Senate Majority Leader Dominick J. Ruggerio expects to submit legislation Thursday that would establish state control over the taxes to be paid on former Route 195 highway parcels in the capital city, creating a 20-year tax-stabilization agreement for private developers and removing the city’s control over what taxes would be paid.
Ruggerio led work in 2011 to create the I-195 Redevelopment District Commission, which now owns 26 acres of former highway land and seeks to develop the land in a way that stimulates the state’s economy. The land panel just last week extended the deadline for a private developer seeking to build on the land to get a tax-stabilization agreement with the city.
“The administration and the I-195 commission have repeatedly stated they cannot successfully encourage development without the City of Providence creating tax-stabilization standards. Unfortunately, the establishment of clear and predictable tax rates for the I-195 district have not come to fruition,” Ruggerio said in a statement. “We cannot afford to wait any longer. The development of I-195 is critical to Rhode Island’s economic recovery and this legislation will encourage investment, job creation and economic growth.”
I think the City has not been fast enough in moving on their part of getting the land developed. However, I think the administration and the City Council are waiting to hear from the State how we’ll be reimbursed for creating these incentives that theoretically are boosting the economy of the entire state, not just Providence.
Providence carries a heavy burden of hosting so many jobs and so much infrastructure that makes the very existance of this state possible, but doesn’t get very much back for its trouble.
Ruggerio said he last met with Elorza probably in February, but he hadn’t shared his legislation with Elorza before releasing it today.
Well that is just rude. If you’re representing my city, and you’re moving to take away my taxing authority, a phone call or a text, maybe a fax, is in order.