WORCESTER, Mass. (AP) — Worcester officials say they are concerned about a possible loss of millions in property taxes with the sale of land and buildings to nonprofit subsidiaries of the University of Massachusetts Medical School.
The Telegram & Gazette reports that the subsidiaries paid $40.2 million at the Massachusetts Biotechnology Research Park in Worcester.
Under state law, the subsidiaries will not be required to pay property taxes. Worcester officials say the loss could be between $1.5 million and $1.8 million.
Mark Shelton, a spokesman for the medical school, said UMass officials intend to discuss the transaction in more detail with the city. He said property taxes are paid through June 30.
City Manager Michael V. O'Brien said Saturday the city wants more details from UMass about its plans and if taxes will continue to be paid.