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Cranston’s deal with JWU

March 28, 2012

Johnson and Wales University has agreed to pay $1.65 million to Cranston in annual installments of roughly $150,000.

The money will take the place of property taxes, which the nonprofit university is exempt from paying.

Johnson & Wales owns about 20 acres of land in Cranston’s Edgewood neighborhood. The school already makes annual payments to Providence, but it recently became the first private university to agree to increase those payments to help the capitol city close a budget deficit.

Cranston Mayor Allan Fung says the agreement with JWU is the first of its kind for Cranston. Fung praised the university for stepping up to help his city in a difficult economic climate.

“The months of negotiations were amicable and productive,” Fund said in a written statement announcing the deal, adding “we are pleased to have been able to reach this historic agreement.”

The deal will need approval from the Cranston City Council by the end of May. If it passes, JWU will make its first payment on June 1, 2012.

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