June 12th WRA Meeting

Polar Park Is Huge Problem That Nobody Wants To Recognize


Remember when:



  1. The costs were $110,000,000 for the ballpark
  2. There would be $90,000,000 or private developments in Phase I completed by January 1, 2021 to pay all the cost of this project so it would cost the taxpayers nothing.
  3. The park itself, leased by the PawSox, would be ready for April of 2021


Here is where we are today;

  1. The costs have grown to $130,000,000.   We guarantee at least another $10,000,000 added to this number this year.  We think it will even be more.
  2. We do not have private development agreements signed yet for Phase 1.   Only MOU (Memorandums of Understanding) that mean nothing.  There is not chance Phase 1 will be done by January of 2021.
  3. When the ballpark is not done in April of 2021, what are the penalties that we will have to pay?   We would assume that they would be in the lease, but as far as we can tell there is no lease.
  4. Lastly the City of Worcester does not yet own the land where the ballpark is being built on.
  5. Despite all of this we have committed $130,000,000 dollars of taxpayer monies.

In summary

  1. We do not own the land where the park is being built.
  2. We have not ha a lease for the Stadium itself.
  3. We do not have any signed private development agreements with the Phase I developer.
  4. We have $130,000,000 invested in this project which will have more cost overruns this year.
  5.  We will not even get into how COVID will change the projections for ballpark and live event ticket sales, parking and advertising.

 Where is Zimbalist now???? 

 




 









Comments

Anonymous said…
What was the politicians want what's the politicians get case-in-point Union station.
David Z. said…
In Ed we Trust.