Word: tax-exempt
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...There's concern in the [Watertown] community that tax-exempt space means the city will forgo economic growth on the site," Power said. "What's likely to occur, as in Cambridge and Boston, is that Harvard will be a stable employer with large purchasing contracts and a community that supports vitality...
Driscoll said the Arsenal site provides for $3.5 of Watertown's $15 million annual budget. Without adequate revenues from Harvard's tax-exempt status, Watertown may be unable to proceed with many capital projects--such as school and library renovations and road repairs...
...they reacted to Rudenstine's response last night, councillors called the letter "empty" and "condescending." They said the University, which enjoys tax-exempt status on its buildings, was not contributing a fair share to community programs. Currently, Harvard pays the city $1.6 million in in-lieu-of-tax payments each year...
...they reacted to Rudenstine's response last night, councillors called the letter "empty" and "condescending." They said the University, which enjoys tax-exempt status on its buildings, was not contributing a fair share to community programs. Currently, Harvard pays the city $1.6 million in in-lieu-of-tax payments each year...
Grogan also offered to enter into a Revenue Protection Agreement with the city which "would have as its goal a long-term protection for tax revenues from the Arsenal, even if Harvard eventually chooses to place more of the property in tax-exempt...