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Finance committee pauses Foster tax-agreement action, seeks fiscal analysis
Summary
Committee members questioned a proposed 10-year tax agreement with the Town of Foster covering Providence-owned watershed land and voted to continue the matter while asking city staff for a fiscal analysis and related documents.
The Providence City Committee on Finance on Jan. 23 considered a proposed tax agreement among the Town of Foster, the Providence Water Supply Board (an enterprise fund of the city), the Providence Public Buildings Authority and the city of Providence that would set fixed annual payments for the city-owned watershed land in Foster for 10 years.
A presenter briefed the committee on key terms: the agreement in the packet sets annual payments that range “402,950 to $573,005.34,” ties future increases to a maximum of 4% per…
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