E.P. tax revenues from Kettle Point rise as fiscal year nears end

Commission hears updates on Waterfront Enterprises buys; Chair says no news on Metacomet proposal

By Mike Rego
Posted 10/15/21

EAST PROVIDENCE — As reported out by chairman Bill Fazioli and executive director Chris Martin at the September meeting of the East Providence Waterfront Commission, the city will receive a …

This item is available in full to subscribers.

Please log in to continue

Log in

Not a subscriber?


Start a Subscription

Sign up to start a subscription today! Click here to see your options.

Purchase a day pass

Purchase 24 hours of website access for $2. Click here to continue

Day pass subscribers

Are you a day pass subscriber who needs to log in? Click here to continue.


E.P. tax revenues from Kettle Point rise as fiscal year nears end

Commission hears updates on Waterfront Enterprises buys; Chair says no news on Metacomet proposal

A view looking at a row of apartment buildings inside the Kettle Point development.
A view looking at a row of apartment buildings inside the Kettle Point development.
Photo by Richard W. Dionne Jr.
Posted

EAST PROVIDENCE — As reported out by chairman Bill Fazioli and executive director Chris Martin at the September meeting of the East Providence Waterfront Commission, the city will receive a better than expected windfall from the Kettle Point development in the form of $525,000 in property tax revenue for the Fiscal Year 2021 ending on October 31.

The welcomed news — the $525,000 was above the anticipated figure — came as the development met predetermined milestones with most of the apartment units planned in the final stages of the mixed-use project, which began in 2015, becoming available for occupancy.

The revenue is derived as part of the TIF, or Tax Incremental Finance, agreement between the city and the developer, Churchill & Banks. The sides agreed on the TIF, used to fund the construction of necessary infrastructure improvement such as utilities and roads, to make the project viable. A larger portion of the property taxes initially is used to pay off the bonds procured with the remainder going into the city’s general fund. As the bond payments decrease and the project moves towards completion, the city’s revenue share grows.

According to Fazioli, to date the city has gained well over $1 million in revenue from the Kettle Point development. He reiterated as well, the developer is paying off the TIF, not the city.

Recent purchases
Martin updated the commission on several recent purchases within the district, notably two by Rhode Island Waterfront Enterprises LLC, the promoter of concerts at Bold Point Park.

Waterfront Enterprises agreed the sum $5.5 million to buy the Chevron/Gulf property off Veterans Memorial Parkway across from the former Metacomet Country Club and $1.6 million to buy a smaller adjacent strip, known colloquially as the “bow tie” parcel, from UNOCAL.

Previously, Waterfront Enterprises bought the South Quay (Key) with the intention to construct a port to engage in the state’s emergency wind energy sector. Earlier this year, the company applied with the United States Department of Transportation for $65 million in grant monies towards the project. Waterfront Enterprises plans include its own investment of $25 million and $15 million in tax credits already approved by the state.

The Chevron and UNOCAL sites have previously been identified as potential mixed-use developments, focusing mostly on a core of commercial/entertainment vehicles. Fazioli said the smaller “bow tie” piece is where Waterfront Enterprises has eyed to build a permanent concert venue to replace the temporary structure its used at Bold Point for the last five years.

Fazioli, who doubles as the city’s director of Planning and Economic Development, said the expectation is for Waterfront Enterprises to meet with commission and planning department personnel in the next month or so to discuss its drafts for the parcels.

Also of note, three vacant properties on Valley Street near Waterfront Drive sold for a $1.1 million each, or $3.3 million total, to a local developer whom the administrators declined to name at the moment. Fazioli said the purchaser is soon expected to go public with a proposal.

Fazioli continued, saying the developer indicated the buildings could have mixed-uses allowed in the area such as artists space or a martial arts studio. He added, “(The developer) sees an opportunity to do some good things with the properties, especially with redevelopment of Henderson Bridge.”

Residences at Bold Point
The second phase of “The Residences at Bold Point” project is nearing conclusion, adding 12 apartment units to the 22 built during phase one by developer PKL Ventures LLC.

The project began by transforming the existing single story vacant building located at 30 Veterans Memorial Parkway into a two-story residential structure. The second and last step came following the purchase of vacant two-family property on abutting Burgess Street, where the structure housing the dozen apartments was built. Fazioli said phase two is expected to be complete by the end of the calendar year.

Metacomet latest
Fazioli said there has been little movement or communication between the parties involved in the proposed redevelopment of the former Metacomet Country Club since the City Council approved the application of Marshall Properties LLC in late July.

At that time, the council narrowly backed a zone change with several conditions for the 138-acre parcel and the transfer of it into the waterfront district with direct oversight as well going to Waterfront Commission.

Fazioli said Marshall hasn’t submitted anything beyond was it has previously presented publicly, which was a broad outline of commercial and residential structures. He said there’s been no discussion with any entity about alterations to traffic patterns on Veterans Memorial Parkway, such as rotaries or round-abouts or signals, as have been speculated in some quarters.

Fazioli also referenced the formal complaint filed by the community opposition group, “Keep Metacomet Green,” in late August against the council as potentially being a reason why Marshall hasn’t an approach the commission recently. KMG’s filing questioned the procedures the council followed and took in approving Marshall’s applications. The complaint remains in adjudication.

Comments

No comments on this item Please log in to comment by clicking here

2021 by East Bay Newspapers

Barrington · Bristol · East Providence · Little Compton · Portsmouth · Tiverton · Warren · Westport
Meet our staff
Jim McGaw

A lifelong Portsmouth resident, Jim graduated from Portsmouth High School in 1982 and earned a journalism degree from the University of Rhode Island in 1986. He's worked two different stints at East Bay Newspapers, for a total of 18 years with the company so far. When not running all over town bringing you the news from Portsmouth, Jim listens to lots and lots and lots of music, watches obscure silent films from the '20s and usually has three books going at once. He also loves to cook crazy New Orleans dishes for his wife of 25 years, Michelle, and their two sons, Jake and Max.