Cranston Top Golf

Our Estimate Of The Cost of Polar Park to the Taxpayers Fiscal 2022


 

Above chart from WBJ column.       

  • This fiscal year the bond payment is $3,900,000; however, we borrowed money up front to pay $1,900,000 (capitalized interest).
  • This fiscal year we do not see how the DIF will produce more then $500,000 so the net cost will be about $1,400,000

In actuality you really need to add the $1,900,000 (capitalized interest) since this is money your borrowed to pay the debt.    We estimate that cost then to be $3,300,000 to the taxpayers for Fiscal 2022.


Comments

Common Sense said…
Taxpayers are on the hook for $3.3 million yet the team is making money hand over fist and paying no taxes. Thanks Ed!!
wormtown said…
Seems like you cherry picked certain parts of the article and left out the sale of an adjacent property for $3 million to offset any shortfalls in year 1.
Anonymous said…
I hope the acting City Manager is more transparent with this project than the last City Manager because we all are speculating and trying to piece together a financial puzzle and we may have pieces missing. I assume it is not paying for itself because I do not see the development occurring the way it was describes but I do not know how bad it truly is.
Anonymous said…
My head wants to explode. I tried to compare this chart to City budget and Capital budget. The numbers don't match. To make matters worse the amounts in the City budget and Capital budget for fiscal years 20 and 21 don't match. I am starting to wonder if the City knows what they are doing.
The budget does have a projection that the Ballpark DIF reserve fund will produce $305,518 in incremental revenues. I was looking for parking revenue and lease payment estimates but could not find them.
Anonymous said…
Remember how ORH is the official airport of the Woosox? One thing I found out is AAA teams have to fly if the trip is over 500 miles. What does that mean? For the rest of the year, they only have to fly twice. The thing is, when they went to Jacksonville at the beginning of the season, I don’t ever remember seeing a plane chartered for the team to fly down there. There is a realistic chance that they’re not flying out of ORH unless they are filling up seats on the Delta, American, or JetBlue flight. I’m hoping I’m wrong but if that is true, way to lie to the city saying you fly out of ORH but in reality you fly out of Boston or somewhere else.
Anonymous said…
Every morning I drive thru Kelley Square to go to work and watch the progress of the construction. The apartment construction looked like it was going slowly because the Gulf Station construction was flying up. Now even the Gulf Station seems to be progressing at a snails pass.
Anonymous said…
The City's chart above is wrong if their budgets are correct. The fiscal year 2000budget has a bond payment of $1.4 million which is covered by capitalized interest. shouldn't they have this on this chart?
Anonymous said…
So, do the Red Sox have to buy their furniture only from Jordan's, or their windows from Window World, or only fly JetBlue, or only eat Fenway Franks, or only eat Regina Pizzas?

Its called advertising and its not exclusively directed at the woosox Players or management. Anyone can use official services and products, like us fans going down to spring training, or visiting team fans who dont want to drive.

Geez! Dont take official airport so literally! Its pretty cool to see local companies supporting the local team!
Anonymous said…
When your the official airport of the Woosox, you would expect them to use the airport when they have too. The Boston Red Sox, Boston Celtics, the Bruins, and the Revolution all use Bedford and have chartered planes. Red Sox and Celtics have chartered B757s from Delta, Bruins use a 737 from Iaero airways, and Revolution use a Sun Country B737 if they don’t use the Patriots jets. The only team that doesn’t fly out of Bedford is the Patriots who have their own jets in Providence. The Bruins and Celtics don’t use JetBlue at all. I wouldn’t blame them now because of their troubles they have had the past 3 months. You don’t see Logan be the official airport of the Bruins, Red Sox, Celtics, etc. The Red Sox might fly out of Boston sometimes when they have a game the very next day, but Hanscom is the preferred place.
Common Sense said…
Breeze just added 7 flights at Bradley. Like to get a couple at ORH.
Anonymous said…
To no surprise, FLL flight today and tomorrow cancelled as well as mid day turn from JFK tomorrow. JetBlue was able to bring the aircraft up to ORH today from FLL which will most likely be the mid day flight to JFK tomorrow. June 9th mid day for JetBlue flight schedule changes. JFK to ORH is 1:29 PM departure time with a 2:37 PM arrival then flight back is 3:15 PM departure time with a 4:08 PM arrival. Monday starts the new time for delta to LGA as well. We all know how everyone feels about the delta flight and the times those are at.
Anonymous said…
George Russell has a request on the City Council agenda requesting the City Auditor view the budget and recommend changes. Hopefully changes refers to reducing taxes. I hope that this is a good sign and the City Council uses the City Auditor as a watchdog like previous City Councils did with the last City Auditor. I also hope that the current City Auditor is as diligent as the last City Auditor.
When the City Auditor finishes with the George Russell request maybe he can look at the Polar Park project because the City's numbers are all over the place and he might be able to issue an independent accounting and projection of the project. One can only hope.
Anonymous said…
If George Russell wants to cut the budget he should just pick up the phone and call Konnie Lukes. I think she was the last one to actually cut the budget and save the taxpayers money.