The RICC is seeking academic, institutional, industry, and development entities who will partner with URI and other academic institutions to develop, program, and occupy space at the Innovation Campus. URI will collaborate with the designated partner(s) to program and occupy space in the Innovation Campus, leveraging its deep research strength and resources to support the Innovation Campus’s goals. Additional partners may include but are not limited to the following entities:
- An Industry Partner or Partners committed to building a significant presence within Rhode Island and with the capacity to make substantial investments in the state that create high value jobs.
- A Development/Financing Partner that will build, finance, and operate the Innovation Campus.
- Other entities, including additional academic partners, research institutions, non-profits, and/or third-party operators that will lend their expertise to further the development of the Innovation Campus.
As illustrated in Figure 1, the Innovation Campus may include a diversity of spaces and uses. The Innovation Campus is envisioned as a facility designed to encourage collaboration between academic partners and corporate tenants. The Campus will pair proven industry leadership and investment with world-class, cutting-edge research and generate new partnerships between academic institutions and the private sector.
The RICC broadly envisions one or more facilities with shared spaces that can accommodate a variety of tenants and uses, stimulating collaboration and building mutually-beneficial relationships between partners to grow Rhode Island’s innovation economy.
Discretionary tax credits and funds offered by the State of Rhode Island may be leveraged to provide additional financial support for development of the Innovation Campus:
- Qualified Jobs Incentive Tax Credit: Up to $7,500 per job per year for up to 10 years in annual and redeemable tax credits, depending on the wage level and other criteria.
- Rebuild Rhode Island Tax Credit: Redeemable tax credits that cover up to 20% of project costs if a real estate project cannot otherwise raise sufficient funding or is at risk of locating in another state.
- I-195 Redevelopment Fund: Redevelopment fund that finances projects that have the potential to catalyze development in Providence’s I-195 Redevelopment District.
- Tax Increment Financing: Provides capital to eligible projects by rebating new State tax revenue generated, not to exceed 30% of total project costs or 75% of incremental revenue generated.
- First Wave Closing Fund: Provides lynchpin financing unavailable from other sources to close transactions of a critical or catalytic nature.
More detailed information on these economic development incentives is available here.