Developer pitches 'Superman' aid plan to senators - ABC6 - Providence, RI and New Bedford, MA News, Weather

Developer pitches 'Superman' aid plan to senators

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By The Associated Press 
PROVIDENCE, R.I. (AP) _ A Massachusetts-based developer has asked Senate lawmakers for $39 million in state aid to redevelop the vacant Superman building into apartments.
David Sweetser of High Rock Development told a Senate panel Tuesday the $115 million project will create jobs and spur economic activity. He says no such historic re-use project can be done without state assistance.
The plan calls for a state contribution of $9.75 million annually for four years. High Rock wouldn't get any funding until project completion.        

Some have compared the request for assistance with that of 38 Studios, which got a $75 million state-backed loan and later went bankrupt. Sen. Joshua Miller, the legislation sponsor, says this request, by contrast, is completely transparent.
Homeless advocates testified against the bill, calling it a ``giveaway'' for luxury housing. 

(C) The Associated Press 2014
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