Pawtucket Tax Increment Financing Part Of New Development Plan

(Pawtucket, RI)--A new development plan for the city of Pawtucket will involve public financing.Officials on Monday announced the four-hundred-million-dollar plan to build a soccer stadium and other commercial and residential spaces on Pawtucket's riverfront.It's estimated the public cost will be 70-to-90-million dollars, mostly under a tax-increment-financing plan the city of Pawtucket was authorized to take advantage of by the General Assembly this year.That is roughly the amount of money used by the city of Worcester to lure the Pawtucket Red Sox, but the private investment is much more than what the PawSox offered Pawtucket for a new stadium, according to Rhode Island Commerce Secretary Stefan Pryor.

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