§ 42-63.5-2 Findings. – The General Assembly finds and declares that:
(1) The City is experiencing a general deterioration of itsinner core.
(2) There continues to be a chronic state of unemployment andunderemployment in the State and especially the City. This condition strainsthe social support services of the City and State, leads to increased crime andnegatively impacts the health of the citizens of the City and State. TheProvidence Place Project will create significant job opportunities duringconstruction and retail jobs thereafter and will help to alleviate this chronicunemployment and underemployment.
(3) Pursuant to the Agreement Regarding Providence PlaceMall, the developer has agreed to invest substantial private funds in theconstruction of a one million one hundred fifty thousand (1,150,000) squarefeet retail shopping mall and four thousand (4,000) car public parking facility.
(4) In connection with the construction of the Project ascontemplated by the Agreement Regarding Providence Place Mall, the developerwill utilize eleven million one hundred thousand dollars ($11,100,000) inprivate funds to purchase a parcel of land owned by the National RailroadPassenger Corporation for part of the Project Site, thereafter conveying thesame to the Corporation for the sum of one dollar ($1.00).
(5) In order to construct the Project, the developer will berequired to expend substantial private funds to demolish the dilapidatedbuildings now existing on the so-called URI Parcel owned by the State, andremediate and remove all hazardous waste and hazardous conditions now existingon or under the Project Site, subject to certain limitations and as moreparticularly described in the Agreement Regarding Providence Place Mall.
(6) The Project will include five hundred (500) parkingspaces for high occupancy vehicles to assist the State in achieving its cleanair quality goals.
(7) Upon completion of construction of the Garage, thedeveloper will retain all obligations to maintain, repair and operate theGarage for the benefit of the public for a period of ninety-nine (99) years,and will be required to operate the Garage for that period, with any deficitsin operating, maintenance and repair expenses being funded solely from thedeveloper.
(8) In order to construct the Project in accordance with theplans and on the time schedules set forth in the Agreement Regarding ProvidencePlace Mall, it is expected that during the two (2) year construction phase theProject will create approximately one thousand two hundred (1,200) newfull-time construction jobs per year in all trades.
(9) By agreement between the developer and the Rhode IslandBuilding Trades Council, the construction jobs will be filled by residents ofthe State.
(10) Once completed, it is expected that operation of theProject will require the employment of up to two thousand eight hundred (2,800)persons and will create a substantial number of permanent and part-time jobopportunities for a range of Rhode Island residents with various levels ofskills and prior experience.
(11) Pursuant to the Agreement Regarding Providence PlaceMall, the developer and the State intend to develop a retail sales trainingprogram for prospective employees at the Mall.
(12) During the construction phase of the Project, it isexpected that in excess of one million five hundred thousand dollars($1,500,000) per year in income tax revenues, which will be new to the State ofRhode Island will be realized as a result of the new construction jobs inconnection with the Project.
(13) Once the Project has been completed, it is expected thatthe State will realize in excess of five hundred thousand dollars ($500,000)per year in new income tax revenues from the new retail and other jobs expectedto be created at the Project.
(14) The availability of new and unique retail shoppingopportunities for Rhode Islanders is expected to result in the recapture of asubstantial amount of retail purchases now being made by Rhode Islandersoutside of the State, which out-of-state sales are presently estimated to beapproximately three hundred million dollars ($300,000,000) per year. Thisrecapture will result in substantial net new sales tax revenues to the State.
(15) The existence of a significant regional destinationretail shopping center such as the Project is expected to attract substantialnew purchase transactions at the Mall made by persons from places outside ofthe State, resulting in substantial net new sales tax revenues to the State.
(16) The construction of the Project will be a cornerstone inthe continuing revitalization of a blighted portion of the urban core of theCity, and will augment and complement the substantial public investments in theWaterplace Park, the Riverwalk and the Memorial Boulevard projects which havebeen made over the last fifteen (15) years in the City.
(17) The Project will include, at the developer's expense, anintermodal transportation facility to serve as the base of a network ofshuttlebuses for circulating parkers, shoppers and other inhabitants of andvisitors to the City, thereby contributing to the vitality of the central Cityand the City's financial district.
(18) A private investment, construction project and uniqueretail shopping center of the size and quality proposed for the Project willhave enormous spin-off economic benefits and will multiply each dollar ofprivate investment many times over, resulting in the establishment of newbusinesses, new jobs and increased sales, income and real estate property taxesto both the State and the City.
(19) Because of the complications imposed by the ProjectSite, which presents formidable challenges, including the requirements ofbuilding over railroad tracks and a river and dealing with substantial changesin grade as well as the extraordinary architectural and urban design featuresrequired by the Capital Center Commission, and imposes concomitantextraordinary construction expenses, a public investment to help defray thoseextraordinary expenses is required in order to induce the substantial privateinvestment and the myriad public benefits described above.
§ 42-63.5-2 Findings. – The General Assembly finds and declares that:
(1) The City is experiencing a general deterioration of itsinner core.
(2) There continues to be a chronic state of unemployment andunderemployment in the State and especially the City. This condition strainsthe social support services of the City and State, leads to increased crime andnegatively impacts the health of the citizens of the City and State. TheProvidence Place Project will create significant job opportunities duringconstruction and retail jobs thereafter and will help to alleviate this chronicunemployment and underemployment.
(3) Pursuant to the Agreement Regarding Providence PlaceMall, the developer has agreed to invest substantial private funds in theconstruction of a one million one hundred fifty thousand (1,150,000) squarefeet retail shopping mall and four thousand (4,000) car public parking facility.
(4) In connection with the construction of the Project ascontemplated by the Agreement Regarding Providence Place Mall, the developerwill utilize eleven million one hundred thousand dollars ($11,100,000) inprivate funds to purchase a parcel of land owned by the National RailroadPassenger Corporation for part of the Project Site, thereafter conveying thesame to the Corporation for the sum of one dollar ($1.00).
(5) In order to construct the Project, the developer will berequired to expend substantial private funds to demolish the dilapidatedbuildings now existing on the so-called URI Parcel owned by the State, andremediate and remove all hazardous waste and hazardous conditions now existingon or under the Project Site, subject to certain limitations and as moreparticularly described in the Agreement Regarding Providence Place Mall.
(6) The Project will include five hundred (500) parkingspaces for high occupancy vehicles to assist the State in achieving its cleanair quality goals.
(7) Upon completion of construction of the Garage, thedeveloper will retain all obligations to maintain, repair and operate theGarage for the benefit of the public for a period of ninety-nine (99) years,and will be required to operate the Garage for that period, with any deficitsin operating, maintenance and repair expenses being funded solely from thedeveloper.
(8) In order to construct the Project in accordance with theplans and on the time schedules set forth in the Agreement Regarding ProvidencePlace Mall, it is expected that during the two (2) year construction phase theProject will create approximately one thousand two hundred (1,200) newfull-time construction jobs per year in all trades.
(9) By agreement between the developer and the Rhode IslandBuilding Trades Council, the construction jobs will be filled by residents ofthe State.
(10) Once completed, it is expected that operation of theProject will require the employment of up to two thousand eight hundred (2,800)persons and will create a substantial number of permanent and part-time jobopportunities for a range of Rhode Island residents with various levels ofskills and prior experience.
(11) Pursuant to the Agreement Regarding Providence PlaceMall, the developer and the State intend to develop a retail sales trainingprogram for prospective employees at the Mall.
(12) During the construction phase of the Project, it isexpected that in excess of one million five hundred thousand dollars($1,500,000) per year in income tax revenues, which will be new to the State ofRhode Island will be realized as a result of the new construction jobs inconnection with the Project.
(13) Once the Project has been completed, it is expected thatthe State will realize in excess of five hundred thousand dollars ($500,000)per year in new income tax revenues from the new retail and other jobs expectedto be created at the Project.
(14) The availability of new and unique retail shoppingopportunities for Rhode Islanders is expected to result in the recapture of asubstantial amount of retail purchases now being made by Rhode Islandersoutside of the State, which out-of-state sales are presently estimated to beapproximately three hundred million dollars ($300,000,000) per year. Thisrecapture will result in substantial net new sales tax revenues to the State.
(15) The existence of a significant regional destinationretail shopping center such as the Project is expected to attract substantialnew purchase transactions at the Mall made by persons from places outside ofthe State, resulting in substantial net new sales tax revenues to the State.
(16) The construction of the Project will be a cornerstone inthe continuing revitalization of a blighted portion of the urban core of theCity, and will augment and complement the substantial public investments in theWaterplace Park, the Riverwalk and the Memorial Boulevard projects which havebeen made over the last fifteen (15) years in the City.
(17) The Project will include, at the developer's expense, anintermodal transportation facility to serve as the base of a network ofshuttlebuses for circulating parkers, shoppers and other inhabitants of andvisitors to the City, thereby contributing to the vitality of the central Cityand the City's financial district.
(18) A private investment, construction project and uniqueretail shopping center of the size and quality proposed for the Project willhave enormous spin-off economic benefits and will multiply each dollar ofprivate investment many times over, resulting in the establishment of newbusinesses, new jobs and increased sales, income and real estate property taxesto both the State and the City.
(19) Because of the complications imposed by the ProjectSite, which presents formidable challenges, including the requirements ofbuilding over railroad tracks and a river and dealing with substantial changesin grade as well as the extraordinary architectural and urban design featuresrequired by the Capital Center Commission, and imposes concomitantextraordinary construction expenses, a public investment to help defray thoseextraordinary expenses is required in order to induce the substantial privateinvestment and the myriad public benefits described above.
§ 42-63.5-2 Findings. – The General Assembly finds and declares that:
(1) The City is experiencing a general deterioration of itsinner core.
(2) There continues to be a chronic state of unemployment andunderemployment in the State and especially the City. This condition strainsthe social support services of the City and State, leads to increased crime andnegatively impacts the health of the citizens of the City and State. TheProvidence Place Project will create significant job opportunities duringconstruction and retail jobs thereafter and will help to alleviate this chronicunemployment and underemployment.
(3) Pursuant to the Agreement Regarding Providence PlaceMall, the developer has agreed to invest substantial private funds in theconstruction of a one million one hundred fifty thousand (1,150,000) squarefeet retail shopping mall and four thousand (4,000) car public parking facility.
(4) In connection with the construction of the Project ascontemplated by the Agreement Regarding Providence Place Mall, the developerwill utilize eleven million one hundred thousand dollars ($11,100,000) inprivate funds to purchase a parcel of land owned by the National RailroadPassenger Corporation for part of the Project Site, thereafter conveying thesame to the Corporation for the sum of one dollar ($1.00).
(5) In order to construct the Project, the developer will berequired to expend substantial private funds to demolish the dilapidatedbuildings now existing on the so-called URI Parcel owned by the State, andremediate and remove all hazardous waste and hazardous conditions now existingon or under the Project Site, subject to certain limitations and as moreparticularly described in the Agreement Regarding Providence Place Mall.
(6) The Project will include five hundred (500) parkingspaces for high occupancy vehicles to assist the State in achieving its cleanair quality goals.
(7) Upon completion of construction of the Garage, thedeveloper will retain all obligations to maintain, repair and operate theGarage for the benefit of the public for a period of ninety-nine (99) years,and will be required to operate the Garage for that period, with any deficitsin operating, maintenance and repair expenses being funded solely from thedeveloper.
(8) In order to construct the Project in accordance with theplans and on the time schedules set forth in the Agreement Regarding ProvidencePlace Mall, it is expected that during the two (2) year construction phase theProject will create approximately one thousand two hundred (1,200) newfull-time construction jobs per year in all trades.
(9) By agreement between the developer and the Rhode IslandBuilding Trades Council, the construction jobs will be filled by residents ofthe State.
(10) Once completed, it is expected that operation of theProject will require the employment of up to two thousand eight hundred (2,800)persons and will create a substantial number of permanent and part-time jobopportunities for a range of Rhode Island residents with various levels ofskills and prior experience.
(11) Pursuant to the Agreement Regarding Providence PlaceMall, the developer and the State intend to develop a retail sales trainingprogram for prospective employees at the Mall.
(12) During the construction phase of the Project, it isexpected that in excess of one million five hundred thousand dollars($1,500,000) per year in income tax revenues, which will be new to the State ofRhode Island will be realized as a result of the new construction jobs inconnection with the Project.
(13) Once the Project has been completed, it is expected thatthe State will realize in excess of five hundred thousand dollars ($500,000)per year in new income tax revenues from the new retail and other jobs expectedto be created at the Project.
(14) The availability of new and unique retail shoppingopportunities for Rhode Islanders is expected to result in the recapture of asubstantial amount of retail purchases now being made by Rhode Islandersoutside of the State, which out-of-state sales are presently estimated to beapproximately three hundred million dollars ($300,000,000) per year. Thisrecapture will result in substantial net new sales tax revenues to the State.
(15) The existence of a significant regional destinationretail shopping center such as the Project is expected to attract substantialnew purchase transactions at the Mall made by persons from places outside ofthe State, resulting in substantial net new sales tax revenues to the State.
(16) The construction of the Project will be a cornerstone inthe continuing revitalization of a blighted portion of the urban core of theCity, and will augment and complement the substantial public investments in theWaterplace Park, the Riverwalk and the Memorial Boulevard projects which havebeen made over the last fifteen (15) years in the City.
(17) The Project will include, at the developer's expense, anintermodal transportation facility to serve as the base of a network ofshuttlebuses for circulating parkers, shoppers and other inhabitants of andvisitors to the City, thereby contributing to the vitality of the central Cityand the City's financial district.
(18) A private investment, construction project and uniqueretail shopping center of the size and quality proposed for the Project willhave enormous spin-off economic benefits and will multiply each dollar ofprivate investment many times over, resulting in the establishment of newbusinesses, new jobs and increased sales, income and real estate property taxesto both the State and the City.
(19) Because of the complications imposed by the ProjectSite, which presents formidable challenges, including the requirements ofbuilding over railroad tracks and a river and dealing with substantial changesin grade as well as the extraordinary architectural and urban design featuresrequired by the Capital Center Commission, and imposes concomitantextraordinary construction expenses, a public investment to help defray thoseextraordinary expenses is required in order to induce the substantial privateinvestment and the myriad public benefits described above.
