growth in Rhode Island’s core urban communities. Tours will include: Providence, West Warwick, Woonsocket, Central Falls and Pawtucket. A final tour schedule will be released in the coming days.
Phoenix Medical Technologies
In a measure that is expected to create 86 direct jobs in Rhode Island by 2015, the RIEDC Board gave final approval to a $100,000 Innovation Tax Credit for Providence-based Phoenix Medical Technologies, LLC.
Phoenix Medical is working to develop and manufacture a high-tech therapeutic shoe insole to prevent people with compromised balance, like the elderly and diabetics, from falling. The medical device uses low-level vibrations to stimulate nerve function which helps people keep their balance. The company’s development partners include three Rhode Island software, design and manufacturing companies.