Council approves 5-year tax-stabilization for 179-unit Renaissance Development at 1880 Post Road

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 approval, citing long‑standing vacancy, the risk the airport corporation might acquire the land, and projected benefits including increased local spending and new residents. The administration and petitioner said the tax treaty would begin only when the first building receives a certificate of occupancy, and the agreement escalates annually (the parties described a 20% annual escalation used in the exhibit presented to council).

Several council members pressed for clarity about the phase‑in numbers and payment timing. Councilman Ricks sought confirmation the agreement’s tax phase would reflect the escalation table in the draft and asked the assessor to verify the exhibit of annual tax payments; Director of Assessing Neil Dupuis provided supporting calculations and said the city currently collects roughly $68,000 annually on the vacant lot. Council members also secured commitments that tax payments could be handled on the same schedule as other taxpayers (quarterly) and that the developer would accept a five‑year restriction on condominium conversion if council required it.

Residents and planning staff asked about airport proximity, noise‑insulation programs and future land‑use designations. The developer said a Phase I environmental assessment showed no need for further testing and that the site is properly zoned for the proposed use; city planning staff said the parcel sits in the Gateway District and is listed on the future land‑use map as high‑density residential/mixed use.

After public testimony and deliberation the council moved for favorable action and recorded a roll‑call vote; the resolution passed by recorded majority vote. The council directed final technical edits to the agreement before it is executed and asked the solicitor’s office to incorporate negotiated clarifications (quarterly tax payment language and a five‑year restriction on condominium conversions, if included).

The council’s approval means the developer may proceed to finalize municipal paperwork and building permits; the tax‑stabilization phase will not begin until occupancy of the first building, according to the agreement as presented.