Providence, Brown U. seek to turn the page with $31.5M deal
May 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.
Tags: angel taveras, brown university, lincoln chafee, nonprofits, providence, providence financial crisis, ruth simmons, tax-exempt
Nesi's Notes covers politics and the economy in and around Rhode Island for WPRI.com. (Twitter: 
So let’s see, Brown with the billion dollar endowment ponies up $31 million more.
The blue collar work force making on average $50-$60 k a year give up $234 million ?
Ya, that sounds like Rhode Island “Democratic” math.
Puke Fish it is not the public sector salary that has killed Rhode Island but the public sectors over generous benefits package.
That deal sounds fair to me!!
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