Aspen Group seeks 20-year TSA for project on former Flynn School site

ASPEN GROUP INC., developer of the former Flynn Elementary School site in Upper South Providence, shaded in red, is seeking a 20-year tax stabilization agreement for a building project on the site. / COURTESY CITY OF PROVIDENCE
ASPEN GROUP INC., developer of the former Flynn Elementary School site in Upper South Providence, shaded in red, is seeking a 20-year tax stabilization agreement for a building project on the site. / COURTESY CITY OF PROVIDENCE

PROVIDENCE – A developer who proposes to build two new structures on the site of the former Flynn Elementary School in Upper South Providence is seeking a 20-year agreement that would slowly phase in property taxes on the increased valuation.

The 20-year tax stabilization agreement is contained in an ordinance expected to be introduced to the Providence City Council on Thursday. It indicates the value of the new construction would initially be $22.6 million.

The developer is Aspen Group Inc., which proposes to purchase the land identified in two parcels as 220 Blackstone St. and 220 Blackstone St. Rear, and construct two buildings of 50,000 square feet each.

The space would be used for commercial offices, including professional and medical.

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The site is now owned by the Providence Redevelopment Agency and is subject to a purchase and sale agreement with Aspen.

A fiscal impact statement attached to the ordinance indicates the developer will save $8.1 million in taxes over the life of the agreement, but at full taxation will pay $941,285 in tax annually on the improved property.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

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