Welcome! Login | Register
 

Arrivals & Departures Highlight Emotional Day At Gillette Stadium—The New England Patriots and New England Revolution…

Tara Reid to Debut at Worcester’s Rock and Shock 2014—Hollywood actress Tara Reid will appear at the…

DCU Center to Host the TICA International Cat Show—The DCU Center will present the TICA International…

Saul Kaplan: 3 Simple Words to Revolutionize the World—How many people end business meetings with an…

Smart Benefits: Are Skinny Plans Becoming a Big Draw?—Under the employer mandate provision of the Affordable…

College Admissions: 4 Must Know Early Admission Terms—In recent years, early round admit programs have…

JAM’N 94.‘s Monster Jam Coming to Worcester’s DCU Center—JAM’N 94.5, Boston’s #1 for Hip Hop and…

Nguyen Lifts Revs To Much Needed Win—Looking to extend their home unbeaten run to…

Guilty Pleasures for When the Kids Go Back to School—Now that the kids have returned to school,…

Patriots Tame Panthers For Blowout Home Win—The New England Patriots defeated the Carolina Panthers…

 
 

NEW: UMass Med to Seek Taxable Tenants For Biotech Park

Wednesday, February 27, 2013

 

The University of Massachusetts Medical School is committed to finding for-profit tenants for its newly-acquired properties at Worcester's Biotech Park in order to preserve tax revenues for the city, according to a letter from the school's chancellor to the City Manager on Tuesday.

Chancellor Michael Collins said the purchase of $40 million of property by newly-created non-profit subsidiaries of the school conducted late last week, which sent shockwaves through the city in light of the potential $1.5 million hit to Worcester's budget due to lost tax revenue, was kept under wraps due to a strict confidentiality agreement with the former property owner, California-based Alexandria.

"We are very mindful of the City's concern regarding tax revenue from the Biotech Park," Collins wrote. "We share that concern and, as I explained, we are committed to using our best efforts to attract high-quality, long-term, for-profit tenants to these properties. If we and the City are successful in doing so, the City's tax revenue will not be affected by the fact that the Park is owned by a non-profit entity."

City Manager Michael O'Brien met with the chancellor Monday morning, and said that he and Collins set a 30-day timeframe to come to an agreement on what the Biotech Park, which UMass is moving out of and back onto campus, will look like going forward.

Mayor Joseph Petty also received a copy of a letter from state Senator Michael Moore (D-Millbury) and the Worcester delegation to Robert Caret, president of the UMass system, requesting his presence at an oversight hearing regarding the property acquired by the medical school's new subsidiaries in light of the potential budgetary impact on the City.

 

Related Articles

 

Enjoy this post? Share it with others.

 

You Must be Logged In to Comment