The Providence City Council extended a tax break for the developers of a mixed use project on Valley Street because an anchor tenant relocated to Johnston.
“Do we really need another vacant or foreclosed property in our city,” said Council President Luis Aponte, who voted for the so-called tax stabilization agreement, after the meeting. He said the developers could have attained an administrative TSA for a smaller redevelopment had the council not awarded the tax break and that the city negotiated a good deal for residents by working with the developers.
Councilor Carmen Castillo was the only member of the elected board to vote against the TSA.
“We’re not a bank,” she said. “The neighborhood I represent never gets a tax break. We pay a lot in property taxes too.”
Councilor Sabina Matos said she supported the TSA because the council approved TSAs for downtown businesses so it was only fair that it do so for businesses in her district too. “We set a precedent,” she said. “We can’t give them to some developers and not others.”
Abacus Technology paid $1.8 million annually to rent 100,000 square feet of space in the Rising Sun Mills development on Valley Street but the company has decided to move to Johnston, said the developers.
“There’s no benefit to having Rising Sun Mills go dark,” said BJ Dupre, one of the developers, after the favorable decision from the Council. When asked if that would have happened if they didn’t get the tax break, another of the developers, Mark Van Noppen said it was a “distinct possibility.”
Aponte said the developers plan to reconfigure the commercial space into smaller offices. He said the TSA is void if they don’t pull all the requisite permits in 180 days.
“It’s hard to tell,” Aponte said when asked how much money the city budget would lose by extending the TSA to the Rising Sun Mills project. But, he added, “They are paying more than if they would have got a 5 year extension” as a result of the negotiations with city officials.
The 
The Executive Board of the Rhode Island Progressive Democrats wishes to express extreme displeasure that Hillary Clinton would name Governor Gina Raimondo as a co-chair of the Democratic convention. While this role is purely ceremonial, it indicates that some of Clinton’s advisors may consider Raimondo an acceptable figure within the national Democratic party, a sentiment that would be deeply chilling. Raimondo’s politics represent a brand of conservatism well to the right of basically anyone of prominence in the national Democratic party. Deeply unpopular in Rhode Island, Raimondo is known for her aggressive push to restrict women’s access to abortion coverage through plans sold on Rhode Island’s exchange. She is also one of the most aggressive proponents of pension cuts, which Democrats just voted to oppose in our party platform. She has been a feisty advocate of expanding fossil fuel infrastructure, and she even opposes repealing Rhode Island’s tax cuts for the rich. A former private equity executive, Raimondo epitomizes an extreme type of Wall Street politician. After the withdrawal of banker Antonio Weiss, the national party has had an informal rule against Wall Street appointees for top posts. Raimondo appears to violate that rule.
Every night in downtown Providence, we see the darkened windows of our state’s tallest building. It’s a sad sign of failed development policies. Recently, the developers announced that they are going to hold the building empty for yet another year, waiting for a massive payout from the taxpayers. What a better way to bully Rhode Island into giving them subsidies than to insist on keeping the largest and most recognizable building in Rhode Island completely empty?
The bill Representative Cale Keable introduced to the RI House that seeks to overhaul Rhode Island General Law 44-4-30 by giving the residents of Burrillville more power over whether or not Invenergy‘s proposed fracked gas and diesel oil burning power plant gets built in their town has been reviewed by Conservation Law Foundation (CLF) Senior Attorney Jerry Elmer, and his verdict is clear: “Despite its imperfections,” says Elmer, “the Keable Bill is an excellent bill that ought to be supported by enviros, because – for the two separate reasons outlined above — it makes it much less likely that the Invenergy plant will be built.”
This report comes at an opportune time for Rhode Island, just a week after learning that policymakers are considering increasing Rhode Island’s estate tax exemption from the current $1.5 million to $2 million, a move that would benefit the heirs of fewer than 100 estates.[1] As seen in Figure 1, the increase in the estate tax exemption enacted two years ago already has significant negative impact on state revenues.
The GGW piece cited a 
“I don’t [want to] throw cold water on your parade here,” said Burrillville Town Manager Michael Wood, “but you can’t simply just determine a tax at will and tax somebody… It’s not fair to leave you with the impression that this can be done when it can’t be done.”
On Friday
The state increased the estate tax threshold in 2014 effective January 2015, essentially increasing estates exempt from paying the tax from $1 million to $1.5 million and reducing the tax on higher income estates. The estimated revenue from the estate tax in 2014 was $43.6 million, dropping to $34.2 million in 2015, a 20% loss of revenue after the change.
On January 14, 2016, the Rhode Island Supreme Court ruled that wind turbines are manufacturing equipment and therefore exempt from local property taxes under state statute. The decision in 
As the 
Clinton’s tax policy was also touched upon. As President she wants to tax high frequency stock trades and tax hedge funds as income. Frank objects to Sander’s “McCarthy-ite suggestion that she’s soft on these issues because of the money she accepts.”