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...weeks after MIT agreed to increase its voluntary payment to Cambridge, the co-chair of the Cambridge City Council’s University Relations Committee said he hoped to work out a more lucrative deal with Harvard...
While most university property in Cambridge is tax-exempt, both Harvard and MIT make a payment in lieu of taxes (PILOT) to the city each year. But with the universities combining to account for 10 percent of the city’s real estate, residents and politicians frequently call for the schools to contribute more...
...year deal signed December 3, MIT pledged to limit the conversion of its commercial property to tax-exempt use, a move that city leaders praised for easing concerns that Cambridge would lose millions in revenue if more university land were taken off the tax rolls...
...addition, MIT raised its PILOT to $1.5 million this year—a 20 percent increase—and agreed to adjust its payments by 2.5 percent annually...
Councillor Anthony D. Galluccio, co-chair of the council’s University Relations Committee, said this week he considered the annual PILOT increase worked out with MIT to be insufficient...