Economic Incentives for CONE

Economic Incentives/Variances/Exceptions for Centre of New England (CONE) As of June, 2006

1. Tax treaty in place for non-housing developments at CONE in the year 2023.
2. (Removed in 2003) Developments at CONE by-passed the Planning Comission and only needed Town Council approval. This incentive was removed after the RI Attorney General’s office notified the town of Coventry in 2002 that this provision of our zoning ordinance was in violation of state law. This means that between 1997 and 2002 the Planning Commission had no say in approving whatever was built at CONE.
3. No bonding required for roads, water, sewer, drainage systems and other infrastructure at CONE.
4. Multi-family housing is permitted in the CONE “business park”.
5. No future changes to Coventry's zoning or subdivision laws shall apply to CONE.
6. No future changes to density regulations shall apply to CONE.
7. No future building permit caps or moratoriums shall apply to CONE.
8. The 40% open space requirement for business parks was amended to 10% and shall consist of the wetlands at CONE.
9. Impact fees that were in effect in 1997 shall apply to CONE. These fees are less than what they are today. UPDATE 06/15/06 -- There are reports in the print media and on the blogs that this deal may have changed. Need to check with town officials before revising this item.
10. Developer bought out the lease that the town had on land adjacent to CONE property south of King Street. Buy-out price $1.5 million. The original agreement dated 02/23/2004 was amended in Sept. 2005 per agreement with the Town Council – instead of paying $1.5 million in full, payment terms are $100,000 down payment, with installments of $5,000 per condo as each one gets a C.O., up to 5 years to pay the full amount. No set installment schedule, zero interest being charged, no collateral.
11. PROPOSED -- Access road to CONE Phase 2 etc. using Hopkins Hill School property or using Tulip, Jade or Lydia Road stubs.
12. This list is not all-inclusive; there may additional economic incentives not listed here.