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WEST WARWICKâ€” Ridley-Lowell Business and Technical Institute will open its first ever location in Rhode Island, making Thundermist Health Center in West Warwick its home.
In March of 2012 a tax agreement was made between Thundermist and the town to help ease their tax burden while construction was being done on the first floor of the building.
The $1.2 million project was designed with the help of Aspen Group, a real-estate and development company based out of Massachusetts.
Because Thundermist is the property owner, they were responsible for paying $1 million of that total, which is why they signed into a tax agreement.
Under the agreement the payments to the town from Thundermist will be in the range of $19,000 for the first year, $39,000 for the second year, $58,000 for the third year and $78,000 for the fourth year. Once the third year hits, the town will break even at the $58,000 mark; anything after that is profit.
Town Manager Fred Presley explained that construction is almost complete inside the building.
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