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Finance committee approves four tax stabilization agreements for new housing and commercial projects
Summary
The Providence City Finance Committee approved four tax stabilization agreements Jan. 27 for developments including 23‑unit and 35‑unit residential projects, a mixed‑use building on Atwells Avenue, and a commercial auto‑body training facility; the administration recommended approval and the committee voted unanimously to move the items forward to the council.
Providence City’s Finance Committee voted Jan. 27 to approve four tax stabilization agreements (TSAs) that back a mix of new residential construction and commercial renovation across the city.
The committee approved TSAs for 20 America Street, 386 Atwells Avenue, 157 Gayno Street and 70–72 Royal Little Drive after presentations from the city’s finance department and project representatives. Chairwoman Joanne Ryan led the session and Lawrence Mancini, the city’s chief financial officer, presented fiscal notes for each proposal.
Mancini said the 20 America Street project is a category‑2 TSA for new construction of a 23‑unit residential building with an estimated total cost of $3,537,200; the applicant’s projected savings over the 10‑year stabilization is $361,820, and a parks and recreation fee and an annual monitoring fee would be payable under ordinance sections 3.11 and 3.14. “A tax…
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