Fiscal 2023 DIF Account

on
1

We Will Net Over 50 Million Over 30 Years

on

 

Watch the video starting at 1:15 

"Not only pay for itself... we will net conservatively over 50 million over the 30 years of the bonds"

 _____________________________________________________________________

 

In order to make a statement like that one would assume that we have an updated Pro Forma that shows this $50,000,000 dollar return to the taxpayers on this investment.       

 

Can we have a look at it?

 ______________________________________________________________________

 

Perplexes us that:

  1. The $90,000,000 million dollar or private investment in Phase 1 that was suppose to be done by April, 2021 to pay for this project has not had any private investment completed yet.
  2. The $100,000,000 dollar stadium now costs $159,500,000 and rising

Pretty big swing!!     Despite that we now going to have a $50,000,000 return over the course of the 30 years of bond payments....... 

 


 



Comments

Anonymous said…
Conservatively ?
July 24, 2021 at 8:08 AM
Common Sense said…
You think one of the reasons that all these developers are coming to Worcester is the word is out that we will give a TIF to anyone that opens up a lemonade stand? TIFs were originally supposed to be for projects that create 100+ jobs. Now we're giving them to developers to build apartments. The Mount Carmel site is probably the most valuable piece of real estate in the City. I think this developer (or another one) would build this projec without a TIF.
It's really getting out of hand now.
July 24, 2021 at 8:23 AM
Anonymous said…
I thought TIFs were to assist businesses in starting up. Why does the City give them out for such a long period?
Also why does the City the give them to residential buildings which already enjoy a lower residential rat rate?
These are two questions that should be asked.
July 24, 2021 at 8:57 AM
Anonymous said…
If the City believes they are going to get $50 million here is an idea for the City to think about, pave my street which I have been waiting six years for NOW, not 10 years from now.
July 24, 2021 at 1:02 PM
Anonymous said…
Augustus must be counting the Mt Carmel revenues because "the WooSox brought them to Worcester". By now he is probably taking credit for development in Shrewsbury.
July 25, 2021 at 5:27 AM
Common Sense said…
I remember some people were upset five years ago when our fine mayor, Joe Petty, got his street paved despite it being in good condition.
July 25, 2021 at 12:50 PM
Anonymous said…
The City needs to wake up and address the needs of its residence and not just the new kids on the block. The WooSox seem to be the City's single focus. Roads around and near the ballpark all seem to be being paved and I am still waiting on a list. I have been paying taxes for years and a non tax paying business coming to town is more important than me?
July 26, 2021 at 1:08 AM
Anonymous said…
$50,000,000 spread over 30 years on what is looking to be a $179,000,000 spend isn’t a very good return, but only people in the dreaded private sector would notice.

There are MANY ways to get much better returns when allocation ping 9 figures in capital. But the council will keep quiet except to cheer the ballpark, wave their pompoms and raise our taxes. Again. But it’s all about the children. And my pension. And my free health insurance.
July 26, 2021 at 4:17 AM
Anonymous said…
I would personally would like to see the financials from which Augustus makes the statement that the City is going to make a $50 million return over 30 years, as miserable a return as it is. This is from the same guy that said the $170 million stadium was going to cost $100 million. His track record on this project has been less than stellar to date which makes me doubt any numbers he states, especially when he does not put his projections out to the public for review.
July 29, 2021 at 2:43 AM
Post a Comment