No apartment-complex purchases in offing for UMass Lowell

Lowell Sun | By Grant Welker
September 27, 2016

lofts-at-perkinsLOWELL — The city administration and UMass Lowell have compromised on a new five-year agreement in which the university agrees to several payments to the city and to be transparent about its master plan.

Some of the payments UMass Lowell will make have already been agreed to separately, including contributing to the repair or replacement of several small bridges, and a payment equal to what the Perkins Place residential development would pay this year in property taxes.

Perkins Place was bought by the university this summer, taking it out of the tax rolls and sparking a much broader debate in the city about how UMass Lowell’s expansion has affected the city.

Notably, the university says in the agreement that it does not plan to make similar acquisitions of apartment buildings, now that it has met its demand for on-campus apartment-style housing for the next five years.

The university and the city administration spent much of this summer working on the first such formal master agreement between the two sides. It is being sent to the City Council for a vote Tuesday night.
Among the highlights of the agreement, UMass Lowell agrees to the following:

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