Woonsocket city officials are unveiling a new economic stimulus program.
The program could mean 500 news jobs could be coming to Woonsocket.
On Wednesday Woonsocket Mayor Leo Fontaine laid out what he called the most comprehensive economic redevelopment strategy that's been presented for the city in decades.
"It takes into account new job development, corporate office park development, retail development, neighborhood clean ups, blight removal," said Fontaine.
Local business owners were elated to hear about the comprehensive plan to give the area a boost.
"We need more business, definitely more business in this economy will help supplement some of the tax burden that we've endured as property owners," said business owner Matt Moylan.
In the next five years, the project promises to redevelop dilapidated old buildings in Woonsocket. They also plan to put a lid, or a big cap, on some of the nasty smells coming out of the nearby wastewater treatment plant to make life more pleasant here.
The plan also calls for incentives to new businesses to open in Woonsocket, in the form of tax breaks.
The Municipal Economic Development (MED) Zone designation for retail designation is a state program that allows businesses to come in and basically charge half of the sales tax than normal.
"As a business owner, I welcome business. Businesses do well in clusters. So when we have clusters, it brings more people," says Moylan.
Fontaine says he is particularly excited over one particular element of the plan. A Worcester to Providence train with a stop in Woonsocket could happen much sooner than you think he said.
"Commuter rail is something that we think is going to create an explosion of development, and raise property values dramatically," he said.
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