Providence City Council Approves First Passage of 30-Year TSA for Superman Building

Providence City Council Approves First Passage of 30-Year TSA for Superman Building

Thursday night, Providence city councilors passed for the first time on a vote of 11 to one (with three councilors abstaining), a 30-year tax stabilization agreement (TSA) ordinance between the city and developer High Rock Westminster Street LLC, the owner o the Superman building.

The TSA is one component of the approximately $80 million in federal, state, and Providence subsidies into the $223 million project.

“I want to thank my council colleagues who had the vision and political fortitude to pass this TSA tonight,” said Council President John Igliozzi (Ward 7). “For 26 years on the City Council, I have championed TSAs and tax treaties as tools for the city to turn empty lots and boarded-up buildings into new mixed-use spaces, businesses, and apartments. The Superman building will embody the spirit of a new beginning in downtown Providence. The redevelopment of this iconic but sadly dormant building will revitalize our capital city, encourage more investment, and create opportunities for all of us,” said Igliozzi.

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All ordinances have to be passed twice by the city council to take effect.

The building has been vacant for more than eight years since Bank of America abandoned the building.