Why not a biotech park -- take advantage of state tax credits

Saturday, April 9, 2005

Dear Editor,

On March 15 The Call published an article about a legislative proposal to provide $5.4 million in Economic Development Corp. revenue bonds to assist Northern Rhode Island in developing biotechnology. The measure would help develop 100,000 square feet of biopharmaceutical space through a tax-credit enhancement program. Representative Ray Church was quoted as saying, "This measure will help create good quality, high-salary jobs."

The EDC is reportedly already negotiating with four Rhode Island biotechnology companies. A site has not been determined; but Highland Corporate Park in Cumberland was mentioned in the article. "In lieu of subsidizing construction, the EDC revenue bonds would be transformed into tax credits during the third and fourth years of operation, with the state responsible for up to $4 million in credits," the article states.

Whichever town in Northern Rhode Island wins the tax credits and gets the Biotechnology Park will be a clear winner. What is North Smithfield doing? Typically, they are negotiating a tax treaty with a mega retail mall developer on 120 acres that would be perfect for an industrial park. Instead of luring high technology companies that provide sustainable living-wage jobs, they are kowtowing to a mall developer.

Will North Smithfield ever attract elected leaders that do the right thing for the town and its citizens? Bob Lowe should be jumping on this biotech opportunity. With the contacts he has in the legislature, North Smithfield could soon be a major biotechnology center, ideally located near major cities and with major highway access. Elected Town Councilors should be clamoring for this deal. Instead they are bowing to threats and intimidation from the Mayor of Woonsocket to build a retail mall so that Woonsocket will have access to a Municipal Economic Development Zone.

This kind of opportunity will not come this way again. North Smithfield's leaders and citizens better wake up and take advantage of state tax credits when they are offered. A major announcement about a biotechnology park would go a long way toward passing that Middle School bond that is so sorely needed in this town.

Sincerely,

Linda Frye
North Smithfield, RI