PAWTUCKET – The Pawtucket/Lincoln enterprise zone has received redesignation for another five years, Pawtucket Mayor Donald R. Grebien announced Monday.
The renewal is part of a state incentive program to stimulate economic revitalization in the Ocean State by the R.I. Economic Development Corporation.
“The state’s enterprise zones are important engines for business expansion and full-time job creation,” EDC Executive Director Keith Stokes said in a statement.
“By continuing to build on existing workforce, infrastructure, market and cultural assets within these areas, we can attract new, private investment that will accelerate economic growth and make communities even better places to work and live,” continued Stokes.
Firms located in the Pawtucket/Lincoln enterprise zone – one of 10 in Rhode Island – are eligible to receive up to $5,000 per enterprise zone resident employee and $2,500 for other enterprise zone employees.
All new hires must be Rhode Island residents working full time.
Pawtucket’s portion of the enterprise zone includes sections of the Woodlawn and Fairlawn neighborhoods. The Lincoln section contains the Saylesville Mill complex and sections of Higginson Avenue.
“The success of small businesses is critically important to the economy of Rhode Island and to the condition of the state as a whole,” Gov. Lincoln D. Chafee said in prepared remarks.
“This is a terrific opportunity for the state to partner with its municipalities to encourage job creation and economic growth,” he added.
Grebien said the enterprise zone program brings together two economic needs for one common purpose.
“People need places to work and small businesses need incentives to grow and hire new employees. Ultimately, this state tax incentive program for businesses operating in blighted areas offers the prospect of increasing the overall tax base,” he said. “Workers earning money spend money, and that has a ripple effect throughout our region’s economy.”