Finance committee approves 20-year lease and city purchase to shore up WaterFire Providence arts center

The Providence City Council Finance Committee on Nov. 4 approved moving to the full council a plan for the city to purchase the building at 475 Bezd Street and lease it to WaterFire Providence on a 20-year lease carrying an annual rent of $1.

City staff told the committee the proposed lease would leave all operations, routine maintenance and insurance responsibilities with WaterFire Providence while the city retains ownership of the asset. A staff presenter described the plan as a financial transaction that provides the nonprofit with an immediate capital infusion while giving the city a property that could appreciate over time.

The committee heard testimony from WaterFire board members and supporters who said the organization is a signature cultural asset for Providence. Bob Walsh, a returning board member, described a 30‑year partnership between WaterFire and the city and urged support of the transaction as a means to preserve both the river installations…