Word: non-profit
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Harvard's recent interest in buying the Arsenal on the Charles, a Watertown office complex, has justifiably startled the Watertown community. Though Harvard desperately needs space and has been constantly expanding, Watertown also relies heavily on the tax revenue from the Arsenal complex. As a non-profit organization, Harvard would be protected from paying tax on the property by Massachusets law. In fairness to the town, if Harvard decides to purchase the Arsenal, the University should negotiate a generous payment-in-lieu-of-tax (PILOT) agreement with Watertown...
According to the Watertown town website, the community stands to lose $3.5 million of its total $68 million revenue base if the property is converted to non-profit status. Needless to say, a small community like Watertown cannot afford to lose nearly 5 percent of its tax revenue in one fell swoop. The town converted the Arsenal property into a business complex in 1998 and was anticipating a large amount of tax revenue from the site, after receiving nothing in taxes from the property during its past 200 years as a military base. Without the planned revenue, the town says...
David B. Crowley '91, CEO of the Boston non-profit Generations, Inc., an organization that brings together local students and senior citizens, serves on the alumni association task force and says the opportunities PBHAAA provides will fill an important void...
...only real change to the theater will be its transfer to non-profit status which he hopes will free the theater from strict reliance on ticket sales...
...Non-profit status] will allow us to offer more adventerous programming and take more chances with the films, we show without worrying about the bottom line," he says...