PAWTUCKET – The city has approved a new, standardized tax stabilization ordinance to promote business investment, one that provides administrative approval for projects of at least $250,000.
The ordinance, approved in late March, will standardize the process, said Mayor Donald R. Grebien, in a statement. It provides for a five-year tax phase-in for businesses that invest at least $250,000 in taxable improvements.
The new ordinance also provides for a graduated, 10-year tax stabilization for businesses that invest $5 million or more in taxable improvements. That threshold would require City Council review and approval.
The city looked at other communities with tax stabilization agreements as a basis for its plan. The $5 million threshold for council review, which provides another layer of accountability, was a level that the council felt comfortable with, according to Rico Vota, a city spokesman.
According to Grebien, both he and the City Council collaborated on the ordinance, out of a desire to be both fair and transparent. Existing businesses, as well as businesses interested in relocating to Pawtucket, are eligible.
“The ordinance provides yet another tool for the city to use to bolster economic activity,” he said, in the statement.
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