Thursday, October 30, 2008
AC: The pillaging continues
So let me get this strait: during this economic downturn Amherst College can afford to pay $2.3 million for an office building in the heart of the downtown that is currently valued at less than half that amount, but they will allow the Lord Jeff Inn to go to seed?
Okay, new rule: whenever a tax exempt entity—especially the LARGEST landowner in town—buys endangered commercial property and takes it off the tax rolls, they should maintain the tax payment to the town that the private owner paid.
This year Mrs. Hastings paid the town $16,000 on that building; next year (or whenever the leases are up for the Doctors, Lawyers, and Psychologists and Amherst College sends them packing) the building will net zero tax revenue.