RI governor signs $83M PawSox bill
Photo | Grant Welker
The former Apex site in Pawtucket is being eyed for a new PawSox stadium.
Rhode Island Gov. Gina Raimondo has signed a bill aimed at keeping the Pawtucket Red Sox from moving to Worcester.
The bill, signed late Friday, calls for an $83-million ballpark to be built at the site of the former Apex Cos. site. The bill is a reworked version of a proposal the Rhode Island Senate approved in January.
That Senate bill was backstopped by taxpayers, but this new law will live or die on the success of the project and a special tax increment financing district included in ancillary developments around the stadium.
In a short statement, Raimondo said the team belongs in Pawtucket, their home of 53 years.
“No one wants to see them end up in Worcester,” Raimondo said in a press release announcing the signing.
The legislation is not a deal between the club and city, but rather an act enabling the city to engage the team in a deal-making process.
“This legislation gives [Pawtucket] Mayor Grebien an opportunity to work with the team over the coming months to keep them here, and it gives Pawtucket a shot at meaningful economic revitalization,” Raimondo said.
Per the legislation, the team will put up $45 million, the state $23 million and the city $15 million.
Rhode Island officials have been somewhat lukewarm about their prospects.
Rhode Island State Treasurer Seth Magaziner's office last week released an analysis of what the project would actually cost, including debt service, and that came out to about $3.2 million annually at an estimated 5.7-percent interest without the state's good bond rating backing the project.
Senate President Dominick Ruggerio told a local radio station Wednesday morning that he's not overly optimistic.
In Worcester, the team is looking at land in the Canal District for a potential new home, but details of the team’s discussions with Worcester have remained close to the chest of city and team officials.
Rhode Island legislators as they were deliberating the bill last month said Worcester’s deal could lure the team away.
WBJ Web Partners
Most Recent
Most Recent
0 Comments