Word: watertown
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...Watertown bought the property in the mid 1980's, transforming it from a 200 year-old military base into a office park for stores and businesses with the hopes of generating new tax revenue...
...worked 12 years to bring this onto the tax roll," said John S. Airasian, chair of the Watertown Arsenal Development Corporation, the civic group responsible for the base's transformation...
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...
...Watertown Town Council met two weeks ago to discuss the possibility of Harvard purchasing the property, and passed a resolution calling for Harvard to enter into a payment in lieu of tax agreement (PILOT) with the city to compensate for the lost tax revenue...
Regardless of a deal the town strikes with Harvard, Watertown will receive 1.5 percent of the gross sales price of the property, estimated to be a little more than $2 million...