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Jerry2

Tax Incentives for Development?

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PP Mall got a bunch of tax abatements only to see their deal with the city never fulfilled. Read about it here.The Sundance Theatre was to occupy the current Grant's Block and was one of the main reasons Travelers Aid was vacated...among others. Also, I believe G-Tech was given similar tax breaks to open a call center of some sort in the city. ...Haven't heard any news about that either... :whistling: If these businesses don't fulfill their obligations, I feel they should pay back the city what was given to them. What do you think?

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Sundance Thater was to occupy the Providence Journal's surface parking lot on Washington Street, not Grants Block.

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Sundance Thater was to occupy the Providence Journal's surface parking lot on Washington Street, not Grants Block.
That's what I thought too but the article mentioned the corner of Weybosset and Union.

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Knowing next to nothing about how these types of deals go down, surely the stipulations are in writing somewhere? Is there nothing that legally binds the developers to stick to their agreements? And if there is, why isn't the city going after them?

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PP Mall got a bunch of tax abatements only to see their deal with the city never fulfilled. Read about it here.The Sundance Theatre was to occupy the current Grant's Block and was one of the main reasons Travelers Aid was vacated...among others. Also, I believe G-Tech was given similar tax breaks to open a call center of some sort in the city. ...Haven't heard any news about that either... :whistling: If these businesses don't fulfill their obligations, I feel they should pay back the city what was given to them. What do you think?

Jerry, you're getting warm. Look at the historic tax credit pdf, look at how many LLC's were given money (and how much). I think that personal net worth should be tied to those credits retroactively (especially to those llc's that received well into 7 figures). This isn't even mentioning revolving loand funds and other assorted hand outs. As out of whack as the tax code is in this state, that when subsidizing developers, they should be held to some PERSONAL responsibility.

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Sundance Thater was to occupy the Providence Journal's surface parking lot on Washington Street, not Grants Block.

Your BOTH right. Long story.

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Sundance Thater was to occupy the Providence Journal's surface parking lot on Washington Street, not Grants Block.

Sorry Ari, but your partially wrong. I just found the Projo article on this project from 2001. In part the article reads " The relocation of Travelers Aid and a Sundance cinema project have been intertwined in plans for the revival of Downcity. Under a plan put together by the administration of Mayor Vincent A. Cianci Jr., a $ 10-million to $ 11-million Sundance cinema and film institute are to be built on Weybosset Street, adjacent to the present location of Travelers Aid".

Gregory Smith

Journal Staff Writer

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The Sundance Cinema was not the cinema the mall agreed to build.

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The Sundance Cinema was not the cinema the mall agreed to build.

The mall didn't agree to build any cinema. It agreed to give $ 2.5 million dollars towards it's construction. I'm sure the building envisioned for Mathewson & Washington St was more than $ 2.5 mil. I just found a Brussat article from 3/9/2000 which says the original cinema planned for Grant's block was to be a Hoyt's and a parking garage. I'm searching my files to see what brand was planned for Washington St.

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The mall didn't agree to build any cinema. It agreed to give $ 2.5 million dollars towards it's construction. I'm sure the building envisioned for Mathewson & Washington St was more than $ 2.5 mil. I just found a Brussat article from 3/9/2000 which says the original cinema planned for Grant's block was to be a Hoyt's and a parking garage. I'm searching my files to see what brand was planned for Washington St.

I located a Projo article from 12/2000 by B. Morgan McVicar which states that the cinema planned for the journal's lot was a Hoyt's, which then moved to Grant's Block. And it said that the mall pledged up $ 2 mil towards this project.

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In reply to the original question, all tax abatements, stabilizations, etc. are provided for by ordinance (i.e.; legally binding document) and the ordinance always states that if the obligations are not fulfilled then the City has the right to cancel the abatement and force immediate payment of full taxes and penalties.

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In reply to the original question, all tax abatements, stabilizations, etc. are provided for by ordinance (i.e.; legally binding document) and the ordinance always states that if the obligations are not fulfilled then the City has the right to cancel the abatement and force immediate payment of full taxes and penalties.

Ok.....and we're not doing that....because????

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More like Cianci dropped the ball. Big surprise.

Well, I don't know about that. Sundance had financial problems also.

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