Johnston board approves redevelopment plan
Published: October 28, 2009
JOHNSTON, R.I.—Johnston’s Redevelopment Commission has unanimously approved $8 million in public financing to help a developer build a $40 million multi-use complex in the community.
Developer Jeffrey Saletin regards Tuesday’s tax deal as an essential part of his plan to bring a 100-room hotel, restaurants and retail spaces to the former Stuart’s Plaza property and other blighted parcels south of Hartford Avenue between Atwood Avenue and Interstate 295.
Saletin’s lawyer told The Providence Journal that under the proposal, which needs Town Council approval, the town would raise about $8 million for the project by issuing bonds.
The developer would repay the bonds instead of additional real estate taxes.
A town lawyer said the developer is taking all the risk.
Reader Reactions
Lets see…put a 100 room hotel in the middle of nowhere, build restaurants when we have too many now and they are loosing jobs and build more retail space that no one will rent. Hope he has money to throw away.
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