Supporting the City in Many Ways
This July WPI and the city of Worcester began a new voluntary Payment in Lieu of Taxes (PILOT) program that will support Worcester Public Library and Institute Park. Through this 25-year commitment, WPI will increase its voluntary annual payment to the city to approximately $270,000. This amount, in addition to the real estate taxes on properties that qualify for tax exemption, will bring the university's total voluntary payments to $450,000 in the first year of the new agreement. WPI will further increase its contributions by 2.5 percent annually over the next 25 years, for a total of more than $9 million over the life of the agreement.
"We hold fast to the principle that what's good for Worcester is good for WPI," says President Dennis Berkey. "I am pleased to have reached an agreement that reflects our strong relationship."Maintained by email@example.com