Interest would bring cost of stadium to $158M over 30 years - ABC6 - Providence, RI and New Bedford, MA News, Weather

Interest would bring cost of stadium to $158M over 30 years

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PAWTUCKET, R.I. (AP) - Officials say state and local taxpayers would help the Pawtucket Red Sox pay about $158 million over 30 years to build a new downtown ballpark, accounting for interest payments on bonds that would be issued under the proposal.

The Providence Journal reports (http://bit.ly/2rxMUgy ) that city officials and team executives said Thursday that both sides would share responsibility for covering the costs of the bonds. The team is expected to pay slightly more than half the cost of the project.

Details of the proposal, including how the bonds would be guaranteed, are still unclear as the proposed legislation has yet to be finalized. A city spokesman says he expects it to be completed soon.

Rhode Island lawmakers are approaching the end of their legislative session and said they must see a bill quickly in order for anything to pass.

Information from: The Providence Journal, http://www.providencejournal.com

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