Must Read: Will the OPEB Ostriches Ever Run Out of Excuses?

Wormtown Comment


Comment:   

 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.


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Question:

How much did it cost the taxpayers to buy this property through eminent domain  and demolish the building???

We dare say the costs of both were probably pretty close to the $3,000,000 sale price.







Comments

Anonymous said…
Not that I believe everything I read but the Patch reported a cluster of properties involving the Cove project cost $5.8 million.
wormtown said…
Did you miss the part of the article that said the properties sold were surplus properties the city never intended to sell at a profit?
Bill Randell said…
They never intended to sell is true. But when you say $3 million profit you are wrong.
Anonymous said…
I wish the City would just report the costs and their current financial projections. There are polar opposites when it comes to this project. On one side there are the baseball fans, both in the City and from the Towns who think the ballpark is the greatest thing regardless of the cost. Then there are the Augustusites who call anyone who asks a question or expresses a contrary opinion as being the old Worcester negative crowd. On the other side you have people who probably care less about baseball but have concerns about their taxes going up or their street not being paved because money has been diverted to the ballpark (count me in this group). You also have a group questioning why the WooSox are not paying taxes. Then you have a group that philosophically did not agree that using public funds to enrich a private company. Neither side can have a grown up discussion on the matter.
The City could easily end these arguments by reporting their financials but it is in their best interest to sit back and let the factions criticizes other comments.
I will agree with a comment that has been previously made that if the financials were good the City would have reported them by now. I would also like to recount that in one of the articles on the bond ratings the agency showed how they were going to cover the deficits.
Transparency is the best solution.
wormtown said…
According to the article:
“Augustus said the $3 million sale occurred almost by happenstance, as the city never considered buying properties just to sell at a profit to fund the ballpark. The city didn’t originally want to purchase the properties at 85 Green St and 5-7 Gold St for the stadium, but bought them for $10 after the owners of those properties insisted the city include them in a package deal for land the city did not want.”
Anonymous said…
Could someone post a link to the article because the sale of 85 Green St for $10 makes no sense. If you go to the City's webpage and look at the photo of the building at 85 Green St it looks pretty nice. It looks like there is a store on the first floor and occupied office space on the second floor. If they sold this property for $10 then they missed their pay day.