The $11.7 million reserve draw went toward a $18.6 million payment due today, according to a regulatory filing. It is the second draw on reserves in six months to meet the county’s $645 million debt obligation toward the partially publicly funded stadium, which is home to the Las Vegas Raiders and UNLV football.
Where do we stand in Worcester??
Will we have to cover any losses??
Will Polar Park be revenue neutral??
A Pro Forma or even actual Income and Expenses Statements would be nice???
Comments
We are all on a well deserved high with the end of the pandemic and the beginning of what will most likely be a highly successful and profitable new franchise, the WooSox, but I believe the City should be preparing for the future and not just bury their heads in the sand and hope for the best. With the track record to date, cost overruns, public project segment delays (Picket Park and the parking garage) as well as the delay in the proposed Madison development, it seems logical to question the financials.
The City Council should get back to work and request a new set of financials.
In Worcester Polar Park is financed with City bonds for about 65-70% of the cost of construction. I hope the City has planned reserves because the expected construction across the street seems seriously delayed and an office building and two hotels do not seem to be great investments at this time.