EAST GREENWICH, R.I. (WPRI) – Members of the Senate Finance Committee held their fourth hearing on the PawSox stadium proposal at the New England Institute of Technology on Wednesday.
The public had a chance to comment on the proposed legislation that would allow the state to build a new ballpark.
Rhode Island’s General Treasurer Seth Magaziner addressed concerns associated with the financial obligations for the city of Pawtucket and for the state.
The total cost to build a new stadium has been estimated at $83 million; the Pawsox would front $45 million while Pawtucket and the state of Rhode Island would provide the other $38 million via bonds.
Senator Jim Seveney asked Magaziner exactly what would happen if Pawtucket wasn’t able to meet its $15 million obligation to the deal without some kind of state backstop.
“This is a worst case scenario, but it makes sense to think about the worst case scenario so you know what you’re up against,” Magaziner explained. “If the city were unable to meet its obligations then you’d have a receivership type scenario where an individual would be appointed to sort through how much of the city’s bill they’d pay, and what order and all that there’s a whole procedure for that.”
Another hearing will take place on Thursday at Roger Williams University in Bristol at 6 p.m.