PROVIDENCE, R.I. (AP) ? Providence College will make $3.84 million more in voluntary payments in lieu of taxes to the city over the next 10 years under a deal that will see Providence give up parts of three streets near campus.
Mayor Angel Taveras (tuh-VEHR'-us) and Providence College President Fr. Brian Shanley announced the agreement at City Hall on Tuesday. It includes an initial $1 million payment this year. The school currently contributes about $264,000 annually.
Taveras had been negotiating with the city's major nonprofit universities and hospitals to extract more in voluntary payments, since they are tax-exempt. Providence College was the last of the institutions to strike a deal.
Taveras' effort came as the city was facing a massive budget hole in the last fiscal year and attempting to stave off a municipal bankruptcy.
Source: http://feeds.sfgate.com/click.phdo?i=fd5f7a84a7f3c4986e8bd34df642f4d5
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