NEW: Council Grants Tax Stabilization to New Biltmore Owners
Friday, March 16, 2012
The Providence City Council gave final approval Thursday to grant the new owners of the 89-year-old Providence Biltmore Hotel a 12-year tax stabilization plan that will allow them to spend nearly $30 million to renovate the downtown landmark.
The new owners, Finard Properties, paid $16 million for the historic hotel, which was forced into receivership last year.
Todd Finard, one of the company's partners, said the Biltmore will undergo a "top to bottom" renovation beginning in June. He pledged that the plan will create over 50 jobs and said the company plans to fully comply with any requirements to hire local and minority workers.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"We're just excited," Finard said. "The property has had its up and downs, but I want businesses in Providence to think of the Biltmore as their hotel."
Finard called the $16 million purchase a "phenomenal investment" but said he sees owning the Biltmore as a hotel he would like to hold on to for generations to come.
"I'm looking at this for my kids and grandkids," he said.
The Council unanimously supported the resolution. Jim Bennett, the city's economic development director, said the company’s commitment to the Biltmore is a positive sign for the city as a whole.
"These are all union jobs and they're making $30 million investment in this iconic hotel," Bennett said. "It's a great optic for the city."
