A controversial Pawtucket soccer stadium is facing financial headwinds after the city recently decided to delay issuing public bonds needed to help pay for the complex.
R.I. Commerce Corp. last year approved a $60 million public incentive package for the Fortuitous Partners LLC stadium project. It includes $36 million in public borrowing, $14 million in state tax credits and $10 million from the city.
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The developer, state and city leaders say the project is going forward, though the mayor’s office in a statement cited the pandemic and “a looming banking crisis” as reasons for the delay in issuing the bonds.
The developer has begun laying the foundation for the $124 million stadium and has invested an estimated $23 million into the project. Fortuitous has not yet received any public funding.
Duh, ya think? More like a sucker stadium.