Word: arsenals
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Harvard sketched the outlines of a payment deal with Watertown yesterday in an attempt to quell fears that the University's tax-exempt status would cost the town millions in vital revenue if Harvard purchases Arsenal on the Charles, a Watertown business complex...
Driscoll says Watertown depends on revenues from the Arsenal site for $3.5 of its $15 million annual budget, and will be unable to proceed with many capital projects--such as school and library renovations and road repairs--if the site becomes tax-exempt...
...This is a big hit for a small community," said John S. Airasian, chair of the civic group that developed the Arsenal from a 200-year-old military base into a corporate campus for high-tech and consulting firms...
Watertown spent 12 years rebuilding the Arsenal to broaden its tax base, according to Airasian...
Commercial tenants currently occupy 80 percent of the Arsenal under long-term lease, he said, and will continue to pay taxes to the town...