Word: watertown
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...cleanup took nearly 10 years and $100 million from the federal government. According to a Watertown Arsenal Development Corporation (WADC) report, this represented “one of the most expensive projects of its kind...
...cleanup approached its final stages, Watertown created the WADC in January 1997 to spearhead the redevelopment of the complex. After an extensive selection process, the corporation sold the Arsenal to O’Neill Properties, a developer based in King of Prussia, Pa. Because the site still needed a great deal of work, O’Neill paid only $24 million for the complex, making four separate $1 million contributions to Watertown charitable causes in addition to the $20 million purchase price...
...nonprofit educational institution, the University is exempt from property taxes. Because Harvard’s acquisition of the Arsenal would remove the land from the tax rolls, Watertown faced the prospect of losing a substantial amount of revenue—one-third of its entire commercial tax base—from a site that it had spent a decade redeveloping...
...September 2002, Harvard and Watertown entered into a deal for 52 years under which the University would pay a $3.8 million annual PILOT, an amount that would increase at a 3 percent annual rate. Watertown officials calculated that the PILOT would provide $480 million in revenue over the life of the agreement. In addition, Harvard agreed to make a one-time contribution of $500,000 to the Watertown schools and a $100,000 annual contribution to a special community enrichment fund...
...Though there has been talk in the past about moving other sections of the University to Watertown, the administration says that no such plans are currently on the table...