Providence, Brown U. seek to turn the page with $31.5M dealMay 1st, 2012 at 12:56 pm by Ted Nesi under Nesi's Notes
By Ted Nesi
PROVIDENCE, R.I. (WPRI) – Brown University on Tuesday bowed to heavy pressure and agreed to pay the city of Providence $31.5 million over the next 11 years, bringing Mayor Angel Taveras a step closer to his goal of keeping the capital out of bankruptcy.
Update: All the mayor’s moves haven’t convinced Wall Street, however. Standard & Poor’s cut Providence’s bond rating from BBB+ to BBB on Tuesday, only two steps above junk status. S&P said that while Taveras has taken significant steps to fix the problem, “the city’s budget remains structurally imbalanced,” and Providence’s fiscal outlook is still negative (as opposed to stable).
Update #2: Want to read the Brown U.-Providence agreement for yourself? Download the PDF.