Providence Mayor Brett Smiley has signed a new Payment in Lieu of Taxes agreement with four major city colleges, Providence College, Brown University, Rhode Island College of Design and Johnson and Wales. The 20-year deal is worth 223 million dollars and amounts to a 138 percent increase over the combined amounts paid between 2003 and 2012.
“The approval of these landmark agreements marks an extraordinary moment for the city and its higher education institutions, and we’re proud to have cemented Brown’s investments in the success of Providence for decades to come,” said Brown University President Christina Paxson. “The agreements are rooted in a spirit of partnership and a commitment to helping the city and its residents thrive. We’re excited to expand significantly upon the myriad ways in which Brown makes a meaningful and positive impact in our local community.”
Mayor Smiley said the agreement will also establish increased collaboration measures between the city and these institutions to better support the needs of our community and improve the quality of life of our neighborhoods. This collaboration includes targets for community contributions by the institutions with an estimated value of $177,472,813 over the next twenty years and bimonthly quality-of-life working group meetings to address issues and concerns reported by neighbors.
(Photo provided by Providence Mayor's Office)