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

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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