PROVIDENCE – A state Senate committee on Thursday is expected to release a report and revised legislation that would authorize construction of a new ballpark for the Pawtucket Red Sox.
In a statement released Tuesday afternoon, Senate Finance Committee Chairman William J. Conley, Jr. (D-East Providence) said the committee would not seek an immediate vote.
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The committee would instead take the proposal up in early January, he said. The revised legislation will address concerns raised by the public and committee members over the past several months concerning how the city of Pawtucket will meet its debt obligations in building the stadium, a news release indicates.
Senate President Dominick J. Ruggerio said he would seek a vote on the revised proposal by the full Senate in early January, once the General Assembly reconvenes for the 2018 session.
The announcements come a day after the state Auditor General, Dennis Hoyle, released a brief summary of his review of financial information provided to him by the team owners. The letter, subject to a non-disclosure agreement he signed, included his general impressions of the financial materials and was not an audit.
He found the team’s financial status was stable, after review the two most recent years of audited financial statements for the team, as well as the unaudited summary of the financial operating results for the fiscal 2017 year to date.
Hoyle stated the team’s ability to meet additional lease payments as proposed and any loans incurred to finance the construction of the ballpark will be dependent on the generation of additional revenues from increased attendance at the games and the sale of naming rights for the park under a multiyear agreement.
The hearing of the Senate Finance Committee on Thursday will be aired live on Capitol TV and streamed live on the General Assembly website. It is scheduled to begin at 4 p.m.
Submitted materials and testimony provided to the committee over the past several months is available on the website www.PawSoxHearings.com.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
