January 15th, 2013 at 3:15 pm by Ted Nesi under Nesi's Notes, On the Main Site
By Ted Nesi
PROVIDENCE, R.I. (WPRI) – Rhode Island’s 11 higher-education institutions are combining forces to launch a new College and University Research Collaborative that will help state leaders understand what ails the local economy and what could help fix it.
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• Related: Two must-read articles about economic development and RI (Jan. 15)
April 30th, 2012 at 9:56 pm by Ted Nesi under Nesi's Notes
Read all about it - a productive 24 hours for the mayor, with a balanced budget now suddenly within reach.
March 29th, 2012 at 2:20 pm by Ted Nesi under Nesi's Notes, On the Main Site
Here’s an interesting chart city officials gave out on Thursday afternoon at a hearing on a bill to force tax-exempt institutions to pay 25% of the tax bill they’d owe if their property was taxable. It shows the latest assessments of property owned by the seven largest, led by Brown University and Lifespan hospital group:
• Related: Moody’s: Cities must balance tax-exempts’ cash, contributions (Feb. 15)
February 15th, 2012 at 1:14 pm by Ted Nesi under Nesi's Notes, On the Main Site
Moody’s Investors Service thinks Providence and other cities could reap significant rewards from pushing local tax-exempt institutions to fork over more money. But they should guard against killing the goose that laid the golden egg.
Payments in lieu of taxes, or PILOTS, “represent a potential revenue boon for local governments with high concentrations of tax-exempt properties in their tax bases, many of which are in the Northeast,” Moody’s analysts wrote in a research note Tuesday that singled out Boston as a successful example.
“Though far from immanent, greater PILOT revenue comes with long-term risks for some local governments should PILOTs grow so large that they impair not-for-profits’ ability to create jobs and stimulate the economy, or encourage them to move elsewhere,” Moody’s said, adding: “In general, local governments are still far from that tipping point.”
“Efforts by local governments to bolster PILOTs appear to be shaping into a trend,” according to Moody’s. In addition to Providence and Boston, Scranton, Pa.; Worcester, Mass.; Framingham, Mass.; and Newton, Mass., have all sought larger voluntary payments recently.
February 9th, 2012 at 6:00 am by Ted Nesi under Nesi's Notes, On the Main Site
Is Providence biting the hands that feed its residents?
Providence Mayor Angel Taveras and his aides certainly don’t see it that way. But the seven tax-exempt institutions they’re targeting for a bigger contribution to Providence’s budget employ one in five workers there, making each of them one of its main employers, city documents show.
The gang of seven are Brown University, Lifespan (Rhode Island and The Miriam hospitals), Care New England (Women & Infants and Butler hospitals), CharterCARE (Roger Williams Medical Center and St. Joseph Health Services), Providence College, Johnson & Wales University and the Rhode Island School of Design.
Those seven tax-exempts employed 20,837 workers in Providence in 2011, which was 19.5% of total city employment, according to R.I. Economic Development Corporation data city auditors prepared for bondholders. Brown is the city’s No. 1 employer with 5,162 workers, or 4.83% of total city employment.