Worcester could loan WooSox $ 14 million for new polar park costs

WORCESTER, MA – The Worcester Red Sox are to cover $ 17.3 million in new costs for Polar Park, and the team want the city to fund some of the overruns through a municipal bond.

City manager Edward Augustus Jr. told city councilors in a note on Friday of the overruns, and said the team would pay about $ 7.3 million out of pocket.

The team is asking Worcester to take out a 30-year bond to pay off the remaining $ 10 million in excess – although the total cost of the bond is $ 14 million due to fees and interest. The WooSox would be responsible for repaying the entire loan.

The city will also get additional concessions from the team, including the extension of the no-move agreement from 15 to 25 years, the extension of the Polar Park team’s lease from 30 to 35 years and the sharing of some advertising profits with the city.

To repay the deposit, the team will also look to increase their income by increasing the price of tickets. The “setup fee” would drop from $ 1 to $ 2 per ticket, bringing an additional $ 450,000 per year to the team, according to the note.

The overall cost of the park has exploded from the original estimate of around $ 90 million before construction began. By fall 2019, the cost had risen to around $ 100 million.

But in Augustus’ latest memo, the estimated cost was $ 116 million, which includes everything from construction to the ground to police details. The city and the Worcester Redevelopment Authority have also paid $ 41 million to acquire land for Polar Park and relocate some businesses nearby.

Augustus said Polar Park is still on track to be completed by April, although the pandemic may still restrict attendance.

“In 2021, the Worcester Red Sox will start playing baseball at Polar Park, and we hope public health conditions will allow thousands of fans to welcome our team into its first year,” the memo reads. “In addition to the return on investment of this project, we are very proud of the invaluable memories that will be created in this new affordable family entertainment destination in New England’s second largest city. “