ProvPort Expands - Leases 14 Acres of City Land
Friday, May 15, 2015
On Thursday at the Providence Redevelopment Agency (PRA), gave ProvPort approval to expand port and terminal operations onto an adjacent property known as “parcel 288.”
ProvPort will lease the property from September 1, 2015 through July 1, 2036 at a rate of $140,000 per year.
Parcel 288 totals 14.5 acres, 9.3 of which will be utilized by ProvPort for expansion purposes. ProvPort already had an existing easement on parcel 288 totaling 2.2 acres. The remaining 3 acres will be used as a security buffer and as open space increasing waterfront access for the public through Save The Bay’s current location.
In the past few years ProvPort was able to secure $20 million in private and federal funding to acquire cranes in order to expand operation.
“We believe there are a number of opportunities to bring new tenants to ProvPort with this expansion, which will result in further increased tax payments to the city as well as the opportunity to bring more jobs to Providence’s waterfront,” said Paul Moura, chairman of ProvPort’s board of directors.
“With its deep-water channel, Providence’s industrial port is an under-utilized economic development asset poised for renewed investment,” Mayor Jorge Elorza said. “ProvPort’s expansion will help us realize my administration’s ambition to double Providence's imports and exports and create good-paying, blue-collar jobs on our waterfront."
Waterson Terminal Services, the Port operator will expend approximately $1.4 million in development costs to prepare the site for expansion. Parcel 288 is a former landfill that was decommissioned and previously capped. The parcel will be cleared, graded, paved and perimeter fencing will be installed. ProvPort will also expend approximately $300,000 to restore the open space portion of the parcel.
“We are pleased to be working with ProvPort and the city of Providence in expanding shoreline access to Narragansett Bay at Fields Point. Save The Bay also recognizes the economic importance of the Port of Providence and supports the expansion of ProvPort’s operations. This is a great partnership that benefits our community, will bring new jobs to the area, and adds to the natural beauty of the upper Bay,” said Jonathan Stone, executive director of Save The Bay.
Waterson Terminal Services, which handles port operations for ProvPort welcomed the news as well. Waterson’s General Manager Chris Waterson stated, “This expansion certainly provides the opportunity to bring in other cargo or tenants and also provides flexibility with our current tenant configuration. We appreciate the efforts of everyone involved.”
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Rhode Island ranks fifth overall in the category of speeding over 20 mph annual premium increase at $482. While ranking third overall in the category of 2 accidents annual premium increase at $2,721.
Rhode Island ranks ninth overall under the reckless driving annual premium increase at $749.
Rhode Island has been ranked as the 8th most eco-friendly state in the country, according to a recent study by WalletHub.
Rhode Island ranks third in environmental quality and 16th in Eco-Friendly Behaviors Ran landing them in 8th overall.
RI is behind Washington and New Hampshire who are in the six and seven spots respectively, and in front of Connecticut and Hawaii who come in at the nine and ten spot.
Rhode Island is 2015's 4th Worst State to be a taxpayer, according to a recent WalletHub report.
Rhode Island ranks 48th of 51 with an average state and local tax price of $7,159 which is good for a 27% difference from the national average.
The states that are directly behind Rhode Island are Wisconsin at $7,159, Nebraska at $7,298 and Illinois at $7,719 for a 37% difference from the national average.
Rhode Island has the highest vehicle property taxes in the country, paying an average of $1,133 according to a report from WalletHub.
Virginia and Kansas are the two states just ahead of Rhode Island in the 49 and 50 spots, paying $962 and $905 respectively.
RI also ranks 42nd in average real estate tax, paying an average of $2,779, according to the WalletHub report.
WalletHub has ranked Rhode Island as the 7th worst state to be rich in in a recent in depth analysis of 2015's Best States to be Rich or Poor From a Tax Perspective.
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To see the full report, click here.
Providence-metro ranks at the bottom for job creation in 2014
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Gallup gives the Prov-metro area an index score of 23, the lowest score is the New York- New Jersey area with 20.
Salt Lake City, Utah and Austin-round Rock, Texas rank the highest with a score of 37.
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Small Business Friendliness Grade: F
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Sky-high unemployment rate bespeaks continuing terrible business climate.
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