rebuild RI

Ian Donnis / RIPR

Governor Gina Raimondo took part a ceremonial groundbreaking Wednesday to mark the start of the first development utilizing the state's Rebuild RI tax credit.

The Commons at Providence Station will create 169 apartments on 2.85 acres of vacant land near the Providence train station. The project is utilizing a $5.6 million Rebuild RI tax credit and a 15-year tax stabilization agreement with the City of Providence.

Raimondo hailed the development as a sign of positive momentum in the state, aided by the award of 15 Rebuild RI tax credits.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment The Bottom Line.

This week, the two are joined by Scott Wolf, the executive director of Grow Smart RI about "Rebuild RI." That's the new tax credit program created under the Raimondo administration to spur development in the state. Wolf discusses what sorts of projects are covered, as well as key similarities and differences between "Rebuild" and the old historic tax credit program.

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