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Committee approves $25M PBBA bond to buy city office building and WaterFire arts center
Summary
The Providence City Finance Committee voted Sept. 23 to back a $25 million PBA bond to acquire 444 Westminster for $18.5 million and 475 Valley Street (WaterFire) for $3.75 million, a move city officials said will replace an escalating lease and allow capital improvements.
The Providence City Finance Committee on Sept. 23 voted to support a $25 million bond issue through the Public Building Authority (PBA) to acquire two downtown properties: 444 Westminster (commonly called the Doorley Building) for $18.5 million and 475 Valley Street (the WaterFire arts center) for $3.75 million.
City finance staff and external advisers told the committee the purchase is intended to replace an expensive, escalating lease for 444 Westminster and to provide a more stable long-term location for city operations and city-managed public services. Committee materials and staff testimony said the city currently pays about $1.5 million a year for 444 Westminster; over the life of the existing lease through 2036 the city would pay at least $18.5 million (assuming minimum escalators). Staff said buying the building and moving the cost into the…
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