PROVIDENCE – Gov. Gina M. Raimondo has signed legislation enabling the Pawtucket Red Sox to build a new stadium in Pawtucket, which would allow the Triple-A minor league baseball affiliate of the Boston Red Sox to stay in Rhode Island.
In a brief statement issued at 5:46 Friday afternoon announcing the signing, Raimondo said, “The PawSox belong in Pawtucket. No one wants to see them end up in Worcester. This legislation gives Mayor [Donald R.] Grebien an opportunity to work with the team over the coming months to keep them here, and it gives Pawtucket a shot at meaningful economic revitalization.”
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
The legislation authorizes the Pawtucket Redevelopment Agency to issue special revenue bonds for the $83 million facility, to be built on a site now occupied by the Apex building. Championed by House Speaker Nicholas A. Mattiello, D-Cranston, the bill allows for a revenue-repayment, or tax-incremental financing, district to be established around the ballpark, and tax revenue from new commercial development would be used to repay the debt.
Under the split, the PawSox will contribute $45 million, including $12 million in owner equity. City and state revenue from the ballpark and surrounding development would make up the remainder.
At this stage, Pawtucket is left to finalize the details of the deal without influence of either the governor or the General Assembly.
PawSox ownership released the following statement Friday night: “We recognize the step that Governor Raimondo has taken today by signing the proposed Pawtucket ballpark legislation, giving the parties an opportunity to vet the numerous issues presented. This past week, we met with city officials and also with city and state officials to continue discussions regarding the legislation that was passed late last Friday night. Analysis and talks will continue over the holiday week.”
Earlier Friday media reports noted that Worcester, Mass., has spent more than $178,000 in eight months on consulting services to pursue the team, which announced its intention to build a new stadium more than three years ago following the death of longtime owner Ben Mondor and the purchase of the team by a group that included some of the owners of the Boston Red Sox and a number of prominent local businessmen.
