The Providence City Council’s Finance Committee approved a tax stabilization agreement Thursday for a new $56 million construction project in downtown Providence.
The project on Canal Street will replace a parking lot, which currently brings in minimal tax revenue.
City officials expect the project to create 100 construction jobs and about 30 permanent jobs.
The completed project will create at least 180 units of residential and commercial spaces.
Part of the TSA requires Ohio developer Vision Development Inc. to “pursue contracts with women and minority-owned businesses” as well as buy construction materials from city vendors.