WRA MEeting Friday: No Attachments

Telegram: Polar Park. Private Development Facing Year's Delay


Link to post in Telegram


Key points:

  • goal is to have two building permits (office building and apartment building) reviewed by the Planning Board this summer followed by applications.    
  • two hotels are on hold for now
  • PawSox still committed to Worcester but many hints in this column that the park will not be ready for next April

What is missing here:
  • any more cost overruns this year?
  • is the state still paying for all the infrastructure work associated with the DIF
  • 500 car parking garage
  • non Kelly Square road work 

If we are not doing to have all this private development to pay for the bonds on the park, how are we going to make bond payments??      

Answer:   Restructure the debt
Actually not very clear here what is meant by "capitalizing"?
Typically it means just pay the interest and nothing towards principal.


We still ask:

1) do we own the land yet?
2) where the private development agreements?
3) is there an actual lease with the PawSox?










Comments

Anonymous said…
Per an informed sourse, the office building that was supposed to be 8 stories is not reduced to one. Its going to be kind of difficult to overlook the field this way...