Finance Committee Approves 30 year Tax Agreement for Superman building

Image courtesy of Uprise RI

Goes to Full Council. Need Two Votes of Approval for Passage.

Providence, RI – Tonight, after a two hour public hearing and testimony from dozens of citizens, the City Council finance committee approved a 30-year tax stabilization agreement (TSA) ordinance between the city and High Rock Westminster Street LLC, the owner of 111 Westminster Street, commonly known as the Superman building in downtown Providence.

“We heard from many members of the community tonight on this proposal to redevelop the Superman building, a massive skyscraper that has laid dormant and dark for nearly 10 years. There’s no question the property has become a black eye in the center of the capital city,” said Councilwoman Jo-Ann Ryan (Ward 5), Chairwoman of the finance committee. “The owner has agreed to a unprecedented $223 million public-private partnership project that will bring more than 1,600 good-paying construction jobs downtown and create new housing opportunities, including affordable units. The TSA is one critical component that allows the building owner to make this significant investment in Providence, and without an agreement, as we heard tonight, the project would die. It’s clear we need to move forward and transform a dilapidated property back into a vibrant economic engine,” added Ryan.

Community Appearence, City Council AnnouncmentsJo-Ann RyanFInance Committee, Superman Building