City Manager Discussing How We Are Paying For Polar Park

Pretty Much What We Have Been Saying For Years

 


 

If you back out the one time $3,000,000 sale the ballpark district only generated $655,374 of revenues!!  Now look at FY23, the bond payments will be 4.8 million and we only are generating $600K in the TIF.   Long way from paying for itself as we had warned from the very beginning


Comments

Anonymous said…
Maybe this is why Worcester homeowners are getting a 9.6% tax increase. It’s gross
Anonymous said…
Now you know why Ed headed for the hills when he did. No more city property to sell to cover up the gaping fiscal hole that he created.
Anonymous said…
On top of all, the one thing that is particularly offensive is the fact that none other than one of the chosen few , e Russo, who’s been getting inside grants tifs ect, rolling from one property to the other was involved in the discussions way May 2018, if not before. Shouldn’t there be at least a look see in the name of transparency into the conflicts and deals created through all of this. Oh yeah. Transparency. Lol
David Z. said…
The residential tax rate actually went down. The increase in taxes for the homeowners is a result of higher residential real estate values. Has nothing to do with Polar Park.
Anonymous said…
Paying for itself has never added up in my mind. How it was explained was the district would generate additional taxes above what was already being paid to the City. The Redevelopment Authority held a lot of the land it acquired to build the ballpark and no taxes were paid. Also the only building under construction isn't even done framing. How much additional taxes are being generated. The math does not work and we must be producing less revenue than before the project started.
Anonymous said…
A City Hall insider told me parking revenues are coming up short as well.