Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"In 2022, the developer of the stadium, Brett Johnson, projected the cost of the stadium to be $81 million. Now, the price of the stadium has increased by 70% in less than two years."
To quote Monty Python and the Holy Grail, “Run away! Run away!” Brett Johnson is bad news. Fortuitous Partners is well named because the company’s track record suggests any success it has is a result of pure luck. Their business acumen seems to be sorely lacking.
If Grebien insists on pushing the soccer stadium project forward, he should be recalled by Pawtucket voters. Enough is enough.
It is time to find a deep-pocket local to become majority owner or pull the plug. Brett Johnson is too squirrelly when it comes to his finances, the finances of this project, the truth. You name it. Go Local Prov has been raising these issues for a long time and state and local politicians keep ignoring the situation.
It is time to find a deep-pocket local to become majority owner or pull the plug. Brett Johnson is too squirrelly when it comes to his finances, the finances of this project, the truth. You name it. Go Local Prov has been raising these issues for a long time and state and local politicians keep ignoring the situation.
Ignoring is probably the wrong way to describe it. I don't think they can legally do what you're suggesting. Or, if they can, it will cost too much.
It is time to find a deep-pocket local to become majority owner or pull the plug. Brett Johnson is too squirrelly when it comes to his finances, the finances of this project, the truth. You name it. Go Local Prov has been raising these issues for a long time and state and local politicians keep ignoring the situation.
Ignoring is probably the wrong way to describe it.
Ignoring is exactly how to describe it. Since early on Go Local Prov has run story after story about Brett Johnson’s inflated claims about his professional accomplishments, questionable financial transactions like listing the stadium project as collateral for personal loan, and the stadium project’s ever inflating costs. Elected officials chose to ignore those stories. city of Pawtucket’s financial advisors at Hilltop Securities detailed their concerns about the proposed stadium transaction and the city’s bond offering supporting it. Elected officials ignored the warnings from their financial advisors to the point where those advisors have resigned. Elected officials were so desperate to appear like they knew what they were doing that they pushed ahead with a half baked plan proposed by a squirrelly business man.
Quote:
Originally Posted by redplum33
I don't think they can legally do what you're suggesting.
Another sign elected officials have bungled this process. If project is so poorly crafted that elected officials left the city of Pawtucket and State of Rhode island without legal ability to protect public money invested in the plan, then those officials don’t deserve the jobs they were elected to or appointed to.
Quote:
Originally Posted by redplum33
Or, if they can, it will cost too much.
So tax-paying RI voters are going to again get screwed because of half assed performance of ignorant and stubborn public officials. This is even worse than the 38 Studios debacle because you’d hope RI pols would have learned something from that disaster. Nope. Meet the new bosses, same as the old bosses. Time for recall efforts.
Last edited by IslandOwen86; 11-20-2023 at 10:20 AM..
Thumbscrews. The stocks. Tar and feathers. The iron maiden. If those are too cruel, I’ll settle for recalls, lawsuits, and stiff financial penalties.
Quote:
Originally Posted by redplum33
We're talking about a big money construction contract in RI.
We’re talking about malfeasance-as-usual in RI. And the reason why is because grifters from outside the state know our political hacks are easy marks, while both the grifters and our pols know they’ll rarely if ever be held accountable for their misdeeds. If we want the sort of crap that the Tidewater Landing stadium project represents to be made a thing of the past, we have to hold the perpetrators accountable. And that includes the parties in supposedly legal enterprises from greasing the palms of pols and cleaning up on the spoils they receive in exchange… including big money construction contracts.
Last edited by IslandOwen86; 11-20-2023 at 10:59 AM..
We're talking about a big money construction contract in RI.
Technically yes. They can always pull the plug. Unfinished major construction projects are not unusual if funding dries up, costs balloon, contractors don't get paid, etc. Of course, pulling the plug means eating whatever has already been spent to-date and likely having to fork over a chunk of additional money outlined in contracts in other commitments that are being breached/broken.
So whether it's "worth it" depends. Does pulling the plug now and watching tens of millions vanish into thin air (not to mention leaving a site partially developed) look to be a better alternative than paying the inflated 2023 estimate to complete the project? Or worse - paying tens of millions more, only to see costs balloon even higher in 6 months or a year? At least with completing it, there's hope for a return on the investment, even if it takes longer break even. But $140 million for a developmental league soccer team stadium is inching near the point of absurdity. City and state backing helps a lot, but it's going to be hard for lenders to continue to finance this bloating price tag. So if losing financing at some point seems to be an inevitability, it may be more appealing to just drop it now rather than sink more money into it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
