To incentivize new development, the Quonset Development Corporation offers lease incentives based on the length of a ground lease term and the number of employees working at the site. The longer the lease term, the larger the discount off of the ground lease rent.
Under the employment incentive, 0.5% of annual wages paid, as reported to the Division of Taxation, is deducted from the ground rent. The two incentives combined (Term and Employment) cannot exceed 50% of the annual ground lease rent.
The Quonset Business Park is managed in the best interests of the citizens of Rhode Island to attract and retain successful businesses that provide diversified jobs. The remaining developable land within the Park is available for long-term ground lease. Please contact us for more information.
The Quonset Development Corporation partners with Rhode Island Energy to provide technical assistance and enhanced incentives to businesses implementing energy-saving projects.
Since this partnership began, Quonset’s businesses have:
- Received over $4 million in incentives for completed energy efficiency improvements.
- Saved over $3 million annually on their energy bills.
- Saved over 17 million kWh of electricity.
- Saved more than 300,000 gas therms.
- Reduced Green House Gas emissions equivalent to removing 2600 gas-powered vehicles for one year.