Mayor says Providence could face bankruptcy without retiree benefit cuts, nonprofit payments

Associated Press

February 2, 2012

Providence, R.I., mayor Angel Taveras painted a bleak picture Thursday, saying Providence faces "devastation" and could go bankrupt if retiree benefits aren't cut and tax-exempt institutions like Brown University don't pay more in lieu of taxes. Brown currently pays $4 million a year to the city - voluntarily - in lieu of taxes, said Marisa Quinn, vice president for public affairs at the university. She said a committee of the Brown's governing board approved an increase of $2 million a year over five years with plans for the full board to consider additional payments.

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