Updated Where's Waldo List

PawSox Equity Contribution????

 

In the original letter of intent that was submitted to Council page 34

  • Worcester Red Sox was to pay the City of Worcester $3,000,000 in December of 2019
  • Worcester Red Sox was to pay the City of Worcester $3,000,000 in December of 2020
  • $6,000,000 total in cash
  • Nothing has been paid to date

 

The only check we have seen between the City of Worcester and the Red Sox is check number 11422 in the amount of $1,000,000 paid by the City of Worcester to the PawSox marked as consultants.   In other words, not only have they not made the $6,000,000 cash investment, we have paid them $1,000,000?
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Now when we look at the lease in Council Tuesday night, we see no mention of $6,000,000??  Now we could be wrong.   If someone finds it, please comment below.... 


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Lets take another look at Schedule D on page 34:


Ballpark

  •     Team        
  •           Cash 6.0
  •           Rent Series B Bonds   25.9
              •     Total      31.9
  •     City 
  •           Series A Bonds        54.1
              •     Total        54.1 
Site costs
  •     City
  •           Series A Bonds          8.5
              •   Total         8.5 
                                                        

                                                                    Total Costs    94.5   




Keep in mind this was only May of 2018 and less then 30 months later the costs have risen to $157 million from $94.50 Million....  

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Maybe we are wrong but we see no mention of the initial 6 million cash investment by the team from the letter of intent anywhere in the proposed lease????    
 
We could be wrong???       
 
Someone please correct us!!!





Comments

Anonymous said…
But but but we have the most expensive ballpark ever built in the world! We’e #1 (in a race that no one wants to win).

Maybe we need 3 tax rates now so citizens can keep fighting each other even more and distracted from this.
Anonymous said…
If ever there was a City project that screamed of an independant audit or review this would be it. How can you be 57% over budget. I hope there is money left for Doherty and Burncoat after all is said and done.
Anonymous said…
Pessimists, there is a silver lining, there will be no money for Duffy Field, another Augustus debacle !