The team on Wednesday thanked Senate leaders for advancing the bill that details the financing for the proposed ballpark on the Apex department store site in downtown Pawtucket. A public hearing and vote on the bill by the Senate Finance Committee was postponed until Jan. 9 due to Thursday's expected snowstorm.
PROVIDENCE, R.I. — The Pawtucket Red Sox issued a statement Wednesday saying the team hasn't yet "had a meaningful opportunity to review" the revised stadium-financing legislation released a day earlier, yet thanking Senate leaders for advancing the bill that details $44 million in public financing and a $53-million contribution by the Triple-A affiliate of the Boston Red Sox to build a new stadium.
The team released its response after the Senate Finance Committee postponed its Thursday hearing and vote on the legislation due to an anticipated storm. The committee will now meet Tuesday, Jan. 9, after the Senate concludes its business for the day, likely around 4:30 p.m., Senate spokesman Greg Pare said.
Before the committee is expected to vote, members will take public comment, Pare said.
The team has pledged $12 million upfront toward anticipated stadium-construction costs, and the Pawtucket Redevelopment Agency would raise up to an additional $85 million for the project through a bond sale.
The legislation faces a potential uphill battle, as House Speaker Nicholas Mattiello still says his constituents don't like the idea of spending public money to build a new stadium. If it were approved, the legislation details how bond sales would raise money for the team, state and city to build a publicly owned stadium on the Apex department store site in downtown Pawtucket.
"While we know there is still much work to be done, we are glad to see the Rhode Island legislative process advance to the next step, as we prepare for a full Senate vote next week on this legislation and future House consideration," the team said. " ... It is encouraging to see the outlines of a potential framework, as we consider the transformative opportunity that this ballpark and surrounding development project offers for downtown Pawtucket and all of Rhode Island."
The PawSox, the state and the City of Pawtucket would pay back the amount raised through the bond sale, with interest, over a period not to exceed 30 years.
Although the team, city and state have said land-acquisition and construction costs are still estimated at $83 million, the legislation now says the total project cost could equal $97 million. That's because the legislation still includes $12 million upfront from the team and the $85 million raised through the bond sale includes money to be set aside in emergency and reserve funds to cover early interest payments and legal fees associated with issuing the bonds.
Each of three entities would be responsible for paying back the following:
PawSox, $41 million;
State of Rhode Island: $26 million; and
City of Pawtucket: $18 million.
Although it's difficult to say precisely what principal and interest would be owed because interest amounts wouldn't be set until the bonds were sold, the legislation caps each entity's annual debt payment, including principal and interest. Annual payments are capped at $2.8 million for the team; $1.8 million for the state; and $1.4 million for the city.
— kbramson@providencejournal.com
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