Worcester residents will have the opportunity to vote this fall on whether private colleges and universities in their city should be required to invest a portion of their endowments into a fund designated for housing, economic, and community development projects. The Worcester City Council unanimously approved a ballot question asking residents to support this proposal, which was brought forward by Mayor Joseph Petty and Councilor Candy Mero-Carlson.
The councilors expressed concerns over recent property purchases made by higher education institutions in the city, totaling $64 million in the past 18 months. They highlighted the loss of tax revenue to the city as a result of these purchases, prompting the proposal for the endowment investment.
If approved by voters, the proposal would require the five targeted colleges and universities to contribute approximately $19 million to the fund. However, City Solicitor Alexandra H. Kalkounis clarified that the city would have to negotiate with the institutions, as they cannot force compliance.
Councilors Khrystian King and Jennifer Pacillo raised concerns about the potential impact on the city’s relationship with higher education institutions, especially amidst potential federal funding cuts. Despite these concerns, the proposal to send the question to a committee for further consideration was voted down.
The ballot question reflects the city’s desire for investments from colleges and universities to support Worcester’s future development, with Mayor Petty emphasizing the benefits for both parties. The outcome of the vote in November will determine the next steps in this ongoing discussion between the city and higher education institutions.
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