American Times Make No Sense??

Updated Pro Forma May Never Materialize

Probably sick of hearing it, but we have invested $160 million, which we believe will end up being close to $175,000,000 dollars into a baseball stadium.     One would think asking for an updated Pro Forma would be a matter of attaching an excel spreadsheet to an e-mail.   

Do not know how any City Councilor can vote on anything in this DIF without an understanding of the finances  that an updated Pro Forma would provide.   In fact the only thing that has changed regarding Pro Formas is that the original ones have been removed from the city website.



The only reason one is not be produced is that it must look real bad.....

Guess we will realize how much this is going to cost us when the first bond payments come due next year????  

Comments

Common Sense said…
The city council just gave the city manager a glowing review. When this whole thing implodes Ed will be long gone (moving to bigger and better things). Maybe they should have used the bond money to replace the 100 year old Lincoln Street School. It's so bad children are eating in the library due to lack of usable space. I wouldn't be surprised if the schools start charging $500 per sport and AP class like Shrewsbury does.
Common Sense said…
I'm not sure if it was that profreser at Holy Cross that said the effect of a new stadium has the same economic spinoff as a new a Walmart store. When I went to the game a couple of weeks ago there were a lot of people with their children
I can't see taking my 10 year old son to a game and then head over to the Canal District to down a couple of shots of Whiskey. People were pounding down hot dogs and soda at the game so I don't think they're going to dine in the Canal District.
Anonymous said…
WooSox games have been described as family entertainment by both the City and the WooSox. I will describe it as family entertainment with a kicker, multiple beer choices. In any event the ballpark is a self contained operation where they draw you in to consume food and beverages while you watch a game (or just socialize) and if they are lucky and you still have money in your pocket they will sell you or a family member a hat or a shirt. This is a business model that works for them.
From conversations I have had with those who have attended, the WooSox are doing wonderfully in separating the fans from their money. Financially coming to the City is proving to be a great decision for the WooSox in terms of potential profitability. I hope this is not at the expense of existing businesses in the Canal District.
Anonymous said…
Don't confuse how successful the WooSox may be with how successful the City may be.
The WooSox do not pay anything to the City based upon their profits, they have a lease payment which is not tied to the amount of income the WooSox make.

The City is counting on the additional revenues that may be derived from the development across the street and parking revenues in City lots and garages to pay the bonds it issued to build the ballpark.

These are mutually exclusive. In fact the Team can be wildly successful and the City could simultaneously lose it's shirt if the development does not occur.
Anonymous said…
I do not think you will see a pro forma for one reason, lack of transparency at City Hall. I just read today's Telegram and they have two stories, one on releasing police records and one on Doherty High. The police records story speaks for itself but in the Doherty article there was a portion where it highlighted that the MSBA has halted their funding. This has never been stated previously. The back room deals and lack of transparency and honesty started with the parking lot on Chandler St for Worcester State, and continues to include Polar Park, Duffy Field and now Doherty. It is only sites like this, and occasionally the local media doing their job, do the facts come out. That being said I would not hold my breadth on seeing the pro forma.
Anonymous said…
It won’t materialize because the city council wouldn’t understand it and doesn’t care. They just pick up the Pom poms and dole out tax breaks and take parking spaces from the people who pay huge taxes around the canal district.

Don’t worry, when the lead ballon falls on these taxpayers Ed will be president of the WOOSox and the city councilors will have jobs working for all of the TIF recipients, and free health care for life paid by city taxpayers . They are gonna be just fine so don’t worry about them.

All of the businesses will be moving to Shrewsbury and Auburn to survive and thrive. The only people left holding the bag will be taxpayers trapped in the city by their beloved “lowest possible residential tax rate” that will be left to find the people who won’t have local jobs to work at.
Anonymous said…
Eddies already sliding sewer and trash fees up. The first years an excitement situation but 160-200 min for an average cost for a family of 4 is not what minor league baseball is supposed to be about. All the back door deals and tifs. Remember your city councilors rubber stamping everything come election time.
Anonymous said…
The Bravehearts already provided affordable family baseball entertainment without destroying the other small businesses in the canal district.

And it didn’t cost the city taxpayers $175 million in corporate welfare