PROVIDENCE – The city will receive $246,597 in state incentives over a period of 12 years for providing its own property tax incentives for a new, extended-stay hotel on Fountain Street downtown.
The Procaccianti Group, of Cranston, is seeking city permission to raze the Fogarty Building and replace it with a mid-rise, upscale, 154-room hotel. City officials approved a 12-year tax stabilization agreement for the hotel in December.
On Monday, it became the first community to qualify for a new state incentive program aimed at encouraging cities and towns to foster development projects.
The program allows municipalities to reclaim 10 percent of the tax revenue waived through a tax stabilization agreement, which typically defers the full tax load on improved properties for a period of years.
Under the state guidelines, qualifying projects that trigger the 10 percent reimbursement must be at least $10 million and create 50 jobs, or be $5 million projects creating 25 jobs in economically distressed communities.
The hotel sought by the Procaccianti Group would involve a $40 investment. The company recently applied to city officials for permission to demolish the Fogarty Building.
No posts to display
Sign in
Welcome! Log into your account
Forgot your password? Get help
Privacy Policy
Password recovery
Recover your password
A password will be e-mailed to you.