FAQ – General Questions
- What were the objectives of the project?
- What are the project’s funding sources?
- What is a business incubator?
- What are the “smart” features of the building?
- What distinctions has the project earned?
What were the objectives of the project?
Specific objectives of the project were to:
- Put a vacant industrial/commercial property back into productive use
- Generate new employment opportunities in South Providence
- Create employment opportunities that increase the skill level of local contractors
- Return economic activity to an area of economic neglect and blight
- Provide quality incubator space for office and light manufacturing use
- Attract some businesses to South Providence that have an environmental focus
- Demonstrate the viability of sustainable design and responsible energy use
- Increase the vitality of the neighborhood so that other community development initiatives – secondary economic growth – become feasible
What are the project’s funding sources?
SPDC secured a $150,000 pre-development grant from Fleet Bank (via its credit card subsidiary) in December 1999.
Using the initial Fleet investment as leverage, the following funding commitments were secured over time:
| Entity | Amount | Kind |
|---|---|---|
| Renewable Energy Collaborative | $100,000 | grant |
| Ward 10 bond funds | $10,000 | grant |
| Providence Gas Company | $10,000 | grant |
| Narragansett Electric Company | $5,000 | grant |
| RI Builder’s Association | $5,000 | grant |
| Narragansett Bay Commission | $10,000 | grant |
| The Providence Plan | $9,000 | grant |
| Other City bond funds | $517,500 | grant |
| RI State Senate | $50,000 | grant |
| Providence CDBG funds | $150,000 | grant |
| RI Dept of Environmental Mgmt | $93,000 | grant |
| RI Housing Resource Commission | $55,000 | grant |
| Fleet Bank RI – second award | $50,000 | grant |
| Prov. Economic Development Corp. | $362,000 | loan |
The US Department of Commerce-Economic Development Administration (EDA) awarded a $1,000,000 grant, requiring a 1-1 match with non-EDA funds. This contingency was met through funds raised from a variety of city and state organizations, as well as private donors.
Cox Communications provided an in-kind contribution valued at $46,750.
In-kind support was also provided by many of the project team members, who supplied generous donations of time and advice.
What is a business incubator?
A business incubator is an enterprise that is set up to provide office space,
equipment, shared services, and sometimes mentoring assistance and capital
to new businesses that are just getting started.
What are the “smart” features of the building?
Cox Communications has provided structured wiring for voice, data, and video conferencing services and up to 16 cameras bundled with internet services for security and other monitoring activities around the building.
What distinctions has the project earned?
The 17 Gordon Avenue Project has already achieved the following distinctions:
- Designation as a State demonstration project for energy-saving renovations involving an existing commercial structure;
- Designation by the RI Economic Development Corporation as a “Publicly Supported Improvement Project” which provides state tax credits in exchange for donations made to the project by corporations and individuals;
- Certification in 2001 through Statewide Planning’s Comprehensive Economic Development Strategy (CEDS) process, with the project achieving the highest score of all projects certified that year and enabling it to be considered favorably by the EDA for federal funds;
- The project was prominently featured in the 2001 Annual Report of the Governor’s Growth Planning Council; and
- The project is fully certified as eligible for state historic tax credits by the Rhode Island Historical Preservation and Heritage Commission (17 Gordon Avenue is also on the City of Providence’s Mill Reuse Program list.).
- 2003 Adaptive Reuse Award from the Providence Preservation Society.