"We worked 12 years to bring this onto the tax roll," said John S. Airasian, chair of the Watertown Arsenal Development Corporation, the civic group responsible for the base's transformation.

"As a small community, we cannot afford to lose that tax revenue," he said.

The Watertown Town Council met two weeks ago to discuss the possibility of Harvard purchasing the property, and passed a resolution calling for Harvard to enter into a payment in lieu of tax agreement (PILOT) with the city to compensate for the lost tax revenue.

Harvard would likely pay the town some amount of money to offset the community's lost tax revenue, but Harvard has not released the details of any potential agreement. Such arrangements are common between Harvard and the several municipalities where it owns land.

"The key thing for the town is the preservation of the tax revenue, either from taxes or a PILOT agreement," said Town Councillor Frederick L. Pugliese.

Pugliese said that the revenue is critical to the town for school renovations, road repairs, and various other community projects.

Regardless of a deal the town strikes with Harvard, Watertown will receive 1.5 percent of the gross sales price of the property, estimated to be a little more than $2 million.