Capital Properties, Inc. announced that its board of
directors had elected to omit its regular quarterly dividend pending
resolution of its outstanding claim against the City of Providence for relief
from property tax assessments which more than doubled the company’s assessed
value and tax obligations.
Ronald P. Chrzanowski, president, stated “In order to maintain our right
to appeal, we have been advised that we should continue to pay the real estate
taxes resulting from the City of Providence revaluation even though we believe
those taxes are excessive. We have filed an appeal in the Superior Court
contesting the valuation and intend to prosecute that appeal.”
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The board determined that, in order to meet the company’s continuing
obligations during the pendency of this litigation, it was advisable to
suspend the dividend. The board will reexamine the situation each quarter to
determine whether or not the dividend can be reinstituted.
