Worcester (MA) expects to borrow an additional $32 million to cover construction and acquisition costs related to the new Polar Park under construction for the Worcester Red Sox (Triple-A, International League). In a memo, City Manager Edward Augustus Jr. stated that no existing city tax revenue will be used to fund the new ballpark. The team and City plan to make up for these costs in part by increasing ticket fees and parking prices at the stadium. Read more here and here.
Category Archives: Money & Financials
Construction costs for Polar Park have increased by $9.5 million over initial estimates, while costs to acquire the properties needed for the ballpark, relocate businesses and prepare the site for development have run roughly $20 million more than what was anticipated. Read more here.
The Wichita City Council on Tuesday approved a 2 percent sales tax within a newly established Community Improvement District, or CID, encompassing the area around the new baseball stadium and parts of the east bank of the Arkansas River. Read more here.
An item on the Wichita (KS) City Council agenda is a proposal to establish a Community Improvement District, or CID, for an area around the new baseball stadium which would raise sales tax by 2%. If approved, the funds from the CID will go to the ballpark’s developers for a period of up to 22 years. The City Council will discuss the idea during the meeting on January 7th. Read more here.
City of Edmond (OK) staff are reviewing renovation costs for AC Caplinger Park. The park is located north of the entrance to Hafer Park off Ninth Street and Bryant Avenue. The initial cost estimates were about $16 million. Read more here. Read previous story here. Edmond is a suburb of Oklahoma City with a population over 90,000.
Taxpayers in southeastern Wisconsin will be free of paying $30 million a year in a special 0.1% sales and use tax supporting Miller Park, home to the Milwaukee Brewers, under legislation that is expected to pass and be signed into law by the governor. If approved, the 23-year-old revenue program would be permanently retired beginning Jan. 1, 2020. Read more here.
In an effort to break the legal logjam that’s threatening their new ballpark, the Oakland A’s are offering to either buy out the city’s half share in the Oakland-Alameda County Coliseum site for $85 million or enter into a long-term lease, sources close to the negotiations say. Read more here.