PROVIDENCE, R.I. (AP) - The city of Providence is one step closer to having a tax plan for businesses on former Interstate 195 land.
The City Council Finance Committee on Thursday unanimously approved a plan backed by Mayor Jorge Elorza and City Council President Luis Aponte.
The ordinance would grant a 15-year tax-stabilization agreement to development projects worth at least $10 million.
Developers must try to hire minority contractors, and trade construction contractors must offer apprenticeship programs.
WPRI-TV reports that five unidentified projects worth more than $50 million would be offered 20-year tax-stabilization agreements.
State lawmakers previously called on city officials to remove obstacles for potential developers.
The plan must be approved by the full City Council.
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