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The city of Providence is considering a $25 million loan to purchase two properties.

Mayor Brett Smiley argues the purchase will save the city money in the long term on rent and preserve a cultural hub.

The proposal comes after Providence residents faced one of the largest tax increases in years.

PROVIDENCE – The City of Providence is considering taking out a loan of $25 million for it to purchase the WaterFire Arts Center and the Joseph A Doorley Jr. Municipal Building .

The combined assessed value of both buildings is $9.5 million, and the proposal comes following a particularly difficult budget season in Providence, where residents experienced one of the largest tax increases in years.

Mayor Brett Smiley proposed the idea in late August and the City Counc

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