Providence Place tax agreement expiry
Proposed
The 1996 tax stabilization agreement runs through 2028 (end of fiscal 2027-28). Under it the mall pays about $500,000 a year in property tax and roughly $1 million a year to the city in all; at the fiscal 2027 commercial rate the bill would be $26.8 million on the current $730 million assessment. But the property sold for $133 million, less than a fifth of that assessment, and would be reassessed before its first full bill, so the cliff is smaller than the headline. The sale closed August 20, 2026 with no tax-deal contingency. Paolino says the owners have no immediate plans to seek a new agreement unless a dramatic development proposal warrants one. Brookfield's 2022 proposed 20-year extension at $4.5 million a year never got a council vote. S24 S25 S26 S7b S7c S7d S7e
On the list because the city has proposed it. Not yet verified by the author.
Years out
2 years out
The agreement expires in 2028; that is the clock. Whether it is a cliff depends on the reassessment. Claude's estimate.