University And City Reach Agreement On Plan To Avoid Bankruptcy

Brown University will voluntarily pay Providence $31.5 million more over the next 11 years to help address financial problems that Mayor Angel Taveras has warned could put the city on the brink of bankruptcy.The deal caps months of contentious dialogue between the tax-exempt Ivy League school and its struggling host city and hands Taveras a key victory in his efforts to resolve a $22.5 million budget deficit. Read more at:
http://www.boston.com/news/nation/articles/2012/05/01/brown_u_to_pay_ri_city_315m_more_to_help_budget/