Mayor Taveras and Fr. Shanley Announce Providence College Will Contribute $3.84 Million to City Over Next Ten Years

Taveras Administration secures nearly $48 Million in additional contributions from all major tax-exempt institutions.

At a press conference today in the Mayor's Office, Providence Mayor Angel Taveras and Providence College President Rev. Brian J. Shanley, O.P. announced that the City of Providence and Providence College (PC) have reached an agreement that will bring the City $3.84 million in new revenue over the next 10 years.

With this announcement, the Taveras administration has secured contributions from all seven major tax-exempt institutions in Providence, totaling nearly $48 million in additional revenue over 11 years.

As part of the agreement, the Taveras administration will abandon sections of three streets that abut the PC campus - Huxley Avenue from Eaton Street to Ventura Street and the sections of Wardlaw Avenue and Cumberland Street immediately adjacent to the college on the northwest corner of the campus.

Providence College will make an initial $1 million payment to the City once all approvals for the street abandonments have been secured and then contribute approximately $316,000 annually through 2021. PC already contributes approximately $264,000 annually under the terms of the 2003 memorandum of understanding it signed along with three other colleges and universities based in Providence.

"Providence College is an important pillar of our community. I am pleased that Fr. Shanley and the entire PC community have stepped up to share in the sacrifice many have made to position Providence for the future," said Mayor Taveras. "The City of Providence is stronger because of PC. Providence College students, alumni, faculty and staff make valuable contributions to our creative capital and our economy. By being a part of the long-term solution to put Providence on strong fiscal ground, PC is helping to secure their own future and improve the futures of the thousands of Providence residents their students, faculty and alumni serve."

"Providence College is, and always has been, mindful of the significant role that the City of Providence plays in the decision our students make to attend this institution. Providence is a vibrant city with rich history, great restaurants, and myriad tourist and cultural attractions. It is both an alluring and attractive setting for our students and their families. As the leaders of all of Providence's higher education and major healthcare institutions have noted on multiple occasions, a financially sound Providence is critical for the continued prosperity of each of our organizations going forward," said Fr. Shanley. "I am pleased to join Mayor Taveras in announcing this agreement and the College's purchase of these streets. PC's immediate gains from this agreement will be a more unified and well-connected campus, as well as better safety and security for our students, faculty, and staff, all of which are of utmost importance to the College. In addition, I am pleased that the College's partnership with the City of Providence is further strengthened by this agreement, and I look forward to a continued relationship of mutual respect and cooperation with Mayor Angel Taveras and his administration."

Providence College is the only college or university in the United States administered by the Dominican Friars. The Catholic liberal arts college has an undergraduate enrollment of approximately 3,900 students and offers degrees in 49 academic majors. Providence College has consistently been ranked among the top five regional universities in the north according to U.S. News and World Report's "America's Best Colleges" and was the first higher education institution in the nation to offer a bachelor's degree in Public and Community Service Studies. In the 2011-2012 academic year, over 2,000 PC students contributed more than 60,000 community service hours, much of it in the City of Providence.

Over the last 23 months, the Taveras Administration has taken measures to strengthen the city's fiscal ground, including forging new partnerships with tax-exempt institutions and reaching a mutual agreement with retirees and active police officers and firefighters that will save the City tens of millions of dollars: http://www.providenceri.com/mayor/providence-police-vote-to-approve-negotiated