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MEGAPLEX BILL FILED AND MET BY SKEPTICISM FROM LAWMAKERS
Published June 16, 1995
The "long-awaited" legislation to build a Boston megaplex "met with a frosty reception from key legislators and the hotel industry," according to this morning's BOSTON GLOBE. The response seemed to demonstrate "an uphill battle" for the $1B convention and sports complex, the possible future home of the Patriots and Red Sox. The hotel lobby objected to the proposed mandatory room fee, and House Ways and Means Chair Thomas Finneran "was skeptical financing could be made to work." Talks continue with ITT about investing in the project, as roughly $90M in private financing is needed. A spokesperson for Peninsular & Oriental Stream Navigation Co., who earlier had been mentioned as a possible investor, indicated yesterday it was "not interested in taking an equity stake" (Kindleberger & Vaillancourt, BOSTON GLOBE, 6/16). The bill calls for no more than $250M in general obligation bonds, caps annual debt service at $29M, and would require the Red Sox to pay $150M for their park (Phil Primack, BOSTON HERALD, 6/16).