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News Massport Sends $4.2 Million To Boston City Hall; First Payment of the $10.6 Million in-Lieu-of-Taxes Agreement for FY2002 7/31/2001 The Massachusetts Port Authority (Massport) delivered a $4,248,012 check to the City of Boston in July as the first installment of the in-lieu-of-taxes agreement for Fiscal Year 2002. The check represents 40 percent of the total of the FY2002 payment of $10,622,530. The balance of the FY02 payment will be paid in January 2002. As an independent state authority, Massport pays an annual amount in lieu of taxes. The payments are calculated by a formula adjusted for inflation with provisions for deletions or additions if Massport purchases or sells certain property. In accordance with the agreement, Massport has paid the City of Boston more than $155 million since 1979. Approximately $42 million of that has been paid since 1998.

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