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Mayor Elorza Signs Agreement to Support Development of Cement Facility in Port
Project to Establish Industrial Business in Port, Create Jobs, Rehabilitate Property & Expand Tax Base
PROVIDENCE, RI – Mayor Jorge O. Elorza today signed a Tax Stabilization Agreement enabling McInnis USA, Inc. to establish their North East distribution center in the capital city. The company will lease and rehabilitate ProvPort land into a cement importing industrial facility, and ultimately contribute millions in tangible and real estate taxes.
“Our port offers ample opportunity for economic growth, especially with the resources it offers industrial businesses,” said Mayor Elorza. “This agreement with McInnis USA, Inc. is a perfect example of the city working to attract quality businesses which will add to the city’s industrial sector, create job opportunities for locals, rehabilitate city property and expand our tax base.”
Under the agreement McInnis USA, Inc. will make a good faith effort to purchase construction materials locally, involve Minority and Women Business Enterprises as well as trade construction subcontractors with apprenticeship programs, and comply with the City’s First Source requirements to expand employment opportunities for residents.
McInnis USA, Inc. will pay $50,000 annually in real property taxes for the first 3 years, make tax payments with an assessed property value of $5 million and a real property tax rate of $36.75 per $1,000 for years 4-6, and pay taxes based on the then current evaluation of the property and applicable tax rates for years 7-12. Tangible property taxes will phase in during year 4 and follow an agreed upon tangible property value, percentage, and payment schedule. After the conclusion of year 12, the company will make full tax payments.
(release from City of Providence)