Leaders Ruggerio, DeSimone, Mayor Elorza will work together to develop I-195 tax stabilization agreement

STATE HOUSE, Providence – June 26, 2015 – (RealEstateRama) – Senate Majority Leader Dominick J. Ruggerio, House Majority Leader John J. DeSimone and the City of Providence announced today that that will work together to develop a tax stabilization agreement, or TSA, for companies that locate in the I-195 Redevelopment District.

Leader Ruggerio, Leader DeSimone and Providence Mayor Jorge O. Elorza said, “We share a mutual goal of establishing a tax stabilization agreement that encourages development in the I-195 District while protecting the interests of Providence and Rhode Island taxpayers. We will work collaboratively to develop a tax stabilization agreement that can be enacted through ordinance at the city level, then codify the ordinance in statute at the next legislative session.”

The Senate has passed legislation sponsored by Leader Ruggerio to implement a TSA on the I-195 land. Senator Ruggerio will not pursue passage of that legislation in the House of Representatives.

For more information, contact:
Greg Pare, Press Secretary for the Senate
State House Room 314
Providence, RI 02903
(401) 276-5558