Providence Place Mall Seeks New Tax Treaty — “Cannot Afford to See It Abandoned,” Says Igliozzi
Friday, October 07, 2022
The Providence City Council has received a proposed ordinance establishing a 20-year tax treaty for the Providence Place Mall to begin on July 1, 2028, including annual payments of $4.5 million.
According to the council, the proposal claims that the COVID-19 pandemic and the growth of e-commerce have “challenged the viability of malls.”
Now, the mall’s owners seek to reinvent Providence Place Mall into a “modern public gathering place that combines retail with office/workplace, dining, entertainment, health and wellness facilities, arts, education, residential, medical, community fulfillment services and together with other commercial uses in one location,” according to the ordinance.
“This tax treaty proposal is the beginning of the conversation on the future of Providence Place. The economy and online shopping have changed the mall’s business model from 25 years ago. As city leaders, we are responsible for listening and allowing the owners to present the facts,” said Council President John Igliozzi. “The city and its residents cannot afford to see the mall abandoned and shuttered, but any tax agreement needs to reflect equity across the board.”
The proposal was taken by the Council “off docket” Thursday because the ordinance was not presented to the Clerk’s office before the 10 am docket deadline on Friday, October 1. The proposed ordinance was referred to the finance committee.
To read the entire proposal, click here.
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In 2016, GoLocal wrote, “Questions Arising Over Millions in Payments by Providence Place Mall:”
Is the multi-billion dollar corporation who owns the Providence Place Mall paying its fair share of taxes? No one seems to know.
The tax stabilization agreement (TSA) first executed in 1994 and amended in 1996 between the City of Providence and the developers of the Providence Place Mall required the mall to establish a number of partnerships and business investments in the city in exchange for reduced tax payments.
Now, a GoLocal investigation raises questions about the enforcement of those TSA requirements, and as well as how much the mall is required to pay in property taxes.
When high-end department store anchor Nordstrom left in 2018, GoLocal questioned, “What is the future of Providence Place Mall?”
During the pandemic, Macy’s stores were being shuttered nationwide, leading to speculation about its permanence in Providence.
In 2022, following a mini crime wave at the mall, questions were once again raised again as to what might lie ahead for the massive brick-and-mortar retail and dining destination.
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