Boston Mayor Thomas Menino "is poised to increase" the
city's investment in the proposed $627M Fenway Park project
by $20M to $140M, signaling the city's "renewed commitment,"
according to sources "familiar with the ongoing" financing
talks cited by Meg Vaillancourt of the BOSTON GLOBE. While
Menino had previously said the city would contribute "no
more than" $120M and "stipulated that the Red Sox could use
the money only for land acquisition," the proposed increase
will go toward acquiring and clearing the ten privately-
owned acres the team needs for the project. Vaillancourt
reports that in return for the contribution, Menino "will
seek a guarantee that the city will receive" $11M annually
in revenue as a return on its investment (BOSTON GLOBE,
7/19). Also in Boston, Van Voorhis, Convey, Guarino &
Macero write that some "top" business execs entered the
Fenway financing "fray" Monday, "quietly urging" MA House
Speaker Thomas Finneran to "find a way" to help build the
ballpark. FleetBoston Financial Corp. President Charles
Gifford, John Hancock CEO David D'Alessandro and ad exec
Jack Connors "approached Finneran after hashing over the
issues" with Menino. FleetBank provides investment banking
services to the Red Sox (BOSTON HERALD, 7/19).
