"We're happy to meet again to continue to discuss the potential agreement," Mary Power, director of community affairs for the university, tells GlobeSt.com. According to Power, Harvard offered Watertown a payment plan based on the tax revenue of the Arsenal. "Over the course of a 20-year window we are proposing a payment roughly equivalent to taxes," says Power.

The town has estimated that the Arsenal would generate approximately $4.8 million in taxes once it is fully leased. But Power disputes that figure noting that the property is only assessed for $118 million. "The valuation would have to be over $200 million for the taxes to be that high," she points out.

It is unclear exactly how much Harvard would be paying the town through this offer. Power says that is because each of the building's leases expires at different times, but the university has not provided the town with exact figures. Power emphasizes that Harvard's offer extends for 20 years for each tenant. "If a property is converted to an educational institution 19 years from now, we will pay the tax-equivalent payment for 20 years after that," she says.