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Moody’s Raises East Providence Credit Rating to A1

May 7, 2020

East Providence had its credit rating raised last week by Moody’s Investors Service to A1, its fifth-highest investment grade. The city of 47,500 has recorded almost a decade of budget surpluses and is benefiting from residential and commercial development along the Providence River. The former site of an oil tank farm is now home to apartments, condos and a $15 million medical office building.

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In Conversation: Economic Development Continues To Move Forward in East Providence

April 29, 2020

Check out Economic Development & Planning Director William Fazioli in conversation with EP Mayor DaSilva about the ongoing economic development projects going on in East Providence.

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EPWC Facebook Posts

Great progress from zero occupancy to 70 percent occupied in less than five years. Revised and streamlined zoning regulations spur business development at historic mill former home of Washburn Wire. #progress #jobs #opportunity ... See MoreSee Less

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Moody’s upgrades East Providence rating; City on secure financial footingEAST PROVIDENCE, RI – While some municipalities in our state and throughout the world are facing financial hardship, the City of East Providence has received positive news from Moody’s Investors Service.

East Providence has been upgraded to an A1 rating, which puts the city on a strong financial footing as we prepare to address the many challenges of an economic downturn.

The rating reflects the city’s strong cash and fund balance, low debt burden and new management structure. The strong rating, which is determined using various criteria including the economy, debt structure, demographics and management practices of the governing body and administration, will enable the city to receive lower interest rates on bonds and other borrowings.

“The strong executive form of government should provide for a more efficient and effective development of policies, budgets and a clearer vision for the city’s future,” according to Moody’s report pointing to the Mayor-Council form of government.

“We are fortunate that our city’s fiscal discipline and strong financial management practices have been acknowledged,” Mayor DaSilva said. “That being said, there’s more work to do and I have full confidence that my office, together with our City Council, will work to address and overcome any challenges the economy will bring and will continue to work towards a timely and strong economic recovery.”

Key drivers to East Providence’s economy include the city’s proximity to employment opportunities and cultural centers, a developing waterfront with new commercial and residential growth, a new high school slated to open in 2021 and close proximity to Providence and Boston, which are considered employment hubs, according to Moody’s.

Moody’s announcement may be read here: www.moodys.com/research/Moodys-upgrades-East-Providence-RIs-GO-to-A1-removes-stable--PR_906396008
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Kettle Point construction presses forward during COVID-19 pandemicPRESS RELEASE

April 27, 2020

EAST PROVIDENCE, RI – The East Providence Waterfront Commission has continued to work hard during the COVID-19 pandemic to assure that we conduct business as usual. Despite a global economic shock that has resulted in a 32 percent downturn in nationwide residential construction during February and March, activity at Kettle Point in East Providence remains strong.

Utilizing a remote, virtual meeting format at its April 16, 2020 hearing, the Commission approved the application of Kettle Point Apartments, LLC to modify the last phase of its development with a multi-million dollar project. This latest development will consist of 12 townhomes in two buildings that overlook Squantum Woods.

The Waterfront Commission engaged Amy Goins of Ursillo, Teitz & Ritch to provide guidance on the open meeting aspects of this hearing. The meeting was duly advertised in accordance with the recently amended Open Meetings Act issued by Gov. Gina Raimondo on March 16, 2020 and allowed for public review and testimony on this proposal.

Construction at Kettle Point is currently in progress at Building 5, a 41-unit apartment building that is the last of five, four-story Class A apartments at Kettle Point. When completed in the next several months, Jason Kambitsis, senior vice president of Acquisitions and Development for Irwin, Pa.-based A.R. Building Co Inc., anticipates that crews will continue with construction of the new $2.4 million townhomes. Units in both the townhomes and the apartment building include one-, two- and three-bedroom layouts in response to market demand. Construction of the Kettle Point townhomes should take between 8 to 10 months with all construction complete by March 2021.

Kambitsis thanked the Commission for proceeding with a remote meeting format that will enable construction during this construction season. His firm is pushing strong in Rhode Island to look beyond the current economy and provide jobs for the local workforce. Of the 39 subcontractors hired to date for this project, 20 are from Rhode Island. Construction is continuing, following all state and Centers for Disease Control & Prevention (CDC) guidelines regarding cleanliness and social distancing in response to the COVID-19 pandemic. Although some supply chains have been disrupted, his firm is making arrangements to stay on track.

Churchill & Banks is also continuing with construction of high-end duplexes at Kettle Point. As of December 2019, 42 of the 62 approved condominiums were occupied. Of the eight units currently under construction, four are under contract. Richard Baccari, chairman of Churchill & Banks, anticipates that Kettle Point construction will be wrapped up by mid-2021, a slight delay over previous projections.

Waterfront Commission Chairman William Fazioli believes that the efforts of the Commission and staff during these very challenging times will provide a much needed spark for East Providence’s and Rhode Island’s economy.

“The ability to adapt to these unprecedented circumstances will favorably position the city and state as the COVID -19 crisis recedes,” Fazioli said.

“Business and government continuity during a time of crisis is not only vital to our city, but it’s vital to our economy as a whole,” Mayor Bob DaSilva said. “Businesses, such as A.R. Building Co. Inc., are adapting to the new realities of this pandemic economy and forging ahead in a safe, responsible manner that will continue to spur investment and economic development in our city.”

Kettle Point is a 49-acre, mixed-use development on the site of a former petroleum tank farm. Upon completion, this property will include a total of 290 housing units along with an 88,000- square foot, state-of –the-art facility (University Orthopedics). The project also provides several public amenities including a new extension of the Urban Coastal Greenway walking path, an expanded parking lot for the East Bay Bike Path and a renovated 600-foot pier extending out to Narragansett Bay. Construction at Kettle Point began in 2015 when the total property taxes derived from the property amounted to just $69,000 as compared to more than $1.1 million in 2019. For more information on Kettle Point please visit: www.eastprovidencewaterfront.com/wp-content/uploads/sites/5/2020/04/Kettle-Point-a-model-of-Excel...
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Resources

Application and Development Packet

Application and Processing Fees

Zoning Ordinance

Economic Assistance - City