Fiscal 2023 DIF Account

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 Larry Lucchino leads a group of investors, rich guys, to buy the PawSox for $25 million. 

Six years later, Worcester builds them a $175 million ballpark gives them a favorable lease and does not require them to pay taxes. Then a company offers them $50 million (the initial offer is probably low balling it) to buy the team but the owners reject it. 

Lucchino says the team will eventually be sold. When it happens it surely will be for more than $50 million and these investors will profit at our expense. I hope the City realizes this and has protections in place.

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 A TIF for a start up makes some sense but excluding the WooSox and a parking garage, in an area with no parking, is not the same thing. Both buildings were built by the City and both are going to make a lot of money, use the same services as the rest of us so why aren't they paying taxes like the rest of us?

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 The smartest people in this whole fiasco could be the politicians in RI that had the courage to let the team walk rather than give in to their unreasonable demands.

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Comments

Anonymous said…
Back to AA flights story, it's ridiculous that the flights can only be booked until March. Andy Davis said they would load today but it's Saturday night and the flights haven't loaded. His email makes no sense. We are already just a month away from March...

Can someone explain why we can book AA flights from Boston or Providence or Hartford past March up until DECEMBER 3 but not from Worcester?

AA (bookable 331 days before departure)
https://thepointsguy.com/guide/how-far-advance-book-flight/
January 8, 2022 at 6:43 PM
Anonymous said…
I guess a follow up to Andy is required.
January 9, 2022 at 4:55 AM
Anonymous said…
I miss the empty polluted lots that used to be where the ballpark is. Oh, and the homeless camp full of discarded needles and human excrement was just what this city needed.
January 9, 2022 at 6:41 AM
Anonymous said…
There is no doubt that the ball park looks better than the pavement which was there but that is part of the story. First, dropping a ball park on an area that was used for parking for a developing Canal District without a parking plan disrupted an up and coming area of the City needlessly. Second, the ball park was sold as not costing the taxpayers anything which was contrary to what all the economists stated. I initially gave the project the benefit of the doubt which I am currently second guessing. Next it has been reported that the WooSox will eventually be sold, something I never thought about previously. If the ballpark does not pay for itself and the team is sold for a profit it will change my view as nuetral to against the ball park. Finally, I just received my tax bill while simultaneously learning the WooSox do not pay taxes. The WooSox bringing 300,000 fans to the City most certainly costs the City more in services than my family driving back and forth to work and I can't rationalize how I pay more in taxes than the WooSox If they legally do not have to pay taxes they should at least pay what the Mass College of Pharmacy pays. If this comes across as a rant I apologize but this is more than it looks better than what was there previously, especially after you consider all the costs.
January 9, 2022 at 9:41 AM
Anonymous said…
The WooSox owners bent the city over the negotiating table. They has
D a long term plan to have a city monetize their investment with taxpayer money, which they will use to make a huge financial return for themselves. (Providence and Pawtucket saw through this and passed, Worcester officials were too inexperienced to even think that this is how business works.

It really is brilliant. Use someone else,s $175,000,000 to extract many billions for yourself and ride into the sunset and leave the financial wreckage for someone else to suffer through. No cash needed to be spent and no risk taken FTW.

The city put up all the money and took all of the risk.

When are they going to admit that this is exactly what happened? Let me guess, not before the next election and inevitable yearly tax increase
January 9, 2022 at 9:59 AM
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