Statement from Councilman David A. Salvatore Regarding Hope Point Tower Application Extension
I am disappointed, but not surprised to hear that the developer of the proposed Hope Point Tower, Jason Fane, has asked for an extension on his deadline to file his Tax Stabilization Agreement (TSA). More concerning is that Mr. Fane is also requesting a payment agreement for the estimated $300,000 fee required for his TSA.
I have long advocated for a standardized TSA for the I-195 land and throughout Providence, which should avoid a situation exactly like this. Mr. Fane’s latest requests underscore my argument that Providence needs a fair, predictable process for development and TSAs – not just for the benefit of the development community, but also our taxpayers.
We should not be able to cherry-pick projects or developers who circumvent the rules set forth by the City and State. It is not fair to our taxpayers, who subsidize these projects, and it lacks transparency and honesty.
If Mr. Fane needs a payment plan for his filing fee, which is just a fraction of the cost of this proposed building, then how will he be able to finance the $300 million needed to actually build the Hope Point Tower? Our taxpayers cannot afford to foot the bill if this development fails.
David A. Salvatore, Councilman – Ward 14