Manchester waives right to buy Millyard building
Under the agreement, DEKA owner Dean Kamen and his partners would purchase 400 Commercial St. from UNH and would, in turn, lease all six floors of the prominent Pandora building, which is owned by the partners, at the intersection of Commercial and Granite streets. DEKA would then use 400 Commercial St. to expand its offices.
“For years we tried to keep the Pandora empty for UNH to expand.”
“We’ve made a major commitment to STEM education,” he said. “I think this building will allow us to expand existing programs and make them more open to the public.”
Hickey said that the UNH board of trustees only recently approved the deal, and there was not enough time before the previous aldermen’s meeting to bring it forward.
Nonprofit corporations are exempt from paying property taxes on buildings they own that are used for educational purposes. 1850 Associates — the Kamen partnership buying the Commercial Street property — would pay taxes on the building.
At the same time, he agreed that 400 Commercial St. would not be sold to a nonprofit.
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