Fiscal 2023 DIF Account

Field Of Schemes: How Zimbalist’s Worcester study provides a “convenient dodge” for cities looking to subsidize stadiums


Click for link

Key part to Field of Schemes Post:

Basically, Zimbalist says that he hasn’t changed his tune on stadium subsidies — he still thinks they’re almost always a waste of cash — but the extra development that was promised alongside the stadium should generate lots of tax revenue, so Worcester should come out even

Just a Phase 1 reminder:

April 1, 2021 projected completion of 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

And this from the Telegram:

Mr. Zimbalist, the city’s consultant, said his projection that the project pay for itself counts on the $90 million in private investment anticipated in Phase I. It does not count on the development envisioned in Phase II, which includes an office building, residential development and retail.

Mr. Zimbalist said he expects a legally binding agreement to be inked within four to six weeks, and believes Madison Properties is sincere in its plans.

Column dated September 1, 2018.

Although Mr Zimbalist  expected legally binding agreement in four to six weeks, nineteen months later we do not have one..  

Nor do we own the land where the park is being built upon......         #justsayin