Superman Building Seeking (cough) $70+ Million From Taxpayers

The Providence Journal reports this afternoon that the developer of the Superman Building in Providence is seeking $70+ million from local, state and federal taxpayers – as follows:

$39 million in support from the State of Rhode Island, $21 million in federal historic tax credits and a 17-year tax stabilization agreement with the City of Providence of $10-15 million.

$70-75 million tax dollars.  Gosh, that figure sounds awfully familiar.  Isn’t that about the same amount that the state gambled and just recently lost on another project?

How much of the fact that this just vacated property cannot easily find new tenants can be traced to  the state’s abysmal business climate?  And the doomed loan guarantee to 38 Studios was issued for pretty much the same reason – we need to get “creative” with economic development because the state’s bad business climate is not drawing or keeping businesses here.

Is it seriously being proposed once again that we address the state’s bad business climate by making a bad policy gamble that would place ANOTHER $70+ million tax dollars at risk?

[Monique is Editor of the RI Taxpayer Times newsletter.]

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