Providence Mayor Jorge O. Elorza is quoted in this issue of PBN saying that developers should invest in the city even if there is not a standardized tax stabilization agreement approach in place. The words, while seeming to encourage developers to invest in Providence, belie the reality.
The mayor and city council say they are working on creating a new approach to the tax deals, something that will draw more investment. They have been saying that for months. And every day that such an approach is not adopted is another day that people with capital will look to find somewhere else to park their cash.
Gov. Gina M. Raimondo has made clear that government must act with more urgency. Thus, it was exciting news last week when Senate Majority Leader Dominick J. Ruggerio proposed that the state create a tax stabilization regime for the former I-195 land that takes the issue out of the city's hands.
If the city cannot create a clear approach to TSAs in a very short time frame, the state should move ahead with the plan. •