PROVIDENCE, R.I. (WJAR) — The Providence City Council Committee on Finance announced it voted to advance the lease of WaterFire Arts Center back to WaterFire Providence on Tuesday.
This comes after the council approved the $3.75 million purchase of the building.
According to city officials, the condition for the deal will require WaterFire to host eight full lightings and five partial lightings annually, which is three more than this year.
The WaterFire Arts Center will also need to be maintained at the WaterFire’s expense, and the city will have the right to reclaim the property if needed.
“This vote is about protecting the heartbeat of Providence, a cultural event that has become synonymous with the city itself,” said Chairwoman Jo-Ann Ryan said in a statement. “WaterFire is more than a world-renowned art installation, it’s an engine of economic activity, drawing in about $162 million of economic stimulus to Rhode Island annually. This agreement is a smart, forward-looking decision that will pay dividends for Providence residents, businesses, and visitors for years to come.”