It’s been two years since Providence leaders failed to act on Providence Place owners’ request for an extended tax treaty.
The current 30-year agreement runs through 2028. The mall owners pay about $500,000 a year through a payment-in-lieu-of-taxes agreement.
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In 2022 Brookfield Property Partners LP proposed a 20-year extension. It would cut more than 80% of property taxes the company would owe the city through 2048.
Rather than paying roughly $25 million in annual city taxes, based on the 2022 property value, the owners would give the city $4.5 million a year.
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City leaders did not act on the proposal and there have been no public meetings on it since.
