By Sam Wroblewski 630wpro.com
The Senate Finance Committee voted unanimously Tuesday to approve legislation to place a twenty-year tax stabilization plan on the former I-195 land.
The Senate bill would provide 100 percent tax exemption for new developments on the 195 land for the first four years. Starting year five, property owners would begin paying 10 percent of the full property tax, increasing every year by five percent until the property is taxed at full value by year 20.
The Senate bill also states that the owners of any building project valued at $10 million enter into a community workforce agreement with the I-195 Commission so that contractors make a good-faith effort to hire Providence and Rhode Island workers.
The Providence City Council has also proposed a tax stabilization agreement, which would only last 13 years, but provide an additional seven years in tax breaks for projects that create at least 150 jobs.
