The Rhode Island legislature approved a funding plan for a new Pawtucket Red Sox stadium on the eve of its final session of the year Friday night, with the state house voting it in 53-13 in the morning, and the state senate following suit a little after 10 p.m. by a 26-6 margin. This would seem to finalize the $38 million in state and city subsidies that the team owners have been seeking to replace 76-year-old McCoy Stadium — except that the team owners still haven’t committed to accepting it:
The team released a noncommittal statement after the vote Friday night.
“We saw this proposed legislation for the first time only this morning, so it would be premature to comment further without having studied its terms and ramifications,” the team said. “We will continue to work with the city of Pawtucket to see if this new proposal is feasible, viable, and permissible.”
Who says no to $38 million? Someone seeking $48 million, certainly, but that doesn’t appear to be quite what’s going on here, since the PawSox owners already okayed a $38 million contribution previously. One possibility is that they’re concerned they could end up on the hook for more than the $45 million they were willing to put in (with the help of naming rights money and any other new stadium revenues, of course, since they’d get all those and the city and state would get squat), as a Senate Fiscal Office analysis projected that capping the public’s commitment to repay the stadium bonds could result in higher interest rates that would increase the total borrowing cost by $55 million to $87 million, which ain’t chicken feed.
Still, let’s not let the fact that Larry Lucchino & Friends think this is a crappy deal for them lull us into a false sense of security that this isn’t also, and much more certainly, a crappy deal for the Rhode Island public. State and city taxpayers are about to be forced to draw a circle of indeterminate size around a PawSox stadium site, and agree to hand over all property taxes from inside the circle to the team’s owners; if that doesn’t come to $38 million, the city development authority will have to find a way of making up the shortfall. And all this only because the team owners keep making vague threats to move to a city that hasn’t revealed publicly any offer at all in the way of stadium subsidies. And all over the objection of local residents who appear to overwhelmingly oppose the plan, just because in eastern states like Rhode Island, elected officials can broker stadium deals like this without fear of citizens staging a voter referendum to overrule them.
That’s bidding against yourself in the worst way — and all for a team that the city could just go out and buy (or buy a replacement for, if the current owners really insisted on moving) for a fraction of the cost of helping build a new stadium, something that on the minor-league level is actually allowed. The best hope now is that by tweaking the financing of the subsidy, the legislature will have made it equally awful for the team owners, creating a kind of poison pill to save elected officials from themselves. That’s a slim reed to cling to, but if you’re a Rhode Island resident — or a fan of historic ballparks, of whom there are more than a few — right now it’s all you’ve got.