Superman always had to worry about kryptonite destroying him. The politicians, developers, and lobbyists that are trying to redevelop the Superman building in downtown Providence have something else to worry about: the City Council.
The proposal to convert the long-vacant Industrial National Bank Building at 111 Westminster St. into a mixed-use building with apartments and commercial space was finally unveiled on Tuesday during a pep rally-style press conference.
My colleague Alexa Gagosz reports that the rehab is projected to cost $220 million, and it will be paid for using a range of sources that includes state funding, tax credits, a bridge loan from the Rhode Island Foundation, and loan from the Providence Redevelopment Agency.
The city is also planning to kick in $5 million from its budget and the City Council will be asked to approve a 30-year tax-stabilization agreement to support the project.
That’s what makes Providence’s 15-member legislative body the key group to watch over the next few months as the details of this proposal continue to be vetted.
Tax-stabilization agreements usually involve low property tax payments up front that gradually increase each year until the deal ends. A 30-year tax deal is so much longer than most of these kinds of agreements that it could require special legislation from the state.
The council is going to face intense pressure from state leaders and lobbyists to approve the deal, but it will also be the body that receives the most public input on the proposal (tax deals require at least one public hearing). If opposition to the deal emerges, the council will hear it loud and clear.
And the council is no push-over.
While Council President John Igliozzi would appear to have the seven other votes he needs to pass a tax break of this size, it’s an election year, and this will become one of the major topics for every council candidate.
During last night’s mayoral debate (watch here), Ward 3 Councilwoman Nirva LaFortune expressed initial support for the proposal, but she said the council needs to “hold the developer” accountable. Of the three other Democrats running for mayor, Gonzalo Cuervo expressed the most skepticism about how much the city will spend as part of the “Superman deal.” Brett Smiley said he supports the plan, and Michael Solomon said he wants to learn more about the deal before supporting or opposing it.
This story first appeared in Rhode Map, our free newsletter about Rhode Island that also contains information about local events, data about the coronavirus in the state, and more. If you’d like to receive it via e-mail Monday through Friday, you can sign up here.
Dan McGowan can be reached at dan.mcgowan@globe.com. Follow him @danmcgowan.