PAWTUCKET, R.I. (WPRI) — Construction continues at Tidewater Landing, the future home of minor league soccer team Rhode Island FC, despite financial woes uncovered earlier this week by Target 12.
City officials are holding off on issuing $27 million in public bonds for the stadium project, Target 12 confirmed, citing uncertain financial conditions. Two of the major players broke their silence Friday on the project’s future.
Rhode Island Gov. Dan McKee is optimistic the work will carry on as planned, even if it may end up getting delayed due to the market challenges.
“Interest rates climb, and that type of thing does impact projects like this, but I have full confidence,” he said. “I’ve got full confidence that this project is going to move forward.”
McKee said he’s been in contact with developer Fortuitous Partners, who so far have poured nearly $25 million into the 10,000 seat stadium. But it’s unclear how long that money will last and construction can continue.
“The state of Rhode Island is ready to keep its commitments, the developer is as well, and the city of Pawtucket, so those three combinations are going to make sure that this project happens,” McKee added.
State Sen. Sandra Cano, who’s also Pawtucket’s director of economic development, said during this week’s edition of Newsmakers that the timing isn’t right for taxpayers.
“The most important thing is that taxpayers are being protected, and that is the reason why the city put a pause on that financing,” she said.
“I think because of the market conditions, we want to make that the public financing and private debt come together in the capital stack to make sure we move forward at the same time,” Cano added.
City officials said the original goal was to issue the bonds by February. There’s currently no timeline for when the deal will close.
