CommerceRI Board Agrees To Redirect Bond Proceeds To Stadium Project – Promised, Yet Unknown, Is The Future … Timing … Cost … Scope Of Mixed Use Development. The Portion Of The Project That Was To Serve As Much Touted Economic Development Engine For Pawtucket
Financially Broken City of Pawtucket Will Contribute 10$ Million – More Bonded Debt?
It Ain’t Done Yet: Fortuitous Partners Still Needs to Raise Millions In Private Equity/Debt – How Will Market Respond?
Most Experienced Board Members Voted No. Sophisticated Investor Buonano Peppered CommerceRI Flacks/Fortuitous Principals With Concerns Regarding Viability Of Soccer Stadium. Board Member Construction Industry Expert McNally Focused Heavily On Continued Viability Of “Part 1B”, The Mixed Used Development. Members Sams & Toledo-Vickers Weighed In Heavily On Housing & Retail Issues
Board Member Northern RI Honcho Catucci, Voting After Just Second Meeting, Largely Disengaged … Uninterested. Votes As Instructed
Board Member Stone Issued A Sudden Recusal. His Years Of Investment Experience Were Effectively Silenced During Debate
According To Bought & Paid For CommerceRI “Consultant” CSL, “The Financial Projections Underlying The Underwriting For 31.5 Million In Private Bank Loans Appears To Be “Slightly Aggressive, But Achievable”.
Unknown Sum Of Budgeted Affordable Housing Money To Be Redirected Towards Stadium Area Affordable Housing
Pronounced State Police Presence … For A Board Meeting?
Joint Statement from Governor McKee, Mayor Grebien and Brett Johnson of Fortuitous Partners
Governor Dan McKee, Pawtucket Mayor Donald R. Grebien, and Brett Johnson of Fortuitous Partners today issued the following statement:
“Thank you to the Commerce Corporation Board – with tonight’s vote, the construction on the Tidewater Landing Stadium Project can now continue. Together, all the parties have come to an agreement on a public-private partnership which includes clear taxpayer protections in place and commits more private dollars to the stadium than any other project of its kind in the United Soccer League.
The Tidewater Landing development, on the banks of the Seekonk River in Pawtucket, is a gamechanger for both the city of Pawtucket and the state of Rhode Island. A multi-use stadium will be the anchor of the development which will include housing, restaurants, retail stores, and recreational amenities. Rhode Islanders and visitors will be able to attend a soccer game or a concert, enjoy the Riverwalk, grab a bite, or call Tidewater Landing home. This world-class destination on Pawtucket’s riverfront will support thousands of jobs and create millions of dollars of tax revenue.
This project will help us continue Rhode Island’s economic momentum and we look forward to the project’s official groundbreaking.”
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