Johnson & Wales To Triple Payment To Providence

Thursday, February 16, 2012

Providence's mayor on Wednesday announced a tentative deal with Johnson & Wales University under which the school would more than triple its annual voluntary payments to the financially struggling city -- and possibly contribute even more.

Mayor Angel Taveras said the agreement, which is tied to the university's expansion plans in a key economic development district on the edge of downtown, increases the school's payment in lieu of taxes from the current $309,000 to at least $958,000.

Depending on whether the university acquires an additional parcel in the so-called Knowledge District, the school could contribute as much as $1.45 million annually to Providence, officials said.

The mayor called the tentative deal, which he announced alongside Johnson & Wales Chancellor John Bowen, a "huge step forward" for the city as it seeks to close a $22.5 million shortfall for the current fiscal year.

Read more »