Update Pro-Forma???

 

On this blog we constantly list these items:

1. Is there another cost overrun announcement this year?
2. Have the PawSox signed a lease yet?
3. Have the PawSox paid their first $3,000,000 payment that was due last December?
4. Any private developments agreements been completed yet?
5. Do we own the land where the park is being built up on yet?
6. Updated Auditor's report?
7. Updated numbers on pro-forma based on the current developments?
8. How much does Polar pay for naming rights?

City Council meeting link pages 201-217

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We were hoping to see the updated pro-forma numbers Tuesday night.  Why? 

The initial pro-forma not only showed the Park not costing the taxpayers any monies, but a surplus paid to the taxpayers.      One of the keys to this pro-forma, however, according to our hired expert (Zimbalist) is the Phase 1 Development.  

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

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.

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Connecting  the dots, our hired consultant said the project "pays for itself counts" on 90 Million of Phase 1 private investment to be completed by Arpil 1, 2021.   Now that we know Phase 1 will have 0 dollars of private investment by this date, versus $90 million, what does the pro-forma look like now?

Page 206  ""Overall, the proforma is still healthy and shows a considerable return on investment for the City of Worcester over the 30-year life of the bond""

Healthy???

What does the mean??
Can we see it???

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How does the Council vote on a TIF without:

1. Private Development Agreeemetns
2. Updated pro-forma 

If that is not enough, the developer has an "out clause" in the TIF after two years!!

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In Hartford the taxpayers were told that their stadium would be "revenue neutral" also.   Currently "revenue neutral" is costing the taxpayers in Hartford $3,000,000 per year.    We are on track to be Hartford.