Hey, remember how the Worcester Red Sox‘ new $160 million stadium was supposed to be able to repay its $150 million in public costs via new tax revenues?
Not that it was really ever going to anyway, but now it turns out that tax revenues are coming in slower than expected and the city is paying off its loan with more loans and hoping that more money will come in eventually and also the city hasn’t yet set up an accounting system to figure out how much the stadium is costing or generating, but don’t worry, Worcester city manager Edward Augustus says, “At the end of the 30 years, it is going to be more profitable than we initially thought,” and you can trust him!
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A follow up question is, do new residential units bring other costs not calculated anywhere. One jumps right out in my mind, school costs. More residential units should equate additional students in the schools and if the taxes from the new residential units are going to the payment of the ball park costs where does the funding for the additional school expenses come from. This is an obvious but I am sure there are other costs I am not thinking of, hopefully the City is.