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Finance Committee recommends further amendments to ProvPort tax agreement
PROVIDENCE – After initial accusations that the prior Providence City Council rushed to pass a controversial tax agreement with the city’s main port operator, the new set of lawmakers are taking their time to review, and strengthen, the proposal. A panel of City Council members on Thursday recommended several changes to the revenue-sharing agreement with…
I’m not sure I understand what this statement is saying “ProvPort, Inc. a holding company, bought the land for $16.4 million in 1994 but has since leased it to the city-controlled Providence Redevelopment Agency, which in turn issues tax-free bonds to pay the city and then sublease the land back to ProvPort” and if I don’t understand it, I doubt that the Fin Comm does.
BTW, if ProPort is the ultimate owner of the property, shouldn’t the “rental” payments made to ProvPort by the PRA be reduced by the $11 million that the PRA is spending “in capital improvements and expansion” of the property.