Here is our 2nd question and here is the Link to the agreement .
Mad props to @tweetworcester for landing the #PawSox (@WooSox). That said, I’ve read the packet twice and I think there’s reason for concern. Rather than go on a massive thread, let’s do this one at a time and start with the biggie #WorcPoli @CommonTalkPod @WorcesterHerald 1/6 pic.twitter.com/w6g1mqmWhI
— Mark Henderson (@henderson_mark) August 20, 2018
Questions 2
- Rent from the team covers the 25,900,000 “Series B Bonds”
- City has to cover the 62,600,000 “Series A Bonds”, which will be 2,971,416 annually in 2022
Here are the projected revenues
- WG South Hotel, Apartments & Retail taxes 1,628,067
- Parking Revenues 845,650
- Use & occupancy Tax 571,388
- LF Boutique Hotel & Retail taxes 313,060
- Advertising 156,000
- Ballpark taxes 147,167
- 8 Events 40,000
- Personal Property Tax 11,526
- Total Projected Revenues 3,712,858
*** Considering that we are about to take a loan out of over 100 million dollars, it would be nice to see a better break-down on the above numbers
Although the projected surplus of $741,442 looks great, keep in mind that $2,500,000 of the projected revenues derive from development of the attached parcels. Maybe not so much a questions, but an observation. Taxpayers neeed these parcels to be developed or we will have to pay the shortage. These are not small projects!!!
South side of Madison
- 225 market rent rate apartments
- 50,000 sq feet of retail/restaurant of which 30,000 parking garage
- 150 hotel rooms
North side of Madison
- 100 hotel rooms
- 15,000 sq feet of retail/restaurant
- 200/280 parking spaces
In the end there is no doubt that the PawSox will make their annual payment on the 28 million of bonds, especially considering all the revenues streams that they have negotiatied for themselves. The question will be can we get these mixed used projects 1) built on time while 2) yielding the projected revenues to the taxpayers?
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