American Times Make No Sense??

City Of Worcester Issuance Of Bonds

 

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

David Z. said…
Bill,
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.
Anonymous said…
The statement that we think we can make the payments is not the same as we will make $50 million. We can't believe anything a politician says.
Anonymous said…
Why do we continue to blame everything on the pandemic? The new Tabletalk building construction continued thru the pandemic. The pandemic is just a convenient excuse for an ill conceived financial plan that we will end up paying for. You may be fine with prioritizing enriching a company thru this project but I would have rather use the money for repaying streets throughout the City or building a new Burncoat High.
Anonymous said…
People should read this statement because there is a lot of information about the City in it that I did not know. There is also a lot of confusing information, numbers in one section do not match numbers in other sections but I probably am not reading it correctly. One thing I think I am reading correctly is on debt. From the statement it looks like the City has 942,043,716.00 in bonds outstanding. If the stadium cost was $175,000,000.00 it would be about 20% of the City's bonds. This seems to be a large percentage.
Anonymous said…
No need to be sorry. We have been given lack of transparency, hocus pocus run around with things being told that were supposed to be handled that were not. And they run out the machine to try to give comfort. For instance , they had some financier jump on fb to try to make a spin move by saying a major increase cost was the price of steel, which at that time had risen drastically. Unfortunately his error is as the most of the steel was purchased and installed well before the prices rose. When i brought that up he disappeared
Anonymous said…
The City Manager does not answer to the City Council. The City Council does not answer to the taxpayers. So what exactly do you expect.
Anonymous said…
Shut up and buy your WooSox hat and warptch the canal district businesses die under their new tax and lack of parking burdens.

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.