Fiscal 2023 DIF Account

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Where's Waldo List

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 Last time this was posted was May 28, 2021


  1. Update Pro Forma
  2. Auditor's Report on the updated Pro Forma when completed
  3. Finalized Executed Land Disposition Agreement on Left Field Building
  4. First ground breaking on any of the proposed Madison Development buildings
  5. Final cost numbers for Polar Park

 

Number 4:

 We had our first ground breaking ceremony for a property for one of Madison Development building, but have  yet to see any real "ground breaking".   Remember Phase I consisting of 9- + million of private development was suppose to be completed by April of 2021.

 

Number 1-2-3-5:

The rest remain missing.

 

 
Ground breaking for residential housing at polar park

 

Comments

Anonymous said…
This project depends on private developers delivering on their proposals but construction does not work always work this way. The developer must get financing (or tenants as is the case with the office building) design the buildings get a contractor,subcontractors and materials etc. This does not happen over night so I don't believe you will see much in terms of construction any time soon.
It has been reported that the hotel has been downsized to a 115 room hotel down from the larger dual brand hotel. Also the second of two housing buildings is contingent on how well the first building rentals do. Not much security in the revenues to make the bond payments for the ball park construction which is why you probably have not seen a set of financials on the construction that is 70% over budget.
Of concern is the fact that the Land Disposition and Development Agreement is not executed yet, as we approach the one year anniversary of when the WRA voted to execute it. Another item to add to the list is the status of the Ballpark Commission (Authority). The City said it needed this organization so badly then crickets.
The City built the most expensive minor league ballpark in the country, now it's time to deliver on the development needed to pay for it and keep the taxpayers apprised of these activities to see if this "investment" was prudent or just another government boondoggle.
August 10, 2021 at 1:56 AM
Anonymous said…
Can you imagine what would happen to someone in the dreaded private sector if he or she gave away a $1000,000,000 to another business and then came in 70% over budget above that?!

They would be fired and likely sued and prosecuted because of suspipicionnthwtnthwre had to be illegal kickbacks to fail so miserably.

In Worcester? Not so much. Cheerleading g and tax increases on already heavily taxed businesses and residents who aren’t in the “override club” so they don’t get giant TIFs
August 10, 2021 at 4:04 AM
Common Sense said…
I wonder if any of the restaurants in the Canal District are going to be allowed to participate in the big food truck festival they're having at Polar Park? If not, it appears that their goal is to have a self-contained facility that will create almost no economic spin off for the Canal District.
August 10, 2021 at 11:18 AM
Anonymous said…
Yes canal district restaurants will be allowed to participate in the food truck festival by having all of the parking for their customers taken by people going to the park to have their meals from trucks instead of the taxpaying businesses.

You really can’t make up such a bungled municipal situation. It’s surreal how badly thought out all of this is.
August 11, 2021 at 5:49 AM
Anonymous said…
The biggest thing missing is the force majure clause in their contracts
August 15, 2021 at 2:59 PM
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