PROVIDENCE – The finance committee of the Providence City Council on Nov. 2 will hold public hearings on three requests for development tax incentives, including two for proposed hotels.
The Procaccianti Group is seeking permission to extend by one year its existing tax stabilization agreement for the nine-story, extended-stay hotel it plans to build on Fountain Street downtown. This would give the hotel owner more time to construct the building and still be considered on-time. The existing 12-year TSA took effect in December 2015.
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The project would replace the former Fogarty building, which was razed earlier this year.
In the second request, the owners of a commercial building at 345 Harris Ave. in Providence want a 10-year tax stabilization agreement to redevelop it into storage units and retail space. The term for the tax deferral would begin on Dec. 31, 2017, if the council agrees.
The project would return the building to productive, commercial use, according to the ordinance.
Finally, 30 Kennedy Partners LLC, which seeks to convert a retail and office building at 59 Westminster St. into a boutique hotel, is requesting a 12-year tax stabilization agreement to facilitate the redevelopment. The conversion involves 34,272 square feet of space, according to the application.
The council’s finance committee will meet on the projects at 5 p.m. Nov. 2 at City Hall.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
