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Igliozzi Opposes Extending Tax Agreements on Westminster Properties

Tuesday, October 07, 2014

GoLocalProv News Team

Councilman John J. Igliozzi (Ward 7) said that he is opposed to an ordinance that will extend tax stabilizations on four properties on Westminster Street.

At the October 2 Providence City Council meeting, Igliozzi and four other members voted against the ordinance, which was approved by the majority of the Council. The ordinance requires two passages, the second of which is scheduled for October 16th.

The four properties were approved for tax stabilization plans between 2001 and 2002. All four plans are set to expire at the end of 2014 and 2015. The new ordinance adds five additional years to the stabilized tax payment plan for each of the properties—210 Westminster, 220 Westminster, 236 Westminster and 249 Westminster.

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“This particular developer has received a regular stream of tax subsidies from Providence taxpayers for well over a decade. The City is facing a multi-million dollar deficit in the next fiscal year, and we simply cannot afford to provide this type of continuous support,” said Igliozzi.

Igliozzi added, “There is no compelling reason to extend the tax stabilizations on these properties . While tax stabilization agreements are a good economic development tool, it is unfair to taxpayers that this developer continues to get new tax breaks for the same properties. These developments must now stand on their own.”

Related Slideshow: Tax Breaks for Developers - See the Special Deals

Below is a breakdown of current tax stabilization agreements (TSA for short) in the city of Providence. In theory, tax stabilizations lower tax payments for developers as an incentive for development in the city. However, some deals have stretched over more than a decade. For each property, the amount the owner would normally be paying is displayed, along with the amount actually being paid under the TSA agreement. The difference is the amount of tax revenue the city is not receiving. Data is from the city Internal Auditor and is for fiscal year 2015. Note: several TSA properties are not listed because current data on assessments and estimated tax payments was not available in time for publication.

130 Westminster St.

The Arcade

Current Assessed Valuation: $1,826,200

2014 Tax without TSA: $67,113

Tax with the TSA: $16,742

Difference: $50,371

Agreement Date: 12/31/12

Expiration Date: 12/31/24

95 Chestnut St.

Hacht Development

Current Assessed Valuation: $3,091,300

2014 Tax without TSA: $113,605

Tax with the TSA: $23,867

Difference: $89,738

Agreement Date: 04/15/12

Expiration Date: 12/31/24

122 Fountain St.

Sportsman Inn

Current Assessed Valuation: $1,607,800

2014 Tax without TSA: $59,087

Tax with the TSA: $9,601

Difference: $49,486

Agreement Date: 04/20/12

Expiration Date: 12/31/24

265 Oxford St.

Institute for Non-Violence

Current Assessed Valuation: $1,393, 700

2014 Tax without TSA: $51,218

Tax with the TSA: $1,000

Difference: $50,218

Agreement Date: 01/01/12

Expiration Date: 1/0/00

100 Weybosset St.

Providence G Building

Current Assessed Valuation: $2,575, 400

2014 Tax without TSA: $94,646

Tax with the TSA: $32,557

Difference: $62,089

Agreement Date: 03/20/12

Expiration Date: 7/1/24

11 Dorrance St.

The Biltmore

Current Assessed Valuation: $20,162, 400

2014 Tax without TSA: $740,968

Tax with the TSA: $124,506

Difference: $616,462

Agreement Date: 03/15/12

Expiration Date: 3/15/24

103 Dike St.

Fete

Current Assessed Valuation: $589,700

2014 Tax without TSA: $21,671

Tax with the TSA: $6,152

Difference: $15,519

Agreement Date: 01/01/12

Expiration Date: 12/31/24

145 Globe St.

Victory Square

Current Assessed Valuation: $7,234,800

2014 Tax without TSA: $265,879

Tax with the TSA: $252,750

Difference: $13,129

Agreement Date: 07/18/11

Expiration Date: 12/31/23

1 AT&T Plaza

Hasbro

Current Assessed Valuation: $25,092,400

2014 Tax without TSA: $922,146

Tax with the TSA: $57,202

Difference: $864,944

Agreement Date: 12/01/11

Expiration Date: 12/31/23

25 Eagle St.

Butcher Block Mill

Current Assessed Valuation: $590,500

2014 Tax without TSA: $21,701

Tax with the TSA: $11,431

Difference: $10,270

Agreement Date: 01/01/11

Expiration Date: 12/31/23

41 Central St.

Art Recreation Center

Current Assessed Valuation: $287,100

2014 Tax without TSA: $10,551

Tax with the TSA: $5,862

Difference: $4,689

Agreement Date: 04/16/07

Expiration Date: 12/31/24

125 Washington St.

Mercantile Block Assoc.

Current Assessed Valuation: $1,758,000

2014 Tax without TSA: $64,607

Tax with the TSA: $34,248

Difference: $30,359

Agreement Date: 11/16/09

Expiration Date: 12/31/20

200 Allens Ave.

Capstone Properties

Current Assessed Valuation: $1,753,500

2014 Tax without TSA: $64,441

Tax with the TSA: $25,110

Difference: $39,331

Agreement Date: 01/08/07

Expiration Date: 12/31/16

35 Hylestead St.

65 Pavillion LLC

Current Assessed Valuation: $675,500

2014 Tax without TSA: $24,825

Tax with the TSA: $9,752

Difference: $15,073

Agreement Date: 08/01/05

Expiration Date: 12/31/16

60 Valley St.

Armory Revival

Current Assessed Valuation: $2,797,000

2014 Tax without TSA: $102,970

Tax with the TSA: $11,730

Difference: $91,240

Agreement Date: 09/26/06

Expiration Date: 12/31/16

160 Niantic Ave.

Morvco Realty

Current Assessed Valuation: $1,305,300

2014 Tax without TSA: $47,970

Tax with the TSA: $38,550

Difference: $9,420

Agreement Date: 05/27/04

Expiration Date: 12/31/15

166 Valley St.

Rising Mills Project

Current Assessed Valuation: $16,749,900

2014 Tax without TSA: $615,559

Tax with the TSA: $80,535

Difference: $535,024

Agreement Date: 12/01/03

Expiration Date: 12/31/16

21 Gordon Ave.

South Providence Development Corp.

Current Assessed Valuation: $1,042,600

2014 Tax without TSA: $38,316

Tax with the TSA: $10,984

Difference: $27,332

Agreement Date: 01/16/04

Expiration Date: 12/31/16

5 Avenue of the Arts

Masonic Temple

Current Assessed Valuation: $45,974,100

2014 Tax without TSA: $1,689,548

Tax with the TSA: $284,219

Difference: $1,405,329

Agreement Date: 07/15/03

Expiration Date: 12/31/25

10 Memorial Blvd.

GTECH Corp. Headquarters

Current Assessed Valuation: $54,767,800

2014 Tax without TSA: $2,012,717

Tax with the TSA: $1,100,000

Difference: $912,717

Agreement Date: 07/15/03

Expiration Date: 12/31/26

65 Eddy St.

Peerless Lofts

Current Assessed Valuation: $12,843,700

2014 Tax without TSA: $472,006

Tax with the TSA: $33,407

Difference: $438,599

Agreement Date: 11/22/02

Expiration Date: 12/31/15

210 Westminster St.

Wilkinson Building

Current Assessed Valuation: $1,188,300

2014 Tax without TSA: $43,670

Tax with the TSA: $6,349

Difference: $37,321

Agreement Date: 11/08/02

Expiration Date: 12/31/15

255 Promenade St.

The Foundry

Current Assessed Valuation: $15,810,300

2014 Tax without TSA: $581,029

Tax with the TSA: $30,345

Difference: $550,684

Agreement Date: 11/22/02

Expiration Date: 12/31/15

220 Westminster St.

Harrisburg Associates

Current Assessed Valuation: $2,004,800

2014 Tax without TSA: $73,676

Tax with the TSA: $10,302

Difference: $63,374

Agreement Date: 11/08/02

Expiration Date: 12/31/15

236 Westminster St.

Cornish Associates

Current Assessed Valuation: $3,680,500

2014 Tax without TSA: $135,258

Tax with the TSA: $13,439

Difference: $121,819

Agreement Date: 12/28/01

Expiration Date: 12/31/14

77 Reservoir Ave.

Mashpaug Associates

Current Assessed Valuation: $6,953,300

2014 Tax without TSA: $255,534

Tax with the TSA: $108,829

Difference: $146,705

Agreement Date: 11/09/01

Expiration Date: 12/31/15

825 Chalkstone Avenue

CharterCARE(Roger Williams Hospital)

Current Assessed Valuation: $72,249,200

2014 Tax without TSA: $2,655,158

Tax with the TSA: $2,500,000

Difference: $155,158

Agreement Date: 07/02/14

Expiration Date: 12/31/24

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