Fiscal 2023 DIF Account

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Gloom And Doom

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Been busy lately---sorry.

  • Financials are neither gloomy or refreshing.    
  • They are simply the numbers. 
  • It is up to the taxpayer to decide if they are happy with the return on our taxpayer investment into Polar Park or is it gloomy.

The frustrating thing with Polar Park is that we do not ever see the bottom line numbers.  To this day we still do not know the final cost of Polar Park???   


Now we read this in the Worcester Business Journal about the TIF for the Left Field Building.  

 

  

 

 

The 15-year targeted tax payment schedule outlined in the application commences in 2024, starting at almost $280,000 in annual taxes and concludes at $369,328 in 2038, which are all reduced payments than what Madison would pay in property taxes at the current Worcester commercial property tax rate.

In year three of the tax arrangement, the developer has the option to terminate the schedule and negotiate an alternative TIF plan with the city for the remaining years, per the application.

 

 

We knew that the TIF could be terminated in Year 3,  but when was the TIF bumped out three years not starting til 2024???

Would not a change like this have to be voted on by City Council??   Must have missed that vote..   

Does this mean that the TIF payments for the hotel that were suppose to start next year are going to get bumped two years down the road???

 

 


 

Comments

Anonymous said…
This "project" which includes the development which was promised so that it would not cost us anything has been a bait and switch from the beginning which is probably why the City is not sharing their financials. You question the hotel being delayed. One thing I remember reading somewhere is the size of the hotel has been scaled back. A while back the proposal was two hotels with a shared lobby. This was supposed to be over 250 rooms. I read recently that the current proposal is a single hotel with 125 rooms. How much does this change cost in terms of revenues to pay the bonds. This "project" is a house of cards that is falling apart and we will be paying for after all those who developed and approved the plan have jumped ship which appears to be happening.
September 27, 2021 at 3:08 PM
Anonymous said…
You should not be suprised with Madison getting a two year deferral they were negotiating from a position of strength, they still technically owned the land which the ballpark was built on. You do bring up a good question, did the City Council grant this deferral? Although I do not watch the City Council meetings I have followed the coverage in the media and I do not remember this being reported for the left field building or the hotel. I assume that since the City Council votes on the agreement they need to vote on amendments like this. Someone should follow up on this, Worcester Business Journal ( which reported the deferral), T&G or Mass Live.
September 28, 2021 at 4:04 AM
Anonymous said…
Im still stuck at the promised transparency and wondering where the promised initial 6 mil from henry is. And how the park blew up in cost because quotes do not count and we do not put standard language in our contracts. And if you dont think they are already planning on hitting the taxpayers for their free for all, look at how everything has creeped up. Trash bags, water and sewer ect. Different way of skinning the cat and keeping their “promise”
October 9, 2021 at 3:06 AM
Anonymous said…
Overruns, which were already suffered in 2019, will get blamed on Covid and the council bobble heads will just bobble and then rush to raise taxes after the election.
October 9, 2021 at 7:58 AM
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