Finance committee approves four tax stabilization agreements for new housing and commercial projects

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 stabilization is an agreement whereby the taxes are stabilized for a period of the first two years, and then they gradually increase over the remainder of the life of the stabilization,” Mancini explained during his presentation.

For 386 Atwells Avenue, Mancini described a four‑story mixed‑use project with one commercial space and 21 residences. He said the project’s estimated total cost is $5 million, with projected applicant savings of $526,761 over 10 years and a parks and recreation contribution of $36,873.

Mancini summarized the 157 Gayno Street proposal as part of a four‑building investment; that TSA covers a new 35‑unit residential building with an estimated total cost of $4,250,000 and applicant savings of $371,262 over the stabilization term. The Royal Little Drive application, filed by Generation Realty LLC, is a category‑1, five‑year TSA to renovate an existing structure into a commercial auto‑body repair and training facility; Mancini said the renovation costs are estimated at $2,570,000 and the applicant expects to create 10–15 permanent jobs.

Project counsel and representatives described the developments in more detail. Zachary Bordone, appearing for 20 America LLC, said the building will replace a paved parking lot and provide 23 homes, while Joel Rocha and architect Eric Zuena reviewed drawings and renderings for the Atwells Avenue mixed‑use structure. Nicholas Heeman, representing Generation Realty, and Peter Petracca of Providence Auto Body said the Royal Little Drive project will modernize operations and house a training program that could partner with technical schools.

Committee members asked procedural and substantive questions; Ryan moved to substitute a missing Exhibit A for item 4 and to standardize notice language in section 7.1 of the TSA ordinance; the committee carried both motions. Vice Chair Jim Taylor moved to waive readings and consider items 1–4 together; that motion and the subsequent motion to approve items 1–4 passed on unanimous voice votes.

The administration supported approval. Mancini said the finance department backed each TSA after preparing fiscal notes and recommended the committee adopt the agreements.

The committee’s action sends the approved TSAs forward according to committee procedure. The items will be posted for the full council as required by city rules; the finance committee record shows the measures were approved by the five‑member committee present that evening.

The TSA ordinance sections referenced in the presentations (including sections 3.11 and 3.14) set out parks and recreation contributions and monitoring fees tied to the savings realized by applicants under the stabilization agreements.