Green Hill CC Lost $600,000 Last Year

MassLive: Worcester Red Sox Infield at Polar Park takes shape as Worcester Red Sox continue ‘normal’ process of drafting lease with city

 

Click her for the link

 

" 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 :

  1. PawSox as a tenant paying approximately $100,000 per month along with $3,000,000 in 2019 and $3,000,000 in 2020.
  2. 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:

  1. Signed lease with the Pawsox
  2. 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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