Word: tax-exempt
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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...
...University agreed to waive tax-exemption on the property until 2003, and offered to offset lost revenue--at least in part--if it put the site to tax-exempt...
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...
Harvard has expressed strong interest in purchasing a 30-acre business complex in Watertown, but town officials fear that the tax-exempt University could cost them millions of dollars in vital tax revenue...
Because Harvard's non-profit status makes the University tax-exempt, Watertown could potentially lose $2 to $3 million in annual property taxes if Harvard purchaes the site, officials from the Watertown Town Council said yesterday...