At MIT’s ‘Innovations in Health Care’ conference, industry experts discuss how to maintain quality while reining in costs.
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.