Fiscal 2023 DIF Account

When Is Madison Properties Going To Sell Land For The Park To The City Of Worcester

Today we decided to look up how much  Madison WG Holdings paid Wyman Gordon for their properties.   On March 29, 2019, Wyman Gordon  properties were sold for $6,100,000.   

This got us to thinking, how much did they sell the land for Polar Park to the City of Worcester.    As far as we can tell nothing has been recorded at the Registry.    

 In other words, it appears the ballpark land is still owned by Madison, not the City of Worcester.  ** We could be wrong and have missed the recording?***    If this is true, however, that Madison still owns the land, this leads to several questions:
  1. Can we really start construction on a stadium, if we do not own the land? 
  2. What is Madison going to charge us for this parcel now that we have committed to build this ballpark???
Now lets take a look at report that was submitted to City Council last August (2018) .  In particular pages 46-54.   
  1. Section 10: Consideration.     Kind of difficult to follow, but the bottom line is that it appears that no consideration is listed and that is "negotiable".   
  2. Madison is in the driver's seat in these negotiations, especially if you read Section 11:  Schedule.    
That's it for today. 
More tomorrow.