Last night, the Providence City Council Committee on Finance voted to advance the City’s lease of the WaterFire Arts Center back to WaterFire Providence. This follows council approval of the $3.75 million purchase of the building. The conditional deal requires WaterFire to produce eight full lightings and five partial lightings annually (a three-lighting increase over this year’s schedule), with the Arts Center maintained at WaterFire’s expense and the City retaining the right to reclaim the property if necessary. The purchase is intended to provide an immediate infusion of capital to stabilize the organization (which, by design, remains free to the public and cannot rely on admissions revenue), while protecting a cultural asset from the market pressures of a changing landscape for nonprofit and arts organizations.
“This vote is about protecting the heartbeat of Providence, a cultural event that has become synonymous with the city itself,” said Chairwoman Jo-Ann Ryan. “WaterFire is more than a world-renowned art installation, it’s an engine of economic activity, drawing in about $162 million of economic stimulus to Rhode Island annually. This agreement is a smart, forward-looking decision that will pay dividends for Providence residents, businesses, and visitors for years to come.”
WaterFire draws roughly a million visitors a year, generating significant downtown foot traffic that supports restaurants, hotels, and small businesses. Beyond the lightings themselves, the organization hosts workforce and artist programs such as ArtLab@WaterFire, houses local groups like the Wilbury Theatre Group, and provides a marketplace for countless local vendors. Under the new leadership of Mark Allan and a reconstructed board, the organization is in a strong position to chart a sustainable path forward with the right support from the City of Providence.
The Committee also voted to advance an ordinance supporting the Mile of History project by authorizing financing to restore sidewalks along and adjacent to Benefit Street, known as one of Providence’s most historic corridors. Studies have found that nearly 40% of the street is considered difficult to traverse, with over 300 feet of sidewalks impassable.
“This project preserves Benefit Street’s historic character while making it safe, inviting, and accessible to everyone,” said Chairwoman Jo-Ann Ryan. “It will repair cracked sidewalks and missing bricks, restore historic tree wells, and add ADA accommodations on a stretch of road that attracts 300,000 tourists every year. It’s an important, underinvested-in part of our economy, supporting our museums, shops, restaurants, and more. The committee’s vote shows our commitment to fiscal responsibility, preservation, and accessibility, and I hope the full council will follow suit.”
The project would be financed through a loan from the Rhode Island Infrastructure Bank’s municipal road and bridge revolving fund, which was first pursued by a local community group, the Mile of History Association. The program provides a discount on loan interest equivalent to 1/3 of the municipal borrowing rate, allowing the City to finance the repairs on more favorable terms than comparable sidewalk projects. This would save the City an estimated $1.94 million in debt service over the twenty-year term of the obligation compared to financing the project through the Capital Improvement Plan, which preserves assets for other essential community projects.
Both matters now move to the full council, where they will be heard with the committee’s recommendation to approve at the regular council meeting on November 20.
