PROVIDENCE – The City Council plans to hire an independent financial consultant to help it put a value on the long-term impact of tax stabilization agreements.
The information would be reviewed against any proposed changes in city tax policy, according to a news release.
Councilman and Finance Committee Chairman John Igliozzi said the review will ensure that the council is making the proper fiscal decisions for the city and residents. “With our tax base shrinking we need to be clear about the true cost of any permanent TSAs,” he said, in a released statement.
The council already has an assigned auditor, and his office has been reviewing current TSAs for the past month. A report is expected by the end of the year. That report does not review the impact of a proposed change in TSA policy, which would make all areas of the city open to standardized tax stabilization agreements.
Current policy targets the Interstate 195 Redevelopment District and the Capital Center District, as well as 19 neighborhoods that are in need of economic revitalization.
The new policy would create a uniform length for city TSAs that targets development projects by cost tiers. It would be administrative, with only those projects exceeding $100 million requiring council approval.
A Request for Proposal for the financial consultant will be created, and applications accepted until Jan. 22, 2018.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
