Incentives

Incentives Offered by the Quonset Development Corporation 

As part of its commitment to attract and retain successful businesses, the Quonset Development Corporation Board adopted two Standard Lease Incentives at the August 5, 2013 board meeting that will be available for all tenants entering into new land leases.

The first incentive builds upon and enhances the QDC's "lease only" policy, encouraging longer term commitments from tenants. Offered in five year increments, the longer a tenant agrees to keep their business at the Park, the larger the discount available to them. This rewards tenants with lower lease rates, provides stability, and broadens their private financing options. It also provides QDC with a predictable and sustainable revenue stream to fund park operations and infrastructure maintenance. (The Business Park funds 100% of its operating expenses without any taxpayer money from the state General Fund.)

The second incentive offered to tenants in a new lease relates to the employment and wages provided by a land lease employer at the Park.This incentive rewards both quality and quantity of jobs by offering a deduction on a percentage of the payroll. Therefore, the benefits to a company with fewer, but higher paying jobs is the same as a company with many more jobs. The approved incentive provides a discount of 0.5% to a land lease tenant based on their annual wages, as reported to the Division of Taxation on the Quarterly Tax and Wage Report. This incentive is capped to a limit of 50% of the annual leased rate.

Together, these two incentives help the QDC promote transparency, fairness, and predictability, enhancing the competitive position of the Park and creating a more business-friendly environment. For further information on the incentives, please contact the QDC offices at 401.295.0044

 

Lease Term Incentive:

 Years      Discount
 5  2%
 10  4%
 15  8%
 20  12%
 25  16%
 50  25%

Other Entities

The Rhode Island Commerce Corporation (Commerce RI) is the full service, official economic development organization for the state of Rhode Island. A quasi-public agency, the Corporation serves as a government and community resource to help streamline business expansion in, and relocation to, Rhode Island. The agency assists companies with commercial real estate, business financing, workforce training and other relevant issues.

The Town of North Kingstown has an economic development tax incentive for qualifying businesses located at the Quonset Business Park that are used for manufacturing or commercial purposes, including new buildings, new structures and/or additions to existing buildings or structures used essentially for offices, manufacturing or commercial enterprises and not for residential purpose. The incentive provides for the phasing in of property taxes over a period of six years.

Rhode Island Department of Environmental Management (RIDEM): The RIDEM regulates water quality through the issuance of wetland alteration permits and stormwater permits. They also have jurisdiction over hazardous and toxic materials and air quality.

Rhode Island Coastal Resource Management Council (CRMC): CRMC regulates freshwater wetlands in the coastal zone and development and construction along the water’s edge. Rules and Regulations Governing the Protection and Management of Freshwater Wetlands in the Vicinity of the Coast can be found here.