PROVIDENCE, R.I. (AP) — Johnson & Wales University has paid $3.9 million for two parcels of land in the Knowledge District in Providence that will allow it to expand its downtown campus.
The university plans to build a new academic building as part of its master plan for its Providence campus.
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Johnson & Wales Chancellor John Bowen says the Knowledge District is critical to city and state economic development efforts. He predicts that the school’s use of the parcels will serve as a catalyst for other development.
The university earlier this year signed an agreement with the city to make payments in lieu of taxes on the parcels because it is a tax-exempt institution. In all, Johnson & Wales agreed to more than triple its annual voluntary payments to just over $950,000.
