(WJAR) -- The City of Providence announced on Tuesday a Payment In Lieu of Taxes, or PILOT, agreement with Lifespan.
The PILOT agreement with the healthcare provider will give the city $1.5 million in voluntary financial contributions over the next three years.
Providence says this is the first voluntary payment from Lifespan and the largest since 2014.
"The financial contributions from this agreement would represent the largest annual voluntary payment Lifespan has made to Providence in over a decade and would finally ensure that every major tax-exempt institution in Providence has a formalized PILOT agreement with the City that meaningfully gives back to our community," said Mayor Brett Smiley in a statement.
The payments will be made in two installments of $750,000, one this fiscal year and another in fiscal year 2026.
The PILOT agreement will be introduced to the Providence City Council on Thursday for review.