WOONSOCKET - If his goal of boosting Woonsocket's commercial tax base by $73 million in five years seems unrealistic, consider the alternative: higher taxes on residents.

This city's swollen debt burden is pushing officials to find ways to collect 40 percent more from the city's businesses, Matthew Wojcik, the city's director of Economic Development, told City Council members in a report last week.

By his figuring, Wojcik told The Breeze, $73 million more in commercial value represents an added $2.85 in annual taxes in this city.

That's a tall order, admits the former aide to Gov. Donald Carcieri.

And virtually impossible, Wojcik is quick to add, if the for-profit Steward Health Care Systems acquisition of Landmark Medical Center should fail.

"We have an awfully lot riding on this," he told The Breeze about the hospital deal that he thinks would immediately see renovations worth $20 million or more in addition to a sizeable tangible tax benefit as new medical equipment is purchased.

Boston-based Steward is a Massachusetts chain owned by Cerberus Capital Management. Its application to purchase Landmark is under state review.

"If we get the hospital, yes," Wojcik said about the viability of his plan. "If we don't, it's going to be very, very hard to do.

"In terms of having a bright future here, we need the hospital."

Wojcik was before the council last week with a lengthy report on the city's application to renew its state Enterprise Zone designation.

Woven throughout his comments was the uphill battle the city faces as it tries to win interest in its few remaining vacant lots and dozens of empty structures, many worth less than the land they sit on.

Would-be developers exploring a relocation to Woonsocket find plenty of negatives - the commercial tax rate is high, the buildings are old, and the economy is soft.

But the city's three enterprise zones represent a big advantage, says Wojcik. Companies located within them get a tax break with every employee they hire, an amount that doubles if the new hire also lives within the EZ.

Still, increasing the commercial base by $73 million, he says, means that many of the buildings must be torn down.

Making improvements to existing buildings just doesn't add a lot of value.

"At the end of day, when you rehab a 120-year-old building, you've still got a 120-year-old building," he told The Breeze.

The value of Woonsocket's commercial buildings, discounting the land they sit upon, is about $187 million, a figure "that should shock you," Wojcik told council members last week.

CVS buildings account for one-half of it, he says.

In other communities of comparable size, the figure would be $500 million to $100 million, he says.

His report notes the average city commercial building is 19,000 square feet and assessed at just under $327,000.

The average industrial property is 82 years old, while the average large business building is 57 years old.

Wojcik said that Woonsocket's plight may not be appreciated by residents who've lived a lifetime in the city surrounded by buildings that have grown steadily older and less valuable.

"They've seen the buildings all their lives and they're not facing up to reality, not thinking through what does it mean if they're that old," said Wojcik.

Adding to the challenge is the huge disadvantage of its commercial tax rate compared to nearby communities. Currently $34.30, it's higher than Blackstone at $12.52, Franklin at $11.17, Cumberland at $15.34, North Smithfield at $17.65 and Lincoln at $24.75.

Despite the drawbacks, there are industries that are expanding and thriving, such as several in the recycling business, said Wojcik, who notes the city has utilities and a Route 99 location.

There's also a growing creative community, he said. "I don't mean people painting pictures."

He refers to Stadium Theatre, RiverzEdge, Beacon Charter School and others "trying to enhance the creative economy." He names Hanna, CVS, Summer Infant Products as examples of businesses relying on creative employees.

And he adds, "Where else can you buy a Victorian for $300,000?"

Here's a list of the city's top taxpayers:

CVS/caremark, assessed at $92.2 million.

National Grid, $20.4 million

RD Woonsocket Associates (Walnut Hill Plaza), $15.8 million

WP Woonsocket Associates (Woonsocket Plaza) $12.7 million.

SFFGA Rhode Island (Lowe's), $10.2 million.

Walnut Hill Apartments, $9.6 million.

Walmart, $8.6 million.

Woonsocket Nursing Center, $6.7 million

Develco's Interest (apartments) $6.6 million

Oakland Grove nursing home $6.4 million.

Second Avenue Associates apartments, $5.9 million

Boucher Real Estate Cornerstone Building, $5.2 million

Perot Systems Corp. in Highland, $4.9 million

Plaza Village Group apartments, $4.7 million

Mt. St. Francis Health nursing center, $4.2 million

Holiday Inn Express, $3.9 million

Bank of America, $3.5 million

Cox Com Inc., $3.3 million

ALM Super Three, retail at Park Square, $3.3 million

Figures are as of Dec. 31, 2008, the last revaluation date.