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Hey, so someone noted that I hadn’t shared the latest Polar Park updates! True!
Quick catch-up on our local boondoggle that you may have missed what with thousands dying of a pandemic and a federal insurrection! #WorcesterBoondoggles
Quick catch-up on our local boondoggle that you may have missed what with thousands dying of a pandemic and a federal insurrection! #WorcesterBoondoggles
As always, I highly recommend @GrantSWelker of @WBJournal on this, as he has kept his eye on the ball (forgive the metaphor) https://www.wbjournal.com/article/woosox-stadium-costs-rise-to-157m-becomes-most-expensive-minor-league-stadium
You might vaguely remember that many many months ago, the City Council inquired as to if the pandemic might perhaps alter the project.
WBJ has this: “Augustus said in May that the pandemic would affect the project but for months the public hadn't been updated on how the project was doing financially. The city administration said last fall councilors' inquiries were answered privately.”
This is a publicly funded project.
That is city money they are spending.
And it’s our local economy they’re gambling here.
That is city money they are spending.
And it’s our local economy they’re gambling here.
No, it is not okay to answer those concerns “privately.”
Public money. Public discussion.
Public money. Public discussion.
WBJ further notes that this is the first financial update in...a year.
A YEAR?!?
A YEAR?!?
So what’s the latest?
$157M
You might remember we started at $101M
$157M
You might remember we started at $101M
And with that, we now have a record-breaking ballpark, per @WBJournal: the most expensive ballpark ever built even adjusting for inflation.
“The WooSox have committed to covering the latest overruns, which the city says total $17.3 million, according to a memo to the Worcester City Council made public late Friday.”
But it is publicly funded, so the city has to front the money, which means the Council has to borrow more money AND they are increasing the ticket surcharge.
BTW, the @masslivenews numbers on this are totally different: https://www.masslive.com/worcester/2021/01/worcester-agrees-to-35-year-lease-with-woosox-as-polar-park-cost-increases-team-is-on-hook-for-new-price-tag.html
Anyway, they have also updated the contract, as follows:
And as always (thanks for never losing this):
“There is nearly unanimity among sports economists that publicly financed stadiums are unwise decisions, and that municipalities are often at a major disadvantage with teams when it comes to negotiating financial terms.”
“There is nearly unanimity among sports economists that publicly financed stadiums are unwise decisions, and that municipalities are often at a major disadvantage with teams when it comes to negotiating financial terms.”
Full back up for Tuesday’s City Council is here: http://www6.worcesterma.gov/weblink/0/doc/513023/Page1.aspx #worcpoli #WorcesterBoondoogles
