2/12/2020 2:31:58 PM
1/10/2020 5:28:22 PM
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worcester red sox ballpark update financial update dif tif tie loan order
Economic Development Committee
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�oecer�.e <br />Edward M. Augustus, Jr. <br />K <br />City Manager <br />k an .cF <br />CITY OF WORCESTER <br />January 10, 2020 <br />TO THE WORCESTER CITY COUNCIL <br />COUNCILORS: <br />I write to provide your Honorable Body with an update on the construction of Polar Park and the <br />associated redevelopment of the former Wyman Gordon properties. Since the announcement in <br />August of 2018 that the Boston Red Sox Triple -A affiliated baseball team is relocating to <br />Worcester a lot has been accomplished. But also during this time we've realized an increase in the <br />cost of the ballpark project and changes to the private development project, all of which will be <br />addressed below. What has not changed, however, is the fundamental principle that no existing <br />city tax revenue will be used to fund the ballpark construction. The project is larger and more <br />complex, but remains financially self-supporting. <br />THE BALLPARK PROJECT <br />Ballpark Cost Estimate <br />When originally announced the ballpark was estimated to cost between $86 Million and $90 <br />Million. The cost estimates for the initial design came in high, due in large part to a jump in the <br />construction price index, 5% per year over the last three years, and more extensive architectural <br />solutions for unique site grade issues that were necessary in order to make the ballpark more <br />accessible, circumnavigable and intimate. The project's construction manager at risk, the City, the <br />Team, our respective consultants and the design team engaged in a vigorous value engineering <br />exercise to reduce costs as much as possible without compromising the all-important functionality <br />and unique characteristics of the ballpark that the City and Team jointly desire. As a result of this <br />exercise the revised cost estimate for the ballpark is now $99.4 Million, which includes an <br />additional $9.4 Million for increased ballpark costs that the Team will cover. <br />In addition to the value engineering reductions, through its normal operations and corporate <br />partnerships the Team is obtaining a number of Ballpark amenities, such as a Distributed Antenna <br />09�OFFICE OF THE CITY MANAGER, CITY HALL, WORCESTER, MA 01608 H Otff <br />TELEPHONE 508-799-1175 1 FAX 508-799-1208 l <br />Q©� EMAIL: email@example.com I I <br />
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