PROVIDENCE – A Canadian company that has proposed to import cement through the Port of Providence is scheduled for a hearing Thursday at Providence City Hall on its request for tax incentives to improve its local facility.
McInnis USA Inc., a subsidiary of Montreal-based McInnis Cement, has requested a 12-year tax stabilization agreement for the property taxes it will pay on planned improvements to an industrial building at ProvPort.
The company has requested a similar tax stabilization agreement for tangible property taxes.
The location of the industrial building was not disclosed in city documents prepared for the City Council’s Finance Committee meeting. The site would be turned over to McInnis under a long-term lease, which would restore the facility as a taxable location, according to a description.
Under the property tax stabilization agreement, the company would pay taxes of $50,000 for the first three years. Full taxes would begin to be phased in in the fourth year, based on a projected assessment of $5 million. The full value of its Providence facility would be determined in the seventh year, after which full taxes would begin to be phased in.
McInnis Cement operates a limestone quarry in southern Quebec and is building a cement manufacturing plant, as well as a maritime terminal, in Gaspesie, a town in Quebec, according to a company spokeswoman.
The cement plant, on completion, will be capable of producing 2.2 million metric tons of cement a year. The investment in Providence was initially described to the council’s leadership as potentially being $40 million or more.
The Finance Committee has scheduled a public hearing on the tax incentive requests at 6 p.m. Thursday.
Home Economy Economic Activity McInnis Cement seeking tax stabilization agreement to improve ProvPort building
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