City approves TSA for new developments

WARWICK – The president of D’Ambra Construction believes the City Council’s unanimous vote on May 5 to approve a tax-stabilization agreement could be just what’s needed to bring a Hyatt Hotel to Warwick City Centre, the Warwick Beacon reported.

The 120-room hotel with a skywalk connecting it to the Interlink and T.F. Green Airport would be the first step to a multiuse development that Michael D’Ambra proposed for 8 acres on Jefferson Boulevard more than seven years ago.

Under the TSA applying to the 111 acres of the City Centre intermodal zone, new developments of $5 million or more would have the increased appraisals of the property phased in over 15 years.

Under the current commercial tax rate, the TSA would generate a tax savings to the property owner of almost $1.5 million for each $5 million of new development over 15 years. •

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