RISD OKs more than doubling payment to Providence
PROVIDENCE, R.I.—The Rhode Island School of Design has agreed to more than double its annual voluntary payments to the city of Providence under a deal announced Thursday.
Mayor Angel Taveras and RISD President John Maeda said the arts school will give the capital an additional $250,000 a year for 11 years, bringing its annual payment to more than $425,000.
RISD, which has about 2,000 undergraduate students and a full-time faculty of about 150, had already been contributing under an agreement forged in 2003.
"A stronger Providence will help build an even stronger RISD," Taveras said in a statement.
Added Maeda: "We have always believed a fiscally sound and flourishing Providence is the responsibility of all, and important for RISD's own continued success."
Taveras has been negotiating more in payments in lieu of property taxes with the city's tax-exempt institutions, including colleges and universities and, for the first time, hospitals. The additional payments, including $31.5 million more from Brown University over the next 11 years, have been a key part of Taveras' efforts to close a large budget shortfall.
Current projections still have the city ending the fiscal year that closed June 30 with an $11 million deficit.
Taveras' office said RISD will get "semi-exclusive" access to park on certain streets near the school's campus under the agreement.
The deal requires City Council approval.