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Council approves 15‑year tax stabilization for Lofts 125 at 125 G Avenue
Summary
After a public hearing with no public speakers, the council approved a 15‑year tax stabilization agreement for Lofts 125 Apartments LLC (125 G Avenue) following a unanimous roll call vote; the tax assessor presented project value and estimated final‑year tax figures.
The Pawtucket City Council approved a 15‑year tax stabilization agreement for Lofts 125 Apartments LLC at 125 G Avenue following a public hearing and a unanimous roll call vote.
Tax assessor Robert W. Burns summarized the project to the council during the public hearing, saying the developer — described in the hearing as Aurora Lee’s company — had proposed residential development near the old Union Wading site. Burns reported a 15‑year projected value stated in the hearing as "15 million 310,200" and said the estimated tax in year 15 would be about $352,287. "I don't think you should have any doubt that this company does what they say," Burns told the council, citing the developer’s prior projects in the city.
A representative who identified herself in the hearing as Miss Lee said she was grateful for the council’s consideration and was available to answer questions; no members of the public spoke during the hearing. After a committee review and the public hearing, the council voted 9–0 to adopt the finance committee’s recommendation to approve the 15‑year tax stabilization agreement.
Next steps: The approved resolution authorizes the tax stabilization per the terms presented; administrative staff will proceed with formal documentation and implementation steps.
