Sen. Moore Applauds UMass, Worcester Agreement on Biotech Park
Wednesday, March 27, 2013
Three non-profit subsidiaries of UMass Medical School bought three properties located within Biotech Park last month. The purchases caused concern in Worcester due to the potential loss of $1.5 million in tax revenue.
“I applaud the City of Worcester and UMass for working together to find common ground that is beneficial for both parties,” said Senator Moore. “This agreement will allow Worcester to continue their success and to remain competitive in the Commonwealth.”
Senator Moore, Senate Chairman of the Joint Committee on Higher Education, chaired a committee oversight hearing today to examine the purchases by UMass. The committee asked questions of UMass Medical School Chancellor Michael Collins regarding the details of the $40 million acquisition, which was valued at $70 million, communication with the city regarding the purchase, and the intended future use of the building. During the hearing, Senator Moore stressed the importance of clear communication to ensure a strong working relationship between the city and UMass Medical School.
“UMass Medical School remains an important partner with the City of Worcester, as the city continues to move forward. Knowing that the former property owners were divesting in the site, I feel confident that UMass has the city’s best interest at heart. Going forward, the lines of communication between the city and UMass must remain open to ensure a positive working relationship and in the future. We must ensure that this continues to occur,” said Senator Moore.
According to terms of the agreement, UMass will be making two donations to the city each fiscal year, starting July 1, 2013. The donations will be made July 1st and January 1st of each fiscal year, with the last donation coming on January 1, 2018.
In the first fiscal year, Fiscal Year 2014, Worcester will receive two donations of $350,000 from UMass. In subsequent fiscal years, the semiannual donations will be: $250,000 in FY 2015, $125,000 in FY 2016, $37,500 in FY 2017 and $25,000 in FY 2018, totaling nearly $1.58 million.
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