Johnston council approves $40M hotel-retail project
11:43 AM Tue, Nov 10, 2009 | Permalink
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JOHNSTON, R.I. -- A redevelopment and project plan, part of a developer's $8.4-million public financing proposal for the revitalization of blighted properties on Hartford Avenue, won unanimous approval from the Town Council Monday night. The plan describes Jeffrey Saletin's proposal for financing a $40-million project that would bring a hotel, retail businesses, and restaurants to the former Stuart's Plaza property on a busy stretch of the thoroughfare between Atwood Avenue and Route 295. Saletin, working closely with Mayor Joseph M. Polisena, has asked the town to help him raise capital for the project by issuing $8.4 million in bonds. Under the proposed agreement, Saletin would repay the bonds instead of paying additional real estate taxes that would be owed after his development enhances the property's value. That amount of additional real estate taxes, known as the tax increment, is estimated at $375,713 in the project plan, which was approved by a redevelopment commission prior to its presentation to the Town Council. The 12-page plan does not define the final arrangement for financing. Required by Rhode Island's Tax Increment Financing Act, the plan is basically a description that details the project area, elements of blight, proposed changes to streets and utilities, estimated costs and the method of financing. Town officials emphasize that the town will have no responsibility for repaying the bonds, and that the risks of borrowing will fall on Saletin. The council approved the plan unanimously. The council also voted to amend the town's zoning ordinance to make provisions for a "redevelopment overlay district" where Saletin would have greater flexibility on certain zoning rules, such as those that limit the height of buildings. The town's solicitor, William J. Conley, described the district as a "creative approach" that allows the town to impose "more flexible zoning standards and more flexible land uses ..." 
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who is going to want to come to johnston?
maybe they could offer a hotel package deal with a tour of the dump?
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I can understand redeveloping that space, but a hotel?
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