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Institute adds $46 million to city coffers

Continuing a practice established in 1928, MIT has presented the city of Cambridge with a voluntary payment in lieu of taxes (PILOT) of $1.04 million this year for its legally tax-exempt property used for educational purposes.

Tax payments, PILOT, purchasing from Cambridge firms, and fees and permit charges paid by MIT add up to $46.55 million invested during the year in Cambridge.

MIT also paid $3.67 million in real estate taxes on its taxable land. University Park at MIT generated another $1.22 million in real estate taxes to the city. MIT makes the third-largest real estate tax payment to the city each year.

In addition, MIT employs a Cambridge First purchasing policy which resulted in about $36.09 million being spent on about 760 Cambridge businesses. MIT also paid $4.52 million in permits and fees to the city.

A version of this article appeared in MIT Tech Talk on July 16, 1997.

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