- Associated Press - Monday, June 1, 2015

PROVIDENCE, R.I. (AP) - A Providence councilman is calling on the mayor and other council members to pass a tax plan for businesses on former Interstate 195 land.

Councilman David Salvatore said Monday that his plan would allow businesses to be exempt from property taxes for five years before paying taxes incrementally. He says businesses would pay full taxes after 15 years.

Salvatore says he introduced the plan in November and again in March. The city has yet to pass legislation creating a tax-stabilization agreement for the land.

Senate Majority Leader Dominick Ruggerio introduced a bill Thursday that would freeze taxes for four years with incremental payments for 20 years. Ruggerio says the current lack of an agreement presents an obstacle for potential developers.

Salvatore says the city and state need to work together.

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