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In February the City of Worcester with a "Final Official Statement Dated February 1, 2021". There was some very interesting information in it on Polar Park.
The City had anticipated that new property tax revenue from the Madison project would offset the City’s share of general obligation debt service related to the Ballpark project.
At this time, no assurance can be given as to precisely when Madison’s proposed development will commence, be completed and added to the City’s property tax rolls.
The City believes that it has adequate alternatives for managing the repayment of debt service on its share of the Ballpark project until such time as the Madison project elements are added to the City’s property tax rolls.
Editor's Note:
- Remember when Polar Park was sold to taxpayers saying it would cost us nothing.
- We have no idea when Madison private development projects will hit tax rolls?
- What are the alternatives other then the taxpayers?
- What happened to the $50,000,000 return??
- Link to entire statement
Comments
The pandemic upended every plan in the world both at the municipal level & corporate level. I think you’re being disingenuous harping on this every couple of days. When the plan was put in place, no one could have predicted the pandemic.
I’ll still take Polar Park over a slots parlor any day of the week.
Those billionaire owners of the team NEED those tax free returns on the investment of someone else’s money.
To be clear, there is NO issue with people making a capitalist profit, but use your own money.