Brown Will Pay Providence $31 Million in Lieu of Taxes

May 2, 2012

Brown University agreed Tuesday to pay the City of Providence $31.5 million over 11 years, according to The Wall Street Journal, ending a contentious standoff in which city officials threatened to revoke the university’s tax-exempt status if the institution would not help the city fill its budget deficit. Brown, along with four other colleges in the city, had an agreement in place since 2003 to pay the city $50 million over 20 years, but city officials hoped to rework the agreement as the city’s financial problems became clear.

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