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MEGAPLEX FINANCING HINGES ON HOTEL FEES, PRIVATE INVESTOR
Published June 2, 1995
The MA megaplex commission's $943M convention center-sports complex "hinges on" $23.4M in annual payments from the hotel industry and calls for $90M in corporate contributions that are yet to be determined, according to this morning's BOSTON GLOBE. In approving financing yesterday, the commission "effectively tied the convention center and two sports facilities together, recommending that no individual portion go forward unless the entire project does" (Richard Kindleberger, BOSTON GLOBE, 6/2). NUMBERS BREAKDOWN: Of the $943M in costs, $90M would come from corporate contributions, $150M from the Red Sox and $703M would be financed. Annual financing costs are $75.4M. With $29M annually from the state, $5M from the Patriots and $45.3M from "dedicated revenue sources" (hotel and rental car fees, ticket surcharges and stadium parking), the commission projects annual revenue at $79.3M. Costs: $79.7M for site acquisition, $162.2M for infrastructure, $547.4M for convention center and domed stadium, $150M for the baseball park, $6.7M for legal and other fees (BOSTON GLOBE, 6/2). Gov. William Weld meets this week with a top official from ITT/Sheraton, which has expressed interest in becoming an investor. An ad seeking corporate investors has drawn 13 responses (Meg Vaillancourt, BOSTON GLOBE, 6/2).