Warwick council debates tax treaty for Renaissance housing project amid community concerns

In the heart of Warwick City Hall, council members gathered to discuss pressing issues that could shape the future of the community. Among the topics was a contentious proposal regarding a tax treaty for a new housing development, which has sparked debate among council members and residents alike.

The meeting revealed concerns about the valuation of land, particularly in light of a recent offer from the airport corporation for a parcel of land. One council member expressed frustration over the disparity in land prices, noting that the airport's offer of $6 million for less than six acres starkly contrasted with a recent sale of 3.4 acres for only $400,000. This discrepancy raised questions about the fairness and transparency of land transactions in the area.

As discussions progressed, the focus shifted to the issuance of Certificates of Occupancy (CO) for the proposed housing project, which aims to include 170 units, with 20% designated as affordable housing. A key point of contention was whether the CO would be issued for individual units or the entire building. The consensus seemed to lean towards issuing a CO per building, which would trigger the start of the tax treaty once the building is ready for occupancy.

However, concerns lingered about the implications of the tax treaty itself. One council member questioned what would happen if the developer decided to change the project or sell the property after the tax treaty was approved. The response clarified that the tax treaty would be tied specifically to the proposed development, ensuring that any significant changes would require further approval from the city.

Another point of discussion revolved around the timing of tax payments. While residents are required to pay taxes quarterly, the proposed agreement allowed for biannual payments. This raised eyebrows among council members, who argued that it would be inequitable for a developer to have different payment terms than local taxpayers. The administration indicated a willingness to adjust the payment schedule to align with the city's standard practices.

As the meeting drew to a close, the conversation turned to the specifics of affordable housing rents, which would be determined based on the area’s Average Median Income (AMI). The formula for calculating these rents is set by federal guidelines and varies by location, ensuring that the affordable units remain accessible to those in need.

The council's deliberations highlighted the complexities of urban development and the balancing act required to meet community needs while fostering economic growth. As Warwick City moves forward, the decisions made in this meeting will undoubtedly have lasting implications for its residents and the character of the community. The council's commitment to transparency and accountability will be crucial as they navigate these challenges in the months ahead.