Lucchino is working sweat equity for FSG in Pawtucket ( as is Dr. Steinberg) LL lost favor with Henry and Werner after fighting to hire Bobby Valentine.
Worcester will own Polar Park and lease it to the team on a 30-year basis. The stadium’s construction is projected to cost $86 to $90 million, but officials say local taxpayers won’t be on the hook. The entire development area is expected to be “self supportive,” Augustus said Friday.
“No existing city tax revenue will be used to fund the ballpark project,” Augustus said. “In essence, the project will pay for itself.”
The city plans to borrow $100 million to cover the stadium construction, as well as other related costs. Then, by creating a special taxation district that encompasses the ballpark and surrounding development, the city will use new tax revenue generated from the district to pay back the loan. According to the deal, the team is responsible for paying any cost overruns of the stadium’s construction, shielding local taxpayers if the project goes over its estimated $86 to $90 million total.
The PawSox are also contributing 33.8 million toward the cost of building the stadium.
