PROVIDENCE — Mayor Angel Taveras has proposed agreements under which the tax-exempt tenants of the proposed South Street Landing development project will pay taxes to the City of Providence.
As currently envisioned, the former South Street Power Station on Dyer Street would be leased to Rhode Island College and the University of Rhode Island for a state-of-the-art shared nursing education center, and Brown University for administrative office space.
The proposed tenants have committed to paying city real-estate taxes of $9.9 million over the course of the 15-year lease, Taveras said.
“South Street Landing is a once-in-a-generation economic development opportunity for our capital city,” said Mayor Taveras. “The project promises to expand Providence’s tax base and increase tax revenues, create construction jobs and permanent jobs, help jump-start development in the Knowledge District, improve public access and recreation along our waterfront and assure the preservation of an iconic building in our city.”
The proposed tax stabilization agreements worked out with the developer, CV Properties LLC, also include policies that the City Council has adopted regarding the use of union contractors, apprenticeship programs, minority- and women-owned businesses and Buy Local.