Maximizing I-195 district opportunity

City and state leaders recently worked closely together way to take advantage of the once-in-a-generation opportunity to create jobs and grow our state’s economy in the I-195 Redevelopment District.

I thank Council President Luis Aponte and the entire City Council, Gov. Gina M. Raimondo, House Speaker Nicholas A. Mattiello and Senate President M. Teresa Paiva Weed, Majority Leaders Dominick Ruggerio and John DeSimone, and the I-195 Redevelopment District Commission for partnering with my office to produce a municipal tax-incentive program for the former Interstate 195 land and the Capital Center District that will help to catalyze development, create jobs, grow our economy, and provide lasting benefits to Providence and Rhode Island.

This new tax-stabilization program offers developers a transparent, predictable incentive to invest in the I-195 district. Projects worth at least $10 million are eligible for 15-year tax stabilizations and projects worth more than $50 million may receive 20-year tax stabilizations. At the same time, the program provides important protections for our city – ensuring that Providence residents as well as women and minority-owned businesses are part of the process.

Our new I-195 district TSA opens a clear path for projects such as Wexford Science & Technology LLC and CV Properties LLC’s proposal to build an anchor life-science and multiuse complex on the former I-195 land. Beyond the promise of that catalytic project, the TSA will be a powerful tool for the city as we work closely with our colleagues at the Statehouse and the commission to market the I-195 district to potential investors.

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As leaders, we knew we had a common goal: to work together to take advantage of this great opportunity. In the spirit of working together at all levels of government, we will keep moving forward to create good-paying jobs and build the economy of the future. n

Jorge O. Elorza is mayor of Providence.

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