This is one of our questions yesterday. The PawSox were suppose to make a cash contribution of $3,000,000 in December of 2019 and then again in December of 2020. These payments have not been made.
We found out that the equity contribution can be cash and/or direct purchases.
"The equity contribution is allowed to be cash and/or direct purchases. If you look at Exhibit F of the lease, you can see that the direct purchases made by the team has a current total of $11.4 million".
Now look at Exhibit F. Click here....
- 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
We got to ask..
Are all these expenses part of the ballpark construction or should some of these simply be carrying costs that the tenant has to pay; for example, sponsor signage and artwork???
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