Tens of millions in tax credits sought for ‘Superman’ building
March 5th, 2013 at 4:09 pm by Ted Nesi under Nesi's Notes, On the Main Site
By Dan McGowan and Ted Nesi
PROVIDENCE, R.I. (WPRI) – City officials are asking Rhode Island lawmakers to approve tens of millions of dollars in state tax credits to help a private developer convert Providence’s iconic “Superman building” into apartments, WPRI.com has learned.
WPRI.com has also confirmed that James Bennett, the mayor’s director of economic development, has approached 4ward Planning, a Manhattan consulting firm, about conducting an economic analysis of the Superman building and its future potential.
Tags: angel taveras, general assembly, jim bennett, providence, superman building
Nesi's Notes covers politics and the economy in and around Rhode Island for WPRI.com. (Twitter: 
why is the state bailing out the owner???
this is the same as 38 studios…..
I’m not sure it makes sense to use tax money to fund redevelopment of a building that was purchased just five years ago. I was always under the impression that programs like the Historic Preservation Tax Credit were to be used for properties, like old mills, that can’t be used as is and would otherwise decay. If the current owners can’t make use of it, they should try to sell it; if it doesn’t sell, they can’t find tenants, and they can’t afford to redevelop it, then, maybe, the government could step in — but that should be years (and more than a few property tax payments) down the road.
Ideally, if we want to prevent moral hazard, a property should have to be abandoned by the last owner before potential tax credits kick in. Then you could use the potential tax credits to sweeten the tax sale (and I would say that, even then, you should try to have a tax credit-less sale first). Otherwise it’s just a bailout.
BOHICA! That stands for bend over here it comes again. The taxpayers are going to get bent over, have their wallets grabbed and feel pain where they sit.
I’m sure that Bank of America can afford to hold onto the property a little longer and leave tax money out of it. If they can’t they will just raise their fees as usual.
Sparky, Bank of America does not own the building. They sold it at the top of the market after merging with FleetBoston in 2004/2005. They have been leasing space since the building was sold. The real concern what is going to happen to operations in Lincoln and East Providence. They shut down operations at Atwells and Central Avenues in Johnston hears ago. Bank of America is leaving Rhode Island regardless of tax incentives. End of Story.
Why is the state bailing out a bad deal that a private party made???
Let the owner be stuck with it.
They collected rents for years and never put a penny into it.
Pot holes, rats, and homes beyond repair, and we are giving tax credits…