High school gets reality check

With legislative session near close, House Finance Committee re-visits PawSox ballpark legislation today

Virtual reality systems ready for classrooms

jbissonnette@pawtuckettimes.com

PAWTUCKET – As this year’s flegislative session at the State dHouse is rounding third base and heading for home, the House Finance Committee today will take up revised legislation on the proposal to construct a new Pawtucket Red Sox ballpark in downtown Pawtucket.

The committee, which previously discussed the reworked legislation at a hearing on May 31, will again hear testimony from the public on the proposed changes to the bill. Today’s hearing is scheduled for 5:30 p.m. in Room 35 at the State House. It’s possible that the committee could consider the bill today, a State House official said.

Under the new plan, the state would no longer be a lessee of the proposed $83 million ballpark to be built on the current Apex land downtown. Instead of the state, the Pawtucket Redevelopment Agency would have to guarantee the debt.

In the amended language in a draft bill posted online Monday afternoon, it states that the bonds shall, to the extent practicable, be issued by means of a public offering and shall not be sold by means of a private placement unless it is impracticable or economically inefficient to issue and sell the bonds in a public offering.

If the bonds are privately placed, the underwriters or purchasers of such bonds shall certify that the interest rates, prices, and yields of the bonds represent “fair market prices,” the draft legislation states.

The PawSox, PRA, and State “shall conduct due diligence with the underwriters or placement agent for the bonds in accordance with federal securities laws and rules of the Securities and Exchange Commission and Municipal Securities Rulemaking Board to ensure that the contributions and financial responsibilities of the parties are fully and publicly disclosed,” the draft reads.

Pawtucket’s Deputy Director of Administration Dylan M. Zelazo said while he would not “offer up specifics” on amendments to the legislation from the city, he did say there are “some tweaks,” primarily at the insistence of their financial advisers, to “provide language that could potentially lower the cost of the bonds ultimately.”

“Whether or not those are deemed necessary to the overall success of the project ultimately falls to the wisdom of the General Assembly...” Zelazo said. “We suggested those tweaks to provide options to meet the speaker’s request. I think everybody again shares the goals of protecting the taxpayers as well as guaranteeing the PawSox remain a vibrant Rhode Island institution for decades to come.”

“For the past few months, the city has been working with the House and a group representing the PawSox … The goal obviously here is to make a workable framework to allow for the rejuvenation of Pawtucket’s riverfront and downtown,” he continued. “We believe that the framework that the House released a couple of weeks ago will work.”

But with the House approving the state budget late Friday night and the Senate Finance Committee scheduled to meet this afternoon to vote on the $9.5 billion budget, time is of the essence for legislators to vet the stadium legislation before the General Assembly session concludes.

“The city is certainly hopeful that the House will pass this bill with enough time so the Senate can pass a bill as well,” Zelazo said. “We absolutely need to get this done this session … We’re well past time to pass this. The rubber is certainly meeting the road this week.”