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December 16, 2017

Nonprofit given $1M in historic tax credits to redevelop Island Machine mill


December 8, 2014

WOONSOCKET – The state Division of Taxation has awarded a nonprofit development agency more than $1 million worth of historic tax credits as part of a proposed $6.2 million makeover of the onetime Island Machine Company at 15 Island Place.

Joseph Garlick, executive director of NeighborWorks Blackstone River Valley, says the 50,000-square-foot, three-story rubblestone mill will be converted into a half-dozen “live-work spaces” for artists on the upper stories, with office space on the ground floor.

The project is the first in the city to win historic tax credits under a 2013 act of the state legislature that resurrected the program after a lengthy hiatus. The Division of Taxation awarded packages of up to $5 million worth of tax credits by lottery during an initial round of disbursements after the program was rekindled. Garlick said NeighborWorks was not among the initial 30 lottery winners, but not all of those chosen were able to meet the eligibility criteria.

Full story appears on page A1 of Tuesday’s Call.

Link: 

Nonprofit given $1M in historic tax credits to redevelop Island Machine mill