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Former Providence Mayor Suing City

A former Providence mayor is suing the city over a property tax deal.

Joseph Paolino Jr. filed suit Tuesday in Superior Court.

Paolino, a real estate developer, owns Paolino Properties. His company owns buildings and parking lots in the city.

Blue Cross & Blue Shield of Rhode Island owns a building on Exchange Street and rents out some space to commercial tenants.

Paolino claims a tax stabilization agreement the city struck to keep the insurer's workers downtown gives the insurer an unfair advantage acquiring tenants.

The paper reports Paolino is suing the city and the Massachusetts private equity fund that owns the land, Intercontinental Fund IV Waterplace. Paolino says Blue Cross didn't sign the stabilization but benefited from it.

Blue Cross declined to comment.

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