Patriots Owner Robert Kraft's expected new plan for a new
stadium in South Boston would limit public financing to
infrastructure costs estimated at a minimum of $50M, according to
Joan Vennochi in this morning's BOSTON GLOBE. But the guilty
plea of MA House Speaker Charles Flaherty could make the stadium
a "victim" of the likely legislative "paralysis." Kraft and Bank
of Boston are finalizing financing, which "involves squeezing
more money out of fewer investors," including reducing the number
of luxury suites from 100 to around 22. Vennochi notes the
belief is that "corporate enthusiasm is at an ebb" after the
FleetCenter and the performances of the Celtics and Bruins.
Kraft has been told the plan must be "truly privately financed"
or "it will be politically dead on arrival" (BOSTON GLOBE, 3/27).
MORE HURDLES: In addition to South Boston opposition to a
new Pats stadium, Moody's Investor Services has ordered a review
of potential stadium land owner Massport's bond rating after the
MA Senate tried to kill a Massport plan to use higher tolls to
help finance capital projects. Despite the team's plan to
privately finance the stadium, public funds (possibly from
Massport) would be required for transit and infrastructure needs
(BOSTON HERALD, 3/26).
