These are posts and excerpts from previous posts in this venue:
Convention Center Deal REEKS!
The Convention Scam
Ya gotta hand it to the political hack-o-rama......
....they buy into a FOLLY and no reasonable explanation can persuade them otherwise.FROM: The Convention Scam
But even with its success, the facility posted a $65 million operating loss in its most recent fiscal year, most of which was offset by a state fund set up to finance the center’s construction.
Rooney said the fund, which is supported by taxes on hotel rooms and other tourism activity, generates enough money to cover losses at the existing building and pay for the new one.
But the effort to build a 1,500-room hotel complex could require tens of millions of dollars in public assistance such as tax breaks or direct subsidies. That’s because private developers and lenders have been unwilling to take the risk on such a project without public support.
“Tax deferrals and other arrangements are used to help these projects get across the finish line,”......
Demonizing the Poor?: how 'bout the Monument of Political Hackery called the Boston Convention Center?
The edifice of Beacon Hill Patronage and Questionable Decisions has been stopped temporarily by Governor Charlie Baker.
Have ya been there?
This massive structure is HEATED and COOLED even when idle, staffed for security etc..
The SILVER LINE runs FREE to the CONVENTION CENTER at a time MassTransit is cash-strapped, tunnels dug included in Big Dig costs?
And NO ONE QUESTIONS?
Baker
Halts BCEC Expansion
Halts BCEC Expansion
Gov.
Baker put the brakes on the planned $1 billion expansion of Boston Convention
& Exhibition Center. He also made over the Convention Center Authority,
installing seven new members to the 13-member board. The Globe says the
administration plans to let the new board determine if the expansion is still
warranted even as events already in the books for as far out as 2029, as well as
related hotel projects, are put in jeopardy. http://bit.ly/1zfSZzU
Former BCEC honcho Jim Rooney tells the Boston Business Journal he's
disappointed in the move but hopes the freeze is only temporary. "It's 'pause'
... 'pause' is the word of the day," he said. http://bit.ly/1AkqjRw
Baker put the brakes on the planned $1 billion expansion of Boston Convention
& Exhibition Center. He also made over the Convention Center Authority,
installing seven new members to the 13-member board. The Globe says the
administration plans to let the new board determine if the expansion is still
warranted even as events already in the books for as far out as 2029, as well as
related hotel projects, are put in jeopardy. http://bit.ly/1zfSZzU
Former BCEC honcho Jim Rooney tells the Boston Business Journal he's
disappointed in the move but hopes the freeze is only temporary. "It's 'pause'
... 'pause' is the word of the day," he said. http://bit.ly/1AkqjRw
The Baker administration halted the $1 billion expansion of the Boston Convention & Exhibition Center on Wednesday, citing concerns that its economic impact has been overstated and its debt payments could drain money from the state.
Governor Charlie Baker also abruptly replaced seven of 13 board members at the Massachusetts Convention Center Authority, the quasi-public agency that oversees the sprawling South Boston convention center.
“The environment has changed greatly in the five years since this proposal was first introduced, and the Seaport District has experienced an economic boom,” Baker said in a statement. “[It] would be irresponsible given the vast amounts of taxpayer dollars necessary to not only build but operate the expanded facility.”
Postponing the convention center expansion could have ripple effects on other development projects on the South Boston Waterfront — a large hotel proposal may be scaled back, and two parking garages may be scuttled.
The architect of the expansion plan, departing convention center authority executive director James Rooney, said that any delays risk driving up the project’s debt and construction costs. Though disappointed in Baker’s announcement, he said he remains hopeful that the new board members will come to the same conclusion as their predecessors and recommend that the expansion proceed.
The Legislature approved $1 billion in borrowing to finance the expansion last year, but the Baker administration must sign off on the bonds before they can be issued.
Governor Charlie Baker also abruptly replaced seven of 13 board members at the Massachusetts Convention Center Authority, the quasi-public agency that oversees the sprawling South Boston convention center.
“The environment has changed greatly in the five years since this proposal was first introduced, and the Seaport District has experienced an economic boom,” Baker said in a statement. “[It] would be irresponsible given the vast amounts of taxpayer dollars necessary to not only build but operate the expanded facility.”
Postponing the convention center expansion could have ripple effects on other development projects on the South Boston Waterfront — a large hotel proposal may be scaled back, and two parking garages may be scuttled.
The architect of the expansion plan, departing convention center authority executive director James Rooney, said that any delays risk driving up the project’s debt and construction costs. Though disappointed in Baker’s announcement, he said he remains hopeful that the new board members will come to the same conclusion as their predecessors and recommend that the expansion proceed.
The Legislature approved $1 billion in borrowing to finance the expansion last year, but the Baker administration must sign off on the bonds before they can be issued.
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