Here is the link pages 201-217...
The good news is that it looks like the property that we are building Polar Park on will finally be transferred to the City of Worcester. At what cost???? First off it looks like the Council needs to approve a new TIF and the deed will happen.
On this blog we constantly list these items:
- Is there another cost overrun announcement this year?
- Have the PawSox signed a lease yet?
- Have the PawSox paid their first $3,000,000 payment that was due last December?
- Any private developments agreements been completed yet?
- Do we own the land where the park is being built up on yet?
- Updated Auditor's report?
- Updated numbers on pro-forma based on the current developments?
- How much does Polar pay for naming rights?
If we are going to give a developer a TIF, should we not see the corresponding Private Development Agreements with the developer??? But maybe even more bothersome is this one section:
The DEVELOPER has an option after FY2024 (Year 3) to terminate the targeted tax payment schedule and negotiate an alternative TIF Plan with the City for the then remaining years through FY2036.
In other words if the development is not happening, Madison can terminate the deal???? We have never seen a TIF with an "out clause" like this????
Editor's note: Why is this important? If the opts out and stops paying the TIF, who has to make up the difference??? Yep, the taypayer!!!
- How can any City Councilor vote on this TIF not having a Private Development Agreement (PDA) to look at?
- Maybe we still do not have a Private Development Agreement to look at???
- Putting even that aside how do you approve a 15 year TIF that allows the developer to back out in two years???
At the same time if we do not approve the TIF, then Madison will not transfer the property!!
More posts to follow on this council agenda item
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