Brown University will voluntarily pay Providence $31.5 million more over the next 11 years to help address financial problems that Mayor Angel Taveras has warned could put the city on the brink of bankruptcy.
Taveras and Brown President Ruth Simmons announced the landmark agreement Tuesday at the Statehouse, backed by Gov. Lincoln Chafee and top lawmakers who helped shepherd both sides through the often difficult negotiations.
The deal caps months of contentious dialogue between the tax-exempt Ivy League school and its struggling host city and hands Taveras a key victory in his efforts to resolve a $22.5 million budget deficit.
"We face tremendous challenges," Taveras said. "We've come together to make some very difficult decisions. We need each other to be successful."