Special Committee on Ways and Means

The Providence City Council’s Special Committee on Ways and Means met on September 29, 2026 (the supplied meeting metadata is dated September 30). The committee heard a request for a fourth $26.2 million tranche of Bipartisan Infrastructure Law funding through the Drinking Water State Revolving Fund for Providence Water’s accelerated lead-service-line replacement program. The financing terms are a 20-year term, 0% interest, and 49% principal forgiveness—about $12.8 million—and the funding is expected to support approximately 2,000 replacements. Providence Water reported 5,500 completed replacements using prior funding and said it intends to apply for a fifth tranche. The committee voted to continue this item; no contract award or vendor selection was discussed. Members also asked about possible relief for residents’ existing lead-replacement loans, and the presenter said reimbursement requests were being processed and would follow up on loan terms.

The committee discussed a resolution to abate certain AS220-related property taxes for the current tax year, clarifying that commercial portions would remain taxable and that future relief may require state legislation. The combined tax bill was described as approximately $165,000, including about $47,000 and $16,000 in abatements for two properties; members raised concerns about the effect on city revenue. A motion to approve the resolution as amended was made and seconded, but the transcript does not capture a final vote. The Treasurer also presented a proposal encouraging banks holding city deposits to provide benefits to Providence residents and support local vendor and MBE participation. Bay Coast Bank was cited as currently offering residents a 4.5% CD rate; no procurement or deposit decision is recorded in the transcript.