Patriots Owner Robert Kraft proposed a $200M open-air
stadium and entertainment complex in South Boston that "would
require a much smaller outlay of public money than the previously
rejected megaplex," according to David Halbfinger of the BOSTON
GLOBE. Under the plan, Kraft and the Bank of Boston would "bear
the brunt of the financing," with added federal and state funding
that "could prove difficult to secure." Other elements include a
high-tech entertainment pavilion the NFL "has promised to build,"
a publicly funded transportation center for light rail, buses and
ferries, highway improvements and the sale of PSLs for $250 to
$4,000. Officials for Gov. William Weld said they will study the
plan and respond within two to four weeks. The key is the sale
of PSLs to raise $70M for construction. The Bank of Boston has
offered to put up the $70M, and "would offer special loans to
seat license buyers to spread out" the fees over several years.
Kraft will forgo the PSL revenue, which "would instead go to a
nonprofit corporation set up to own the stadium." Kraft's
portion of the project cost "is still under negotiation." A
league official confirmed that the NFL Pavilion commitment is
"contingent upon a new stadium being built" (BOSTON GLOBE, 12/9).
