To entice the Pawtucket Red Sox to move, Worcester will borrow about $101 million to fund the construction of a new Canal District ballpark development, which also will include hotels and apartments. The team is putting up $6 million up front and will pay the team about $30 million in rent over the 30-year lease to help pay back the loans. The city says the project will pay for itself with revenues from a special taxing district surrounding the development. In Rhode Island, the team would have had to put up $45 million in upfront construction costs in addition to likely lease payments.
Is the WooSox stadium deal good for Worcester?
Can't answer the question in your email? Click here to view as web page before commenting. |