Providence City Council Meeting | October 21, 2025 | Committee on Finance PH
Call to Order and Introductions
Councilwoman Joanne Ryan calls the Committee on Finance public hearing to order and introduces the committee members and staff present. She outlines the agenda for the evening, which includes presentations on the Mile of History Project followed by a public hearing.
Presentation on Item 1: Mile of History Project Financing Ordinance
The clerk reads the ordinance approving up to $6,200,000 in financing for the Mile of History Project, and various city officials and association representatives present details on the project. Presenters discuss the financial structure, historical significance, economic benefits, and infrastructure needs of the Benefit Street corridor.
Public Comment on Item 1: Mile of History Project Financing Ordinance
Members of the public, local business owners, and political candidates share their perspectives on the proposed sidewalk restoration project. While the vast majority of speakers strongly support the project due to safety, accessibility, and tourism benefits, one resident objects on the grounds of equity and financial priority.
Adjournment
Councilwoman Ryan concludes the public hearing and thanks the committee, presenters, and members of the public for their participation. She then officially adjourns the meeting.
Speaker 0
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Good evening, everyone. I'm Providence Councilwoman Joanne Ryan. This is the Committee on Finance public hearing on on on the Mile of History Project. We have, before we begin, I just wanna make some announcements and, recognize some folks that are with us. We're, staffed today by solicitor, Felix.
Speaker 0
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Thank you, Leonela, for being here. Finance committee members, of course, on to my right, councilwoman Sue Ann Dubois, councilman Miguel Sanchez, and we have Alfea Graves. I also wanna recognize the councilman in the group, John Goncalves. So noted. Don't see anyone else.
Speaker 0
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Okay. Awesome. What we're gonna do this evening is we're gonna start out with a number of presenters on this matter so that we have a full understanding of what is before us. And then after that presentation, we will open it up and engage the public in public hearing. Napoleon, may I ask you please to, deliver the sheets of the people who have signed up to speak and after the presentation of the matter, we will call the public.
Speaker 0
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Thank you very much. Okay. With that, first up, chief
Speaker 1
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oh,
Speaker 0
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madam clerk, please read the matter into the record.
Speaker 2
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Item one, an ordinance of the city of Providence approving the financing of the Mile Of History project by the issuance of appropriation obligations, therefore, an amount not to exceed 6,200,000.
Speaker 0
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Thank you, madam clerk. Okay. Presenters, chief Mancini. Chief, I'm gonna ask you to be the emcee of the presentations this evening, if you would be so kind.
Speaker 3
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I will be honored, honor, your madam chair.
Speaker 0
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Thank you. I got promoted.
Speaker 3
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Madam chair, good evening, and thank you for the opportunity to prepare before the public hearing. I'm joined this evening by a number of individuals. And before I begin my testimony, I will have them introduced. We're joined by members of the Milo History Association and their leadership, mister Dan Boden and miss Liz Marantzey. You'll also hear testimony and presentation from department directors that include director Joseph Mulligan from the Department of Planning and director Ted Carr, who is director of economic development.
Speaker 3
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We also have testimony from chief engineer, Craig Hawken, from the Department of Public Works. And last, but by no means least, the director of tourism in the province war convention bureau, miss Kristen Adamo. They are all here to provide individual testimony, madam chair. So for the benefit of the public and this committee, madam chair, this is a project that I was asked to give testimony on from the finance perspective. And I am here this evening in my capacity as the city's chief financial officer and a person who gave testimony previously when this matter was heard by the finance committee in late June.
Speaker 3
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The project is a project that spans Wards 12, And 3 along the Benefit Street corridor, Hence, the name of the mile of history. It, again, it appeared before the finance committee in late June. The matter was set to be tabled. And by the will of the council, you're having this as a public hearing this evening. What I can tell you about this project that's important to note is this project has already been approved by the Rhode Island Department of Transportation, and it now sits on the project priority list.
Speaker 3
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That is a key element to this project. In order for this project to proceed and therefore be eligible to borrow under the Rhode Island Infrastructure Bank, you must be approved to be on the Rhode Island DOT project priority list, which they have been approved. The dollar amount that we we looking to borrow is an amount of 6,200,000. 5,500,000 will be in project dollars, the actual cost of construction, and an additional 700,000 that is necessary for conditions of the Rhode Island Infrastructure Bank that include a debt service reserve and those cost divisions, including closing costs. For the benefit of the public and members of the council, a debt service reserve is a provision based upon the size of the loan that is held in reserve.
Speaker 3
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And should there ever be a failure of payment, which I believe would never occur with a municipal government, that amount would be set aside as a payment to make any failed payment. It is a typical financing mechanism in all financing matters. The benefit of borrowing through the Rhode Island Infrastructure Bank, this program this project is done through the project known as the Road and Bridge Fund. Therefore, it will receive a 33% interest rate subsidy. Just today, I spoke to the program manager, mister Greg Miller, and he has said that today, municipal borrowing rates under this program could run between three and a half percent and four and a half percent.
Speaker 3
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And with the subsidy of one third, that actually reduces the rates to 2.33% to a maximum of 3%. The term of the loan could be as long as twenty years. For effective budgetary affordability, the city council adopted the f y twenty six budget with a provision already made in the debt service line that would include an amount necessary to meet a payment of $412,000 annually fixed. That amount is already in the f y twenty six budget. It wasn't meant to presume that the council would approve this project, but at the time the budget was submitted by the administration and therefore considered by the council and therefore approved by the council, that provision needed to be included because we were before the finance committee in late June seeking that approval.
Speaker 3
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Repayment, as I said earlier, will be over a period of twenty years, and that provision has already been made in the debt service line. During the meeting and just prior to the meeting in June, we were informed by outside counsel, and we're here this evening. We have mister Neil Pandosi from Trout, Peppermint, and Lock, an associate of miss Karen Grande. They are the city's outside bond counsel available for any questions. We were informed that legislation approved by the state general assembly just that day would permit, if passed, and it did pass, any type of borrowing like this to be treated as if it was a general obligation bond and therefore enjoy the benefit of a general obligation bond, which generally assures lower interest rates.
Speaker 3
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So while I won't predict that rate today because the market can change, what I'm saying is there now is opportunity with the resolution that was amended in committee already before you and in this public hearing already has that provision received, amended, and pending further consideration by the finance committee. And therefore, that will provide a benefit as well. What that might do, that might drop the payment from 412,000 annually to a payment between $3.75 and $3.85. Still another good benefit based on the interest subsidy. So, madam chair, members of the committee, members of the council, members of the public, I present this information to you to set the table, so to speak, so you understand why this project has the consideration and the support of the administration.
Speaker 3
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I am here to answer any questions. And with that, madam chair, acting upon your request, the next opportunity will be to hear from members of the Mylar History Association, and I would like to bring them together, mister Dan Boden and miss Liz Maranci, if you'll be
Speaker 1
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so kind to bring together.
Speaker 0
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Thank you, chief Mancini. Please join us. Just wanna recognize a council member, Shelly Peterson, who has arrived. Thank you.
Speaker 2
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So noted.
Speaker 4
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Hello, madam chair, and thanks to the committee for this opportunity. If I may, I'll provide a brief background and then read our moha letter as testimony. In order to fulfill our mission to preserve and protect Benefit Street, six years ago, the Mile of History Association engaged a landscape architect to perform a streetscape study of historic Benefit Street. Our mission is not only about Benefit Street's extraordinary history, but it is also about making it safe and accessible for all visitors to enjoy. The plan examined every inch of the street focusing on street paving, street lights, trees, and tree pits, and sidewalks.
Speaker 4
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All aspects of these elements were documented, relying on photographs and other documentation from private residents, we then developed a plan for restoration of historic sidewalks. CAD drawings and costs were developed in order to provide a complete picture to present to our community, especially Wards 12, And 3. MOHA was proud to work with city councilors Andrew Bois, Anthony, and Gonzalez to bring attention to the street, which has resulted in councilor Gonzalez filing of this resolution. Mo has given testimony at March and June city council meetings, and we are pleased to present this letter. To the city of Providence and the finance committee of the Providence City Council, I am the president of the Mile of History Association representing 100 members, and I am the Rhode Island vice regent to George Washington's estate, Mount Vernon.
Speaker 4
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Returning from there last night, I was struck again by the vast history which Rhode Island boasts. Founded for the benefit of all, Benefit Street is the site of the friendship between the Narragansett tribe and Roger Williams, which has benefited Rhode Islanders for four hundred years. Immigrants from all over the world have landed here on Benefit Street. It is also the beginning of religious tolerance in America. Again, thanks to Roger Williams.
Speaker 4
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The First Baptist Church in America is on Benefit Street in addition to our 70 seventeen sixty old state house. The plan for burning the Gatsby was developed here. The Shakespeare's Head Declaration of Independence was printed here. 11 times governor Stephen Hopkins lived here and was a signer of the Declaration of Independence. John Brown built his fabulous house and empire here.
Speaker 4
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The Door rebellion was executed here. Barker Playhouse, the Providence Athenaeum, Brown University, and RISD are all here. Accessibility to all of these amazing sites of national importance is prohibitive due to sidewalk conditions. Our culture and history are here and should be available and accessible to all visitors. Please pass this resolution for the benefit of all.
Speaker 4
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Thank you.
Speaker 0
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Thank you very much.
Speaker 3
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Thank you, miss Marantz. Madam chair, members of the committee, with that, I'll introduce to you, director of planning development, Joseph Mulligan.
Speaker 5
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Good evening, madam chair, members of the council, visitors as well. It's great to be here. Our department staff are throughout the city. I left the city planning commission meeting and I'm on my way to the Progport planning public meeting this evening, but wanted to make sure I was able to come by and speak to this matter. That is very important, in terms of the the form and feel of the city.
Speaker 5
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You know, we I I won't go into the history. I think you'll hear a lot about that tonight, and and we had a good introduction from the Myla history representatives. But there was another unique quality to Providence that is atypical of the the kind of urban planning form of early America that was primarily based on an open space with a with a public building on one side and and maybe a religious structure on the other side that was counter to Roger Williams' exhaustion of separation of of church and state. And as a result, Providence is is oddly deprived of kind of major public open spaces. And what we do have, it's been carved out over the decades through moving public infrastructure, rail yards, or an overhead highway, or annexing a farm and attacking it to the to the part of the the community here.
Speaker 5
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In many ways, our our transit corridors act as our our connectors to our neighborhoods and our communities, our our major public open spaces. We're doing work now in the valley down along the Woonaskettucket to transform it from an industrial canal to a connected space for shared use paths for pedestrians and bicycles and and and others. And we're looking all over the city for opportunities, whether it's on Broad or or Westminster or Broadway. And there's there's an imperative to add special attention to these places because that is where we invite the world to come when they come to visit. It's where our neighbors and our community go to do their shopping, to meet their neighbors, to be out in the open air, and to to be in the public space.
Speaker 5
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And Benefit Street, certainly because of its history, is is very important among those spaces that we need to pay extra consideration to. In Wards 12, And 3, it is a compact area. There is not a lot of public open space. And, again, these these areas serve as our places where we go out and we walk about. We get fresh air.
Speaker 5
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We enjoy the community. We enjoy the beauty of this town and this and and what we have to offer. Because of that history too, there's there's unorthodox conditions that we'll see in this neighborhood that we don't see in other parts of the city. We have buildings that were built that could not be built today. They have stairwells that intersect the public way.
Speaker 5
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They abut right up to kind of a zero lot line. We have to make accommodations. There's also a a varying amount of materials. The sidewalk has granite slabs. There's pavers.
Speaker 5
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There's bituminous. There's concrete. And I salute the representatives from the Milo history from taking the initiative to advance a design at their own expense to take into consideration all those variety of of problematic issues and meetings and intersections and materials and existing conditions. And that comes at a premium, and I and I think we have to acknowledge that, to do this is gonna take a a little extra lift. But the story of Benefit Street is the story of Providence, and it's a story we need to tell.
Speaker 5
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It's a story we share with the world. We invite them here, and we want that experience to be pleasant and safe and accessible to all. And therefore, I'd I'd like to urge your special consideration on this matter, for authorizing the funding for this very important part of the city, to benefit all of our neighborhoods, all of our residents, and, to point a pride for the city of Providence as a whole. So thank you very much for your time.
Speaker 0
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Appreciate it. Director.
Speaker 3
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Thank you, madam chair, members of the committee, members of the council, next speaker is our director of economic development, mister Ted Carr. Ted?
Speaker 6
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Good evening, members. Thank you for having me. I've been before your committee many times. I'm very glad to be back. As the director of economic and do development for the city, in addition to the programs that we run on behalf of the city broadly.
Speaker 6
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I mean, it's my job to look after the economic climate here. I I know it is you will hear lots of stories tonight tonight about the importance of history and change and investment, and that while this is a important decision for you, I also rise in favor of it. I I was trying to think and try to give a little example of, how the change in history and the change in the city relates to what's happening today in the city. So, as many of you know, recently, we welcomed back to the city of Providence the American Cruise Line Company. Let me tell you a little bit about why that's important.
Speaker 6
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This brings visitors into our city that come from all over the country. They operate the tour here, twenty seven weeks, season, approximately 200 guests each week, and they start and stop in Providence. So they stay overnight here. They go out to dinner here. They tour our city, and I wanna mention this specifically because this is one of the most important stops to them.
Speaker 6
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So when you can invest in opportunities like this in Wards 12, And 3, and showcase the city in the best light it can, it only adds to more economic vibrancy. Small businesses will thrive when other people come here, people that come here to see and enjoy our beautiful city, this is also very important. In the past, I've talked to you about the, importance of vibrancy all over the city. I love that in the the same theory around how Providence started that it took a few citizens to come forward and think that this was important and to work with everyone to make sure that this tries to happen. This cruise boat spends more than $1,000,000 a season.
Speaker 6
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It's taxable to the city. They start and stop. You will see their buses around here, but one of the number one things as we spend time with these new guests that come to town, and they are not alone, is that Providence is a beautiful place, and it starts with their experience. And so I think an investment like this is critical to any city's successor infrastructure, but it relates to how we change and how we grow every day. So I hope you will share in my enthusiasm to support this effort as you consider many, many things before you, but this is an important investment, and it's why this administration shares in its support.
Speaker 6
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And I'm glad to be here to answer any questions.
Speaker 0
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Thank you very much, director.
Speaker 6
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Thank you.
Speaker 3
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Okay. Madam chair, we have also with us from the city of province, the chief city's chief engineer and director of the Department of Engineering at the Department of Public Works, mister Craig Hockman. Craig?
Speaker 7
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Good evening, madam chair, members of the finance committee and council. Benefit Street is a pretty significant pedestrian corridor spanning across the road from 12, and three, and it's a significant North South transportation connector. This is one of the most uninterrupted North South connectors spanning across these boards where parts east are disconnected, and South Main Street and North Main Street is one way in many of these many sections. Benefit Street is about 1.2 miles long between Burroughs Lane and Wickenham Street, and the sidewalks represent about 2.2 miles. Citywide, there's about 625 miles.