New PawSox Deal: Cost Spikes to $85M — 16% Increase UPDATED
Friday, December 08, 2017
The new PawSox deal is out and the amount of bonding requested of the project increased by 16 percent for Rhode Island taxpayers.
The new number in bonding to fund the deal is now $85 million up from $73 million.
Despite the PawSox refusing to share their finances, Senate Finance Committee on Thursday issued a new report and revised legislation with the new pricing. As GoLocal previously reported, legislative action on the PawSox will be pushed to next session of the legislature in 2018.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“The legislation responds to the concerns raised during the committee process. It strengthens what was already a good deal for the city and the state, and provides a mutually beneficial path forward to keep the PawSox in Pawtucket,” said Finance Committee Chairman William J. Conley, Jr. (D – Dist. 18, East Providence, Pawtucket).
“The committee engaged in a vigorous review of this proposal, and now more than ever I believe it is a good deal for the city and the state. Even under the most conservative estimates, the public revenue generated by the PawSox for the state would fully account for the state’s debt service, meaning the stadium pays for itself. This revised legislation enables the continuation of the partnership that exists today at McCoy Stadium in a new and better-located ballpark that will jumpstart development in downtown Pawtucket.
“Throughout this process,” he continued, “the Senate Finance Committee has been committed not only to being thorough, but also to being as open and transparent as possible. In that spirit, the legislation brought forward today was not voted upon, but made available for the public to review prior to our consideration of the bill next month.”
"If the report leads to legislation that is ultimately passed by the Senate, then the House Finance Committee will give it a full and fair public hearing,” said Speaker of the House Nick Mattiello in an email to GoLocal.
Pawtucket Red Sox issued a statement on RI Senate Finance Committee Report late on Thursday, "We, like the rest of the public, have now received this information, and we will take the time necessary to consider it."
Governor Gina Raimondo refused to comment on the new legislation
Senator Dominick Ruggerio's spokesman Greg Pare said that the Senate President supports the new legislation.
READ THE NEW PROVISIONS IN THE BILL BELOW
Related Slideshow: New PawSox Deal—December, 2017
Here are the provisions of the legislation according to the Senate Finance Committee,
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- New PawSox Deal: Cost Spikes to $85M — 16% Increase UPDATED