Governor McKee Announces Incentives for Job Creation, Innovation and Development Projects

Published on Tuesday, June 24, 2025

PROVIDENCE, RI — Governor Dan McKee, Chair of the Rhode Island Commerce Board, announced today that the Board awarded $10.6 million in incentives through the state’s Innovation Voucher, Qualified Jobs Tax Credit, Main Street RI Streetscape Improvement Fund, and Site Readiness Programs to support business growth, job creation, and local municipalities and developers.

“We’re committed to growing Rhode Island’s economy—and this work is evidence of that,” said Governor Dan McKee. “Through strategic investments, we’re creating good-paying jobs, sparking innovation, and supporting local development—from undersea vehicle manufacturing in Bristol to main street improvements in cities and towns across Rhode Island.”

New Jobs and Raising Incomes

Vatn Systems recently opened its new headquarters in Bristol’s Unity Park, where it designs, manufactures, and operates autonomous undersea vehicles. Through an agreement under the state’s Qualified Jobs Tax Credit Program, Vatn will receive $6,663,750 in tax credits over 10 years to create a minimum of 228 new jobs in Rhode Island with an average salary of $102,143.

Sparking Innovation & Business Growth

Two Innovation Vouchers totaling $150,000 have been awarded. Vouchers are grants for small business research and development conducted in partnership with a local “knowledge provider” (typically an institution of higher education) or in-house for manufacturers. 

Circadian Positioning Systems, Inc. | Newport | $75,000 | Circadian Positioning Systems will partner with Brown Health to conduct testing of their proprietary Circadian-Targeted Lighting System (CLTS) on a National Oceanic and Atmospheric Administration (NOAA)/US government vessel. The CLTS is designed to mitigate fatigue due to circadian misalignment.
Deep Blue Composites, LLC | Bristol | $75,000 | Deep Blue Composites will validate a multi-axis filament winding process, correlating its output to simulation-driven predictions of mechanical performance for structural composite tubes. The goal of this R&D is to enable data-driven, scalable designs for manufacturing and reduce the number of physical iterations while increasing accuracy and repeatability.

Supporting Municipalities & Developers

Projects in seven municipalities will receive grants through the Main Street RI Streetscape Improvement Fund, totaling $1,840,000. The Main Street RI Streetscape Improvement Fund aims to enhance the vitality and economic potential of Rhode Island’s commercial districts. Grants are provided to projects that improve the appearance, accessibility, and overall appeal of “Main Street” areas.

Central Falls | $200,000 | Site-specific improvements and predevelopment activities for Dexter Street and Dexter Street Plaza in Central Falls.
Cranston | $600,000 | Creation of a pedestrian-friendly environment that prioritizes safe, comfortable, and accessible walking spaces along Park Avenue.
East Providence | $100,000 | Roadway design plans for constructing Seaport Drive, located on an underserved section of the East Providence waterfront, resulting in a multi-use roadway to the waterfront, as well as the planned urban coastal greenway.
Lincoln | $100,000 | Development of a comprehensive streetscape improvement plan for a half-mile stretch of Smithfield Avenue.
NeighborWorks Blackstone River Valley | $150,000 | Improvements to the Millrace District in Woonsocket through wayfinding signs, site amenities, and public art.
Pawtucket | $440,000 | Developing an enhanced pedestrian corridor in City Plaza that fosters accessibility and encourages foot and bicycle traffic with street repaving and structural repairs, installing enhanced lighting, and adding seating and greenery.
Providence | $250,000 | Replacing outdated extender poles and lights at various locations along Atwells Avenue and at DePasquale Square.

Additionally, fourteen projects received $1,957,000 through the Site Readiness Program. The Site Readiness Program provides funding and technical assistance to municipalities, public agencies, and other stakeholders to help make underutilized or vacant sites ready for development.

28 Agnes Street Development | Providence | $50,000 | Site-specific improvements, technical assistance, and marketing support for creating 200 residential units and retail space in the Olneyville-Dike Street Corridor.
162 Main Street | Woonsocket | $75,000 | Environmental assessments, infrastructure improvements, demolition activities, and architectural and engineering studies to 162 Main Street, which will contain 45 residential units and commercial lease space.
258 Pine Street | Pawtucket | $75,000 | Development of residential units at 258 Pine Street.
Ann & Hope Mill Redevelopment | Cumberland | $75,000 | Support architectural construction administration and environmental remediation services.
Bowen’s Wharf Flood Vulnerability Improvements | Newport | $47,000 | Improve drainage infrastructure of the property.
George Washington Highway Apartments | Lincoln | $75,000 | Architectural predevelopment activities to create 250 apartments at a site off George Washington Highway.
Marieville Urban Transformation | North Providence | $345,000 | Enhance and beautify the Marieville area with tree replacement, streetlight repairs and upgrades, sidewalk repairs, and crosswalk enhancements.
The Millrace District | Woonsocket | $295,000 | Site-specific environmental oversight, investigation, and remediation of an unregistered underground storage tank.
The Post at Olneyville Square: Phase 2 | Providence | $75,000 | Converting a parking lot on Westminster/Dike Street into a 24-unit apartment building.
Pound Hill Estates | North Smithfield | $75,000 | Site-specific planning and pre-development activities related to land survey, architecture, engineering, legal, etc., for new residential units.
Source Water Exploration Project | North Smithfield | $300,000 | Exploring and identifying a new high-capacity public well to replace private wells along Route 146.
South Kingstown Housing Initiative: Exploration of Workforce Housing Option | South Kingstown | $75,000 | Architectural and engineering planning activities for the development of three properties into new residential units.
Trinity Square Streetscape Improvements | Providence | $220,000 | Streetscape improvements to Trinity Square in Providence, including façade improvements to buildings, landscape beautification, gateway signage, and an engineering study for the redesign of the complex intersection at Broad, Elmwood, and Bridgham Streets.
Woonsocket Façade Revitalization Project | Woonsocket | $175,000 | Exterior improvements to historic buildings in the Main Street corridor from Court Street to South Main Street.

“These incentives represent Rhode Island’s commitment to fostering job creation, driving innovation, and supporting transformative development projects across the state,” said Secretary of Commerce Liz Tanner. “By investing in our businesses and communities now, we are building a stronger and more resilient economy for years to come.”

More information on these programs can be found at commerceri.com.