MassLive: Worcester Red Sox Infield at Polar Park takes shape as Worcester Red Sox continue ‘normal’ process of drafting lease with city
" Steinberg said it’s normal for leases to reman unsigned during the construction of a ballpark as the parties continue to work out details for a term that will cover three decades. "
Maybe Mr Steinberg considers this normalm but when the City of Worcester has committed to spend $110,000,000, which has now increased to $140,000,000 and the main two components are :
- PawSox as a tenant paying approximately $100,000 per month along with $3,000,000 in 2019 and $3,000,000 in 2020.
- Madison developing $90,000,000 of Private Development in Phase 1 completed by April of 2021.
The two main things the City of Worcester should have been in place before they invested $1 of taxpayer monies was:
- Signed lease with the Pawsox
- Binding Private Development Agreement (PDA) with Madison
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Instead we did neither, how is that working out????
We already know that we will not have any private development in Phase 1 done by April of 2021.
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- What do you think the lease payment will look like now post COVID???
- What if the PawSox do pick up more cost overruns, do you think they may not negotiate for a lower monthly payment??
- 30 years, huh????
- Is not the initial lease for 15 years???
- Where is our $3,000,000 payment due last December?
Bottom line the PawSox did a great job negotiating this lease and not signing anything. In the end they will save alot of money at the expense of us, the taxpayers.
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