Do proposed changes to city’s policy on tax breaks threaten development?

THE HOTEL HIVE PROVIDENCE project on Westminster Street is one of the projects that has received a tax break from the city. The development is on hold due to the pandemic, with the developer considering asking for an extension on deadlines in agreements with the city. / COURTESY ABDO DEVELOPMENT
THE HOTEL HIVE PROVIDENCE project on Westminster Street is one of the projects that has received a tax break from the city. The development is on hold due to the pandemic, with the developer considering asking for an extension on deadlines in agreements with the city. / COURTESY ABDO DEVELOPMENT
Tax breaks are one way the city of Providence has persuaded developers to build or rehabilitate properties, but a proposal to overhaul the terms of these tax stabilization agreements could threaten that revenue amid a pandemic-induced drain on city coffers. A recent report by the city showed that the 70 tax stabilization agreements on the…

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