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Board approves $2.7M Rebuild Rhode Island tax credit for Unity Park LLC
Summary
The board approved a Rebuild Rhode Island tax-credit request for Unity Park LLC tied to a 10-year, 45,000 sq ft lease and estimated $9 million in tenant improvements; staff said the Saab lease is contingent on receiving these credits as requested ($2.7 million).
Staff told the board Unity Park LLC seeks a Rebuild Rhode Island tax credit to support a 10-year lease for 45,000 square feet and tenant improvements estimated at up to $9,000,000. "They have come to us for a reasonable amount tax credit ask of $2,700,000," the presenter said, and staff noted that the Saab lease is contingent on securing both these tax credits and qualified-jobs incentives.
Board members asked about project scale and the potential for broader economic spillover; the chair moved approval, and the motion passed on a voice vote. Staff said the project is intended to help create a blue-economy cluster at Unity Park and attract additional complementary firms.
