A proposal to dramatically change the Providence skyline (luxury, public school)
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Now, that's old news since the proposed tower is now 46 stories, so the numbers may have changed.
Yes, the state will reap some short term income tax bump from the laborers. Providence will get some permitting fees. But I don't think it's enough compensation for the city.
There is a history of the Providence tax payer taking it on the chin with development projects. We need to learn from this history and stop it from repeating, or rhyming. Providence tax payers are already stretched thin.
Permitting fees will be the least of it. Nothing has been disclosed about any property tax relief for condo and business space buyers/owners. The city's property tax rolls should increase substantially with this project. Not to mention the continuing economic activity generated by such a gigantic building. That many potential occupants commute to jobs in Massachusetts doesn't diminish this. If Providence taxpayers think they are stretched thin now, wait until the pension liabilities hit the fan without a plan to pay for it.
Now, that's old news since the proposed tower is now 46 stories, so the numbers may have changed.
Yes, the state will reap some short term income tax bump from the laborers. Providence will get some permitting fees. But I don't think it's enough compensation for the city.
There is a history of the Providence tax payer taking it on the chin with development projects. We need to learn from this history and stop it from repeating, or rhyming. Providence tax payers are already stretched thin.
But what type? If it's not cash payments or infrastructure that isn't needed anyway, then there isn't a real issue. If it's just tax deferments or infrastructure that needs fixing/improving anyway, big whoop.
The reality is, SOME for of subsidy is going to be needed, they almost always are for places that aren't ridiculously booming. Even then, they often are.
Quote:
Originally Posted by ormari
If Fane wants to sell this thing to the people, full transparency is in order. We're in no mood to give another handout.
If you're not forking over cash, you're not giving a hand out. And if Providence doesn't want to be involved in the subsidy to keep/attract/promote development game, it will rot. Just plain rot. Because everyone else will.
Location: Earth, a nice neighborhood in the Milky Way
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In a city where we struggle to float a $20M bond pay 10% of the tab to address our roads/sidewalks (assuming the projected $212M road repair tab includes sidewalks--not sure at the moment), handing over $18.5M so some developer can build luxury condos is ridiculous.
Where we should direct subsidies if we have to play that game is toward ideas that generate long term, high paying jobs. That is, to the kind of projects the I-195 land was promised for in the first place, and not to stadiums, not to luxury residential towers.
I admit that there aren't tons of companies knocking on our door, and maybe that's a sign that we need to do more to make our state competitive. It doesn't help that Mass has Charlie Baker running the place, while we've got Gina Raimondo. Maybe we should throw some of that subsidy cash in on a trade.
In a city where we struggle to float a $20M bond pay 10% of the tab to address our roads/sidewalks (assuming the projected $212M road repair tab includes sidewalks--not sure at the moment), handing over $18.5M so some developer can build luxury condos is ridiculous.
Where we should direct subsidies if we have to play that game is toward ideas that generate long term, high paying jobs. That is, to the kind of projects the I-195 land was promised for in the first place, and not to stadiums, not to luxury residential towers.
I admit that there aren't tons of companies knocking on our door, and maybe that's a sign that we need to do more to make our state competitive. It doesn't help that Mass has Charlie Baker running the place, while we've got Gina Raimondo. Maybe we should throw some of that subsidy cash in on a trade.
Oh, were there somebody to parachute into Providence and create a bunch of high paying jobs in exchange for only $18m. Such a suggestion would seem to indicate a misunderstanding of our choices.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by ormari
In a city where we struggle to float a $20M bond pay 10% of the tab to address our roads/sidewalks (assuming the projected $212M road repair tab includes sidewalks--not sure at the moment), handing over $18.5M so some developer can build luxury condos is ridiculous.
Again, who said they are "handing over" 18.5 million? I'm not seeing that. Where are you seeing this? Where is anyone proposing HANDING OVER 18.5 million?
Quote:
Originally Posted by ormari
Where we should direct subsidies if we have to play that game is toward ideas that generate long term, high paying jobs. That is, to the kind of projects the I-195 land was promised for in the first place, and not to stadiums, not to luxury residential towers. .
They're not zero sum games. They generate money. You can do that too. Is there a project like this wanting this space or other spaces, or not?
Location: Earth, a nice neighborhood in the Milky Way
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Quote:
Originally Posted by independent man
Oh, were there somebody to parachute into Providence and create a bunch of high paying jobs in exchange for only $18m. Such a suggestion would seem to indicate a misunderstanding of our choices.
I don't misunderstand the choices at all. Smarten up. I think we need to be judicious with what money we have, and I don't think throwing money at a luxury high-rise is the answer. You know better.
Dan Harrop was right, by the way. Providence should have declared bankruptcy four years ago and we would be years closer to recovery. Instead, we kicked the can down the road, and our big solution is to woo a developer to build luxury condos for the wealthy? Laughable.
Location: Earth, a nice neighborhood in the Milky Way
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Quote:
Originally Posted by timberline742
Again, who said they are "handing over" 18.5 million? I'm not seeing that. Where are you seeing this? Where is anyone proposing HANDING OVER 18.5 million?
Did you read the link I provided above, or not?
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