John J. Igliozzi Jr. | President, Providence City Council
1. What are your top priorities as council president? Priority No. 1 is stabilizing our finances – this means potentially issuing a pension obligation bond conditioned upon pension reform in union contracts; creating a sustainable, long-term vision for governance; and judicious investment of the $160 million American Rescue Plan funds Providence expects.
2. As the oldest serving member of the council, how do you intend to bridge the gap with younger, more progressive council members? My approach to bringing unity to a divided council is to ground all our debates in the things we have in common – a love of Providence, a drive to make life better for our residents and a responsibility to the people who are counting on us to represent them. My goal is to magnify commonality while respecting each other’s differences.
3. Tax breaks to developers have been a controversial issue for the city. What is your take on the recent policy changes to the TSA program? The tax stabilization [agreement] program has been incredibly successful since its inception. But like all economic development tools, the TSA program has adapted and adjusted over time. I’m grateful the City Council consistently had the foresight to support tax stabilization plans that encouraged and incentivized key projects – the Renaissance Hotel, IGT [International Game Technology PLC], Waterplace Apartments, Capitol Cove, the new River House Apartments and the South Street Landing.
4. What more can and should the city do to rectify its long-underfunded pension fund? Our main priority is to increase the funded rate and lower the unfunded liability. And because interest rates remain very low, we have a good opportunity to do this. The city should consider issuing an approximately $700 million-plus pension obligation bond, in tandem with unions agreeing to pension reform. This proposal would set forward a multiyear plan that is financially prudent for the city’s health and stability, and would result in a stronger pension system.
5. Your role on the council ends in January 2023 due to term limits. Do you think this will inhibit your ability to accomplish your and the city’s goals? No, I do not; I’m excited about the challenge. We have two annual budgets to adopt, a census to review, advising and planning how to optimally utilize the $160 million stimulus funds and a statistical property revaluation – all within the next 18 months – there’s a lot happening and a lot to achieve.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
