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Mayor Elorza and Council President Aponte Laud Passage of Tax Stabilization Agreement for I-195 and Capital Center Districts
City-level TSA opens path for major life science proposal on 195 land
PROVIDENCE, RI – Mayor Jorge O. Elorza and Council President Luis A. Aponte Thursday issued the following joint statement regarding the Council’s passage of a Tax Stabilization Agreement for companies that locate in the I-195 Redevelopment District and the Capital Center Special Development District:
“The Elorza administration and the City Council have worked closely to establish a tax stabilization agreement that encourages development in Providence while protecting the interests of Providence and Rhode Island taxpayers.
The City’s new TSA opens a clear path for development in the I-195 and Capital Center Districts, including Wexford Science & Technology LLC and CV Properties LLC’s proposal to build an anchor life-science and multi-use complex on the 195 land.
We commend CV Properties for its firm commitment to a development project that creates long-term, living wage jobs in Providence. We are confident the Wexford project will serve as a model for how the City, State and the 195 Commission can work collaboratively to grow our economy and create middle class jobs across multiple sectors.”
(release from City of Providence)