(Updated 2:15p.m. with comments from Providence Mayor Angel Taveras)
PROVIDENCE – Brown University has reached an agreement with Providence to pay an additional $31.5 million to the ailing city over the next 11 years, university President Ruth J. Simmons announced Tuesday.
“Brown entered into these discussions not only seeking to respond to the city’s current fiscal crisis, but also to position the university for future growth and even greater success,” Simmons said in a letter to the Brown community sent Tuesday.
The agreement between the college and the city includes preservation of Brown’s legal status as a tax-exempt institution and resists attempts to alter the 2003 agreement signed by Brown and other nonprofit colleges in Providence.
“Brown is deeply concerned about Providence’s financial situation and is committed to supporting efforts to enhance the city,” said Simmons. “Naturally, during our discussions with the mayor, we pursued options that would also benefit the university.”
Simmons added that as part of the agreement, Brown secured support for the acquisition of streets in several areas near Brown on College Hill for the long-term leasing of 250 on-street parking spaces for use by Brown employees.
“However, our agreement goes far beyond these modest benefits to Brown,” said Simmons. “We believe that the most significant role that the university can play in contributing to a stronger Providence and Rhode Island is to continue to improve as an internationally renowned research environment where scholarship and innovation translate into economic and social benefits for the community.”