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As was the case for the first two years of debt payments, the saving grace for the current fiscal year 2023 and the next fiscal year 2024 is a $3-million property sale from 2021.
An academic paper from the College of the Holy Cross and Kennesaw State University, written to show the flaws of using a pro forma model to economically justify the building of government-owned sports stadiums in the future, has used the $160-million Polar Park in Worcester as one of two examples of the model’s problems, saying the ballpark will saddle the city government with fiscal deficits between $40 and $60 million.
Following the rash of closures of Canal District restaurants, the likely fate of at least one of the eateries has been made public: A housing development adjacent to the Polar Park baseball stadium.
A Canal District development bringing 83 units of affordable housing to the former manufacturing site of Table Talk Pies will receive $19.6 million from a tax-exempt bond issued by state agency MassDevelopment.
Worcester is selling properties to address Polar Park debt, as revenues generated by development at the home of the Worcester Red Sox are lower than projected.