Valley Breeze

The North Providence Breeze 03-31-2021

The Valley Breeze Newspapers serving the Northern Rhode Island towns of Cumberland, Lincoln, Woonsocket, Smithfield, North Smithfield, Pawtucket, North Providence, Scituate, Foster, and Glocester

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10 THE VALLEY MARCH 31-APRIL 6, 2021 | VALLEY BREEZE | NORTH PROVIDENCE EDITION PAWTUCKET – Members of the City Council's finance subcommit- tee are unanimously recommending passage of a 10-year tax stabilization agreement with Jon Savage and 593 Mineral Spring Avenue Associates LLC for the completed redevelop- ment of the Lorraine Fabrics build- ing. Tax Assessor Bob Burns last week presented the proposal to Mark Wildenhain and the committee, not- ing that the application was origi- nally made in October 2018 prior to recent changes to a city tax stabiliza- tion ordinance. In September 2018, Savage and his company, which has also rede- veloped the main Lorraine Mills property across the street, purchased the building housing Lorraine Fabrics for $1.25 million. The appli- cation was held pending building inspections by the city and state. In selling the building to Savage, Dave Taylor is downsizing Lorraine Fabrics to the first floor, and is developing separate warehous- ing space in neighboring North Providence. Savage last week told council members that construction of 51 stu- dio live-work apartments has been completed on the upper floors. The project is valued at $2,410,260, or $46,000 per residen- tial unit and $64,000 for the com- mercial space. The phase-in value over 10 years will be $1.85 million, or an additional $6,159 in taxes per year until a final annual tax of $81,000. Stabilization agreements increase the value of a property more slowly over time to make them more finan- cially feasible. Savage has an excellent track record of converting old mill struc- tures into quality residential apart- ments, said Burns, converting both the Lorraine Mills at 560 Mineral Spring Ave. and 110 Kenyon Ave. into modern spaces. Savage didn't request a stabilization agreement for either of those other two projects, he noted. "This project fits the tax stabiliza- tion section of the ordinance on file in October 2018 both by term and improvement value," he wrote to the committee. "Mr. Savage is a believer in the city of Pawtucket and its vision of the future, and continues to take on projects which add value to the tax base, support the arts com- munity, and improve underutilized properties." Savage told the council the proj- ect at 590 Mineral Spring Ave. was recently completed but is "not leased up yet." He said there was "quite a delay" with a back-and- forth between various parties on fire and elevator compliance that took an unusually long time to get every- one happy. He said there were valid concerns that led to that delay. The full council is scheduled to vote on the agreement April 7. Councilors recommend stabilization agreement for Lorraine Fabrics building By ETHAN SHOREY Valley Breeze Editor Members of the Pawtucket City Council's finance subcommittee are unanimously recommending passage of a 10-year tax stabilization agreement with Jon Savage and 593 Mineral Spring Avenue Associates LLC for the completed redevelopment of the LORRAINE FABRICS BUILDING. L & N Toasty Totes Quality totes and handbags Handmade by local crafters Follow us on instagram @lntoastytotes Landscape Installation & Maintenance, Walkways, Patios, Retaining Walls, Stairs, Outdoor Kitchen, Pool & Waterscapes, Excavation Services, Brush Removal, Fencing Fully Insured Residential & Commercial 508-252-4554 Matt Blais, Owner RI Reg. #382815 Fairlawn Primary Care advanced practice Connie Ducharme, NP Accepting New Patients Call 401.475.3063 966 Mineral Spring Ave., North Providence, RI 02904 Over fifteen years experience in nursing and primary care. Works with Dr. Fadi Mansourati

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