When presented with a proposed 10-year tax abatement program for downtown building owners who renovate now-vacant properties, members of the Providence City Council should vote swiftly in the affirmative.
The progress in the capital city in recent years has been truly remarkable, but we all know the vast majority of development has taken place in Capital Center– where a Convention Center, new hotels and the mammoth Providence Place have literally transformed the city’s landscape.
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But in the city’s old core, bounded roughly by Dorrance, Pine, Empire and Fountain Streets, much work remains to be done.
Vacant buildings are commonplace. And while city planners have long called for the need to bring more residents into the city, that noble idea will become a reality only after the infrastructure is in place. The key to the infrastructure is found in the many empty buildings that are begging to be refurbished.
But refurbishing decrepit buildings is costly — and their owners aren’t likely to do so without the carrot of a tax break.
We understand the need for city council members to tread slowly. Tax breaks are not always an easy sell to the electorate. But in this case, the payoff down the road is well worth the investment.
There are several projects on the boards that could realistically help to transform the rest of the city– the part of the city most Providence Place shoppers rarely see. That restoring the city’s core remains a distinct possibility is encouraging. It would be foolish to think that accomplishing such a goal would come without the kinds of special tax break programs that are being used to spur development throughout the country.
