Green Hill CC Lost $600,000 Last Year

PawSox Letter of Intent: Exclusive Tenant

 

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 From the letter of intent:

Pages 7 & 8:

 The Team will be the exclusive tenant and operator of the Ballpark and the Operations, Ballpark Parcel during the Term and shall have the exclusive right to use the Revenues, and Ballpark, except with respect to City Events( defined in Section 10) and other Expenses uses approved by the City as provided in Section 10.......   

 The Team shall retain  all revenues from the operation of the Ballpark and the Ballpark Parcel, including but not limited to the sale of Ballpark Event tickets, concessions, liquor and pouring rights, revenues derived from the sale of branding rights, premium seating, broadcasting rights, merchandise, games and contests, events, rental fees, and Corporate Partner Agreements(........

 The Team plans to keep the Ballpark as active as possible on a year-round basis and to program the Ballpark with not fewer than one hundred twentyfive( 125) events at the Ballpark or on the Ballpark Parcel(" Ballpark Events") per year, including but not limited to: 

i) Team Triple-A baseball home games at the Ballpark, including regular and postseason games, as scheduled by the International League( the" Home Games"), except as provided in Section 22;

 ii) Large- scale( i. e., aimed at attracting more than 6, 000 attendees) concerts; 

iii)Two( 2) fireworks displays to occur on occasions unrelated to the Home Games, with the fireworks being set off from a location on the Ballpark Parcel reasonably acceptable to the Team;

iv) Three( 3) road races beginning and/or ending at the Ballpark; 

v) Amateur sporting events; 

vi) Festivals; and

 vii) Other events of a similar scope and/ or nature. 

In addition, the Team shall use commercially reasonable efforts to conduct no fewer than eighty( 80) Ballpark Events per year which shall be intended to attract 6, 000 or more visitors; provided that the Team shall be credited with such a Ballpark Event in the event a Home Game is cancelled and not made up at the Ballpark.

 

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 Editor's notes:

They are looking to do 40-45 non baseball events each year competing against other local venues, like the DCU and Hanover, while retaining 100% of the revenues...    No split with the City of Worcester??

We were not aware of this for the ball games, but not for the other 40-45 events....    We the taxpayers will get none of these monies???  

 




 

 

 

Comments

Anonymous said…
The City should have read the published papers of Professor Baumann and Matheson, and previously Professor Zimbalist prior to his engagement with the City to realize this deal economically benefits the Team and almost certainly will provide little to no economic benefit to the City and its taxpayers. Additionally, the developer (Madison) will derive a return for himself and his investors even if he dies not build a single building. The improvements to the land which he still owns will provide him with an appreciated value.
Our conversation contrasted the ballpark project, with its 20-25 full time employees with the Wuxi Biologics project to build a $60 million facility, none of which are taxpayer funds to house 150 full time employees. Truly a home run.
The City is batting 1 for 2. It might make the Hall of Fame with a .500 batting average but most likely will strike out with $130 million worth of taxpayers money.