Word: watertown
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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...
...does for Cambridge and other communities in which it owns land, the University should negotiate a PILOT to compensate Watertown for this lost revenue. Though the community will receive 1.5 percent of the purchase price when the property is sold--approximately $2.5 million--the revenue is only a one-time influx of money. Harvard's offer to pay full tax revenue through fiscal year 2003 is a responsible first step, but Watertown depends on revenue from the Arsenal in the long run, not merely for the next few years...
...honest, it's a move that makes sense. Harvard is running out of space here in Cambridge. Watertown, Allston and Boston are all getting ready to take up arms to stop the advancing Harvard tide. We now need to look elsewhere for space, and we need bold new ideas to get us there...
...Watertown officials have no legal control over the sale and development of the property, Driscoll said, but will continue to meet with Grogan to work out the long-term details of an agreement with the city...