Lawrence Academy Substantially Increases Voluntary Payment In Lieu of Taxes
Town Manager Mark Haddad reported that following a meeting with Lawrence Academy officials, the well-known private secondary school will increase their yearly payment to the Town of Groton.
Haddad said that the school just purchased the former Country Day School. They also sold the school-owned Waters House located at the corner of Route #40 and Main Street, returning the historic building to the tax rolls, and resulting in new growth of $11,000 plus any renovations.
According to Haddad, he learned in the discussions with the school officials that they “may divest some of their property on the side of Main Street opposite the school campus.”
The school has paid a voluntary PILOT (Payment in Lieu of Taxes) of $25,000 per year, and now plan to increase this. “What they would like to do,” Haddad said, “is to set a fixed number of $60,000, and then every year give a gift of $15,000 for a total of $75,000.”
In commenting on this meeting, Haddad said, “LA is a real partner with the town.”