Resolutions needed for reimbursement on projects

Resolutions needed for reimbursement on projects

PAWTUCKET – A pair of resolutions now heading to the City Council will allow the city to be reimbursed for two major future projects: The $400 million Fortuitous Partners redevelopment project on the riverfront, and expenses related to a future new safety complex at an undetermined location.

Commerce Director Jeanne Boyle has forwarded the resolutions to the council. They represent the next step needed to recoup expenses associated with the two projects.

“The administration, City Council, and Pawtucket Redevelopment Agency continue to look for innovative ways to lessen the burden on our hardworking taxpayers,” said Mayor Donald Grebien in a statement.

These projects will “change Pawtucket for decades to come,” said Grebien, and would enable the city to recoup expenses incurred prior to the issuance of the bonds or financing of the project such as legal and other soft costs.

For Tidewater Landing, expenses could be reimbursed through approved tax increment financing, or TIF, legislation.

Both projects may be financed in whole or in part with bonds or other instruments of public finance, said Boyle in a letter to the council. The city expects to incur expenses prior to the issuance of bonds and wants to get that money back.

The resolutions must be adopted in advance of financing the projects to be reimbursed, she said. Reimbursement would come through new taxes generated in the TIF zone.

Similar resolutions were adopted by the Pawtucket Redevelopment Agency at its meeting of Jan. 8.