Worcester Business Journal

4 Worcester Business Journal | September 17, 2018 | wbjournal.com C E N T R A L M AS S I N B R I E F Worcester approves $101M ballpark financing BY ZACHARY COMEAU Worcester Business Journal Staff Writer V E R BAT I M Red Sox partnership "We both go to market focused on building strong teams with winning attitudes and are dedicated to great results." Coghlin Cos. President and CEO Chris Coghlin, on the company's three-year extension on an advertising agreement at Fenway Park Marijuana sales coming shortly "Once we have the final inspection scheduled for a couple of entities, we can probably get a little more precise." Cannabis Control Commission chairman Steven Hoffman on the possibility of marijuana sales beginning this month Development fellow "A resident of Worcester for more than three decades, Ms. Olmeda has an impressive professional background in community devel- opment which will be a key asset as we work to make Main South a more walkable, engaging and vibrant neighborhood." Worcester City Manager Edward Augustus, on Ivette Olmeda, a Worcester resident hired by MassDevelopment as a development ellow to help revitalize Main South W orcester City Coun- cilors approved the borrowing of nearly $101 million to pay for the design, construc- tion and land acquisition costs for the new home of the Pawtucket Red Sox and a host of other ordinances intended to expedite the project, which must be completed in time for the 2021 baseball season. Madison Downtown Holdings, the Boston-based developer proposing to build hotels, retail and apartments on the abutting Wyman-Gordon parcel,was also approved for tax-increment financing deals and the waiver of the first $2 million in permitting fees for the project. e vote came aer the council's Stand- ing Committee of Economic Development held two public hearings on the project. e committee voted at its second meet- ing on Sept. 5 to recommend approval of the package to the full council. "is is really about a proud moment for our city, a historic moment for our city," City Councilor Candy Mero-Carl- son said, before giving the council a pat on the back for pushing for the ballpark plan in the first place last year. "We should really take a bow here." Input from those meetings includ- ed requests for a community benefits agreement to ensure the character of the neighborhood is maintained and that local workers and vendors are given first priority. Now, the project must move quickly. Included in an agreement signed with the team, an owner's project manager must be chosen by Oct. 10 this year. Permitting, land acquisitions and other necessary steps must be done in time for construction to begin by July 1 next year. e city plans to acquire the pro- posed ballpark parcel on mostly vacant land in the Canal District. A lease agreement between the city and Triple-A minor league baseball team must be negotiated by Dec. 1. Also approved was the creation of a new position for a special project co- ordinator to work out of City Hall. e new position will oversee the project. City Manager Edward Augustus and the team signed two separate letters of intent with the team and Madison on Aug. 17 aer a year of negotiations to set the project in motion. In total, the public-private project is estimated to cost about $240 million. Of the $101 million being borrowed by the city, the team will pick up $36 million in a combination of up-front cash and rent over a 30-year lease. e ballpark itself is estimated to cost between $86 million and $90 million. W A rendering of the proposed Polar Park in Worcester's Canal District, slated to be the new home of the Pawtucket Red Sox in 2021.

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