Providence City Council Tonight Approves Four New Tax Stabilization Agreements
Providence, RI (November 1, 2018) – At tonight’s City Council meeting four Tax Stabilization Agreements (TSAs) were passed for the first time. Each will need to be passed one more time by the Council to formally be approved.
“We are creating jobs and growing businesses here in Providence,” stated City Council Majority Leader and Chairman of the Committee on Finance John J. Igliozzi. “More cranes in the city skyline mean two things – more jobs, and more growth – and that’s a good thing for all of us.”
These TSAs were vetted by the Committee on Finance through a transparent, open, and predictable process, and were sent to the full Council for passage. Three of the projects passed tonight by the City Council are for the rehabilitation and redevelopment of approximately 207,000 square feet of underused space, which will be redeveloped into mixed-use residential and commercial spaces in the North End and the downtown corridor. The fourth project, also in the North End, will develop an empty lot into nearly 111,000 square feet of new commercial space.
“These projects expand our tax base which is a direct benefit for every taxpayer, and will bring greater opportunity for our residents,” stated City Council Majority Whip and Committee on Finance member Jo-Ann Ryan. “Providence continually gets ranked as one of the best cities to live, and development like these only adds to the quality of life for current and future residents who wish to call Providence home.”
The first two TSAs passed tonight are both located in the City’s North End neighborhood. Providence 2017, LLC plans to transform an empty lot at 145 Corliss Street into a self-storage facility which would include 863 storage units. The second is for Wanskuck Mill, located at 725, 726, 715, and 745 Branch Avenue; the development is owned by Branch Holdings, LLC, and currently has 60 apartment units. The project would include an additional 150 apartments with affordable rents ranging from $1,100 to $1,400 per month in rent. The project would also include the addition of commercial space in the property, such as a restaurant, retail and/or office space.
The final two TSAs passed tonight are both located in the downtown corridor. The property located at 185 Westminster Street will include the redevelopment of 50,000 square feet of underused space. The developer will create new mixed-use residential and commercial spaces, which will also include a restaurant. A property located at 170 Westminster Street will be redeveloped into 57,000 square feet of residential and commercial/office space, including a restaurant on the top floor.
Together these projects will create 360 high-paying construction jobs and 140 full-time jobs upon their completion. The developers have also agreed to use minority and/or women-owned businesses when possible, will enter into a First Source agreement with the City, will take part in the “Buy Providence” initiative as much as possible, will make an investment into the City Council Parks and Recreation Trust Account, and will ensure that all contractors and subcontractors have or are affiliated with an apprenticeship program.
Projected total annual tax revenue for these projects at the end of their TSAs is expected to be more than $2M.