- Get link
- Other Apps
To be very clear, we think Nick K does a great job and deserves hazard pay for covering the the Worcester City Council meetings the past 100 + years. Today he wrote this column about the fact the City of Worcester does not own the land yet for the proposed stadium.
.@TweetWorcester Redevelopment Authority has yet to acquire ownership of @PolarPark2021 site. Technical details on the ownership transfer still being worked on with Madison Properties. Should be done soon; no delay to project timetable. #worcpoli @WooSox https://t.co/8fVh2iWWCI— Nick Kotsopoulos (@NCKotsopoulos) August 30, 2019
Nick you could have at least acknowledged what inspired this column from you, LOL??? We will gladly say this post is a direct response to Nick K's column. Thanks Nick for reporting this.
First Nick confirms the fact we do not in fact own the land, where the park is to be built and completed by April of 2021. The land has not been transferred since "we continue to finalize the details of a LDDA (Land Disposition and Development Agreement). Please note we have been working on this for quite some time.
Although nobody seems very concerned, the final details of this LDDA are very important to the taxpayers of Worcester; for example, the City’s Pro Forma calculates the following new revenue for year 2022, the first year of full debt service payments:
Sources Amount
- Ballpark Taxes $ 147,167.00
- Parking Revenue $ 845,650.00
- LF Boutique Hotel & Retail Taxes $ 313,060.00
- WG South Hotel, Apartments & Retail Taxes $ 1,628,067.00
- Personal Property Tax $ 11,526.00
- Use and Occupancy Tax $ 571,388.00
- Advertising $ 156,000.00
- 8 City Revenue Events $ 40,000.00
- Source Total $ 3,712,858.00
Uses Amount
- Debt Service $ 2,733,000.00
- Operating Costs $ 96,920.00
- 5% contingency $ 141,496.00
- Use Total $ 2,971,416.00
Surplus $ 741,442.0
Bottom line the taxpayers are depending alot on the private development. Phase 1, in particular is suppose to be completed the same time as the ballpark (April, 2021):
Phase 1 consists of $90 Million and approximately:
450,000 square feet of development:
$40M - 2 hotels; approximately 250 rooms in total
$40M – residential; 250 market rate apartments
$10M - ~65k SF of retail
We hope that the LDDA has severe penalties in the event Phase 1 is not completed on time, since the taxpayers will have to pick up the difference. Our other main concern is how environmental issues will be addressed in this LDDA. There are other concerns, but these are the top two (1: private development schedule/penalties and 2: environmental).
Bottom line from Nick's column we have learned:
- We still do not own the land for the ballpark
- We still do not have a final LDDA
Stay tuned...
Comments