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Council approves 5-year tax-stabilization for 179-unit Renaissance Development at 1880 Post Road
Summary
After a lengthy public hearing and debate, the Warwick City Council voted to approve a five‑year tax‑stabilization agreement with Renaissance Development to build 179 apartments at 1880 Post Road; the developer agreed to set 20% of units as affordable and the tax phase‑in begins when the first building receives a certificate of occupancy.
The Warwick City Council approved a resolution on July 7 authorizing Mayor Frank Picozzi to enter a five‑year tax‑stabilization agreement with Renaissance Development for a proposed 179‑unit residential project at 1880 Post Road.
Attorney Kate Joseph Shekachi, representing the petitioner, told the council the parcel has been vacant for decades and the developer sought a short, five‑year phase‑in to make construction financially viable. In exchange, 20% of units — 38 apartments — will be designated as affordable, with half of those targeted at 80% area median income and the remainder at up to 120% AMI, and affordability covenants will run for 15 years.
Mayor Frank Picosia and several councilors urged…
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