Business Excellence Awards
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By PBN Staff
With the announcement last week of a new agreement with Providence College to make increased payments to the city in lieu of taxes, Mayor Angel Taveras has convinced all seven of the major nonprofit educational and health care institutions located in Providence to increase their Pilot payments.
The effort by the mayor is part of his strategy to help the city establish more stable fiscal footing. And while the amounts are substantial, they are still well short of what the city’s universities and medical institutions would be paying in taxes if they were not exempt.
Is this a good deal for Providence and the nonprofits, or should the tax-exempts starting paying as if they were taxable?