City Council approves $101M WooSox loan
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A rendering of a new stadium for the soon-to-be Worcester Red Sox and a related mixed-use development. The total $240 million project is expected to open starting in 2021.
The Worcester City Council on Tuesday gave its final approval of a $101-million loan order for the city to pay for the construction of the new home of the Pawtucket Red Sox.
With Councilor-at-large Konstantina Lukes the only opposed and Councilor Matthew Wally recused, the 9-1 vote allows the city to officially borrow the funds to pay for land acquisitions, design services and construction of the potential $90 million ballpark in the Canal District.
The measure passed with little discussion, but Councilor Sarai Rivera did seek answers on if the city’s tax-increment-financing policy would be fully applied to the project. The policy calls for creating permanent, full-time, livable-wage jobs for Worcester residents, promoting economic diversity and benefiting the entire community.
Acting Assistant City Manager Kathleen Johnson said it is premature to begin discussing what kind of jobs would be available at the ballpark since it is still more than two years away.
The vote comes two weeks after the council passed a host of motions intended to act as a broad vote of support for the project, which included authorizing City Manager Edward Augustus to obtain financing for the massive undertaking.
Next up is hiring a project manager, which must be secured by Oct. 10, per a letter of intent between the club and the city.
The team and city announced Aug. 17 plans to build a ballpark and mixed-use development on the former Wyman-Gordon land, a project with an estimated price tag of about $240 million.
The 10,000-seat stadium must be built in time for the start of the team’s 2021 season. Construction is expected to begin next July.
The city will own the ballpark and hopes to pay for about $70 million of the loan with revenues from hotels, restaurants and other developments proposed by Boston development firm Madison Properties as part of the project.
The team will pitch in about $30 million in total rent payments over the 30-year lease term and another $6 million in upfront equity.
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