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It seems to me that are other, better proposals on the table for I195 parcels. Where are getting this idea that Fane's is the only one? I say, wait a bit, there will be more and better.
Those are proposals for Parcels 2, 5, and 6. Fane's proposal is Parcel 42; the only other proposal I can recall for this particular site was a stadium.
They likely earn more than most PVD residents and they'll be out shopping and eating/dining very regularly.
It's a great situation for PVD.
No, that's a great situation for the state, because those sales generate state tax revenue. The city will have to provide infrastructure, emergency services and education without the benefit of collecting property tax. Providence has been down this road so many times.
No, that's a great situation for the state, because those sales generate state tax revenue. The city will have to provide infrastructure, emergency services and education without the benefit of collecting property tax. Providence has been down this road so many times.
Sales taxes are only one benefit of the increase economic activity derived from a really big building. You can't have state sales tax without somebody buying something. And, likely buying something in Providence. Again, it's all the property taxes which will go directly to PVD City Hall. It's very unlikely any deal will include a waiver of any portion of property taxes coming from end using condo & retail owners.
It's very unlikely any deal will include a waiver of any portion of property taxes coming from end using condo & retail owners.
Right, and I also had the impression that a portion of the sales tax revenue goes back to the city it was collected in. Also auto excise taxes, registration fees...it's a win win for the city. And my guess, is that most residents will not be utilizing the public schools or many other city services for that matter. It will be a collection of DINKs, single professionals, and retirees.
Location: Earth, a nice neighborhood in the Milky Way
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Originally Posted by independent man
Again, it's all the property taxes which will go directly to PVD City Hall. It's very unlikely any deal will include a waiver of any portion of property taxes coming from end using condo & retail owners.
If true, then Fane should be advertising that to help sell the deal to the public. In the past, they've given the TSAs to condo owners. Why should we expect different behavior this go around?
If true, then Fane should be advertising that to help sell the deal to the public. In the past, they've given the TSAs to condo owners. Why should we expect different behavior this go around?
Property tax forgiveness for end owners is not an "in the fine print" issue for such a mammoth project.
Right, and I also had the impression that a portion of the sales tax revenue goes back to the city it was collected in. Also auto excise taxes, registration fees...it's a win win for the city. And my guess, is that most residents will not be utilizing the public schools or many other city services for that matter. It will be a collection of DINKs, single professionals, and retirees.
Besides State aid back to Providence funded by the sales tax, Providence also collects 1% meals and beverage tax on all those new residents eating and drinking out. There's also the residual property and sales taxes collected from other properties downtown that will be worth more and have more sales because of the number of new customers. Public safety costs may even go down, because the residents of those new luxury units will put pressure on the clubs on Richmond Street to clean up their acts or leave.
Location: Earth, a nice neighborhood in the Milky Way
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Originally Posted by mp775
Besides State aid back to Providence funded by the sales tax, Providence also collects 1% meals and beverage tax on all those new residents eating and drinking out. There's also the residual property and sales taxes collected from other properties downtown that will be worth more and have more sales because of the number of new customers. Public safety costs may even go down, because the residents of those new luxury units will put pressure on the clubs on Richmond Street to clean up their acts or leave.
It's not too likely that Providence will see a greater slice of the base 7% sales tax the state brings in. Sure, the 1% meals and beverages tax will come in. Not sure if the delta is going to be anything to get worked up over though. What do you think the increase in gross receipts will be? You think it will be an increase of $100M/year, so the city sees a net $1M/year increase? A $Billion so the city sees $10Million? It has to be pretty significant to compensate for all the negatives this project brings, and I doubt it is that significant. Again, let's talk numbers, not voodoo pie in the sky BS.
The public safety costs won't change one iota for the better. If the clubs leave Richmond Street, they'll just continue to get pushed to Atwells/Broad/Cranston/North Main, and out to Olneyville. Existing Providence taxpayers and other neighborhood residents can deal with even more club problems so the newly located Affluents don't get their hair mussed. The city doesn't do anything to seriously curtail the problems at the clubs no matter where they're located. They could be cleaned up now if the city wanted them cleaned up. Readers of Johanna Harris's blog already know this. The Board of Licenses is still a mess in spite of the Pine Report.
Providence also collects 1% meals and beverage tax on all those new residents eating and drinking out.
So, $10 per $1,000 restaurant bill vs $18.82 per $1,000 spent on high end real estate.
Hmmm.
So if the new resident goes out to eat every day of the year and spends $100 each time, Providence will reap a whole $365.
Let's hope the tower doesn't attract tenants who were paying property tax elsewhere in PVD!
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