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| | | Boston women's hockey team relocates to Worcester | | | | The Canadian Women's Hockey League announced Monday the Boston Blades hockey team is moving to Worcester. | | | | Read more >> | | | | TJX raises revenue 12% in Q2 | | | | Framingham retail parent company TJX is raising its full-year estimates and per-share earnings after a second quarter in which it raised net sales by 12 percent to $9.3 billion. | | | | Read more >> | | | | Editorial: Third in the Northeast, 70th in the nation | | | | Yes, coming in 70th out of 100 in Magnify Money's ranking is bad. Yet, looking strictly at major metro areas in the Northeast, Worcester metro came in third behind Boston and Washington, D.C. | | | | Read more >> | | | | | | Like us on Facebook for our latest business news |
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| | | Question of the Week | | | | Can't answer the question in your email? Click here to view as web page before commenting. | To entice the Pawtucket Red Sox to move, Worcester will borrow about $101 million to fund the construction of a new Canal District ballpark development, which also will include hotels and apartments. The team is putting up $6 million up front and will pay the team about $30 million in rent over the 30-year lease to help pay back the loans. The city says the project will pay for itself with revenues from a special taxing district surrounding the development. In Rhode Island, the team would have had to put up $45 million in upfront construction costs in addition to likely lease payments. Is the WooSox stadium deal good for Worcester? Yes. The ballpark and surrounding developments should attract enough business to generate sufficient tax revenue to pay off the $101 million.
Yes. Landing a Red Sox minor league franchise is a coup regardless of whether the development pays for itself.
No. A $101-million public subsidy is far too much for a city still struggling with high business property taxes.
No. Worcester’s inconsistent history of supporting sports team will bear out once the novelty wears off.
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