We are being told that the $6,000,000 equity contribution can be cash and/or direct purchases. If you look at Exhibit F below the team has made direct purchases of $11,423,911.
Lets take another look at FF & E (Fixtures, Furniture and Equipment) .
How would we possibly maintain a record of this?
How would we control this inventory of FF & E?
Next year if they buy more Fixtures, Furniture or Equipment, how do we track it??
Not to mention what will any of this be worth in 15 years???
When the team does in fact try to "donate" FF & E to the City of Worcester. As a taxpayer, we need to say NO THANKS!! The team needs to buy their own Fixtures, Furniture and Equipment themselves and not be counted as an "equity contribution".
- TPM 579,808
- Graphic & Art Consultants 495,000
- Tenant FF & E 2,863,995
- Sponsor Signage & Artwork 864,330
- Scoreboard/Video System 2,100,000
- WiFI system 1,172,880
- Pre-Fab Summit Street Structure 867,400
- Kitchen & Foodservice equipment 2,480,498
- Total = 11,423,911
Now back to letter of intent
Page 34
The Team will submit the Team Equity Contribution, less any Defined Equity Uses, in two equal payments due no later than December 31, 2019 and December 31, 2020, respectively, as a gift to the City Council, pursuant to M.G. L. Chapter 44 Sec. 53A,
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