Greater City Providence
Ownership of the vacant power plant is hampered by multiple stakeholders, mortgages, deed restrictions and up to 20 mechanics liens tied to one of the most ambitious and ill-fated public-private partnerships in the state’s history.
And then there are the $26 million in state historic tax credits attached to Dynamo House that the partnership between Commonwealth Ventures LLC and Brown University intend to use to help finance construction. The current owners of the power station control the tax credits.
With this tangled legal web in mind, the city’s Davol Square Plan lays out a strong case for seizing the power station using the city’s powers of eminent domain if clearing the title through negotiation fails.
Jef Nickerson
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