Providence Mayor Brett P. Smiley on Sept. 5 announced tentative agreements with Brown University, Rhode Island School of Design, Johnson & Wales University and Providence College to more than double their payments to the city over the next 20 years.
The voluntary payments in lieu of taxes are made by nonprofits exempt from property taxes on noncommercial properties. Property taxes are the city’s largest revenue source.
The last agreement reached in 2003 with the four universities expired in May.
The proposal would net the city $223.5 million in payments, a 138% increase, according to Smiley’s office, which called it “one of the most generous agreements in the country.”
The proposed agreements still need final approval from the City Council.
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