how does the approval process work?
All projects seeking approval must be consistent with priorities identified by the City. The City works with NPDC, the state of Rhode Island, select federal agencies and strategic partners to form a package of incentives and assistance for a potential investor. NPDC then uses its networks and knowledge to identify investors who are interested in the package and qualified to implement projects. Once qualified investors are identified, NPDC works with the City and the investor to reach an agreement that benefits the City as well as the selected developer. The City grants the final approval for each project.
HOW WILL RESIDENTS BENEFIT FROM PROJECTS?
Approved projects must demonstrate how they will encourage long term economic development, increase the numbers and quality of jobs, and contribute to the City's economic health. NPDC will return the initial $550,000 investment to the City, contribute ongoing revenues and profit-sharing to the City budget, and contribute to economic growth throughout the region.