Council will consider tax agreement with owner of Fuller Mill

Council will consider tax agreement with owner of Fuller Mill

PAWTUCKET – The Pawtucket City Council, at its meeting Wednesday evening, April 11, will consider a proposed 12-year tax stabilization agreement for the redevelopment of the Fuller Mill across the Blackstone River from Pawtucket City Hall.

The agreement is one of the final steps in the planned overhaul of the historic mill into large upscale apartments.

Owner Scott Davis would pay the current tax bill of $9,407 in year one of the agreement, then $18,215 in year two, the first year of the 12 years, all the way up to $115,003 in year 13, the last year.

Susan Mara, director of planning and redevelopment for the city, wrote in a letter to the City Council that Davis sought a 15-year tax treaty for the proposal to develop 16 residential units and two commercial units at 145 Exchange St., across from Tolman High School.

“This is an important project for downtown Pawtucket,” she wrote.

The council recently passed an ordinance allowing qualified development projects as defined in the rules and regulations of the Rebuild Rhode Island Tax Credit Program to be eligible for a 12-year local tax stabilization. Commerce RI, which administers the program, requires a 12-year agreement to be eligible for the credits, she noted.

“We recommend that a tax treaty be approved for 12 years, to enable Mr. Davis to take advantage of the Commerce RI Tax Credit Program and to move forward with this important project,” she said.

Davis, who owns the Rhode Island Antiques Mall on Fountain Street in Pawtucket, purchased the historic Fuller Mill four years ago for $259,000. He plans to live in one of the 16 units he’s developing.

The 1880s Fuller & Son Co. mill is located within sight of the proposed future baseball stadium for the Pawtucket Red Sox.

The City Council’s finance subcommittee recommended approving the tax agreement at a meeting in early March. That agreement sent the measure to the full council.