The Rhode Island general treasurer joined environmental lawyers, Commerce Secretary Stefan Pryor, Executive Director Jeff Diehl of the Rhode Island Infrastructure Bank and members of the public at the Senate Finance Committee's fourth public hearing on the proposal.

EAST GREENWICH, R.I. — Rhode Island General Treasurer Seth Magaziner told the Senate Finance Committee Wednesday that although he initially “had some skepticism” about the PawSox stadium-financing proposal, he now supports plans to build a new baseball stadium in downtown Pawtucket.

“I believe it is affordable” and will “contribute positively” to Rhode Island, Magaziner said.

Magaziner joined environmental lawyers, Commerce Secretary Stefan Pryor, Executive Director Jeff Diehl of the Rhode Island Infrastructure Bank and members of the public at the committee’s fourth public hearing about a proposed financing plan for the team, the City of Pawtucket and state to build a stadium.

A new $83-million stadium, including land-acquisition costs, at the Apex department store would replace the 75-year-old McCoy Stadium where the PawSox now play.

Magaziner was not the only one to suggest to senators they could improve the legislation outlining how the state and city would help finance a new stadium.

The proposed legislation says the Pawtucket Redevelopment Agency needs to raise $71 million in cash from bond sales to cover the team’s $33-million contribution, the state’s $23-million contribution and Pawtucket’s $15 million. The team has also pledged another $12 million upfront and to cover construction-cost overruns.

But the legislation says that $71 million is the net amount that must be raised, after setting aside emergency funds to cover early interest and other payments before revenue from surrounding development is generated.

Until Magaziner testified, no one has publicly said how much would actually need to be raised by the bond sales. Magaziner and the state’s fiscal adviser — Janet Lee, senior managing director of the New York firm Public Resources Advisory Group — said their estimates indicate it could be $84 million.

That includes $40 million for the team’s portion, $26 million for the state’s portion and $17 million to $18 million for the city’s portion.

Magaziner suggested legislators must consider whether to change proposed legislative language, which he said now indicates the state might be the backstop for the team’s portion of the bonds.

He also suggested that if the state’s Commerce Corporation were to issue the bonds, the state might get more favorable interest rates.

Despite other suggestions, Magaziner spoke strongly in favor of the state investing in a baseball stadium where families can attend affordable sporting events, with some of the best ballplayers. That’s the type of facility that’s appropriate for government to invest in, he said.

Supporting arts and entertainment venues is why state taxpayers voted overwhelmingly in 2014, Magaziner said, to support an arts bond that raised $35 million to improve arts and cultural facilities around the state.

“These are the things that make life worth living, and they should be affordable to everyone,” said Magaziner, who said it’s time to breathe new life into a city whose downtown has remained stagnant, with empty parking lots and a virtually empty department store in his lifetime.

Environmental lawyer Michael P. Donegan, with Olson and Brusini in Providence, told senators the city had hired him to examine the Apex land’s environmental issues. The land consists of “typical urban fill,” which is capped appropriately by the asphalt parking lot, Donegan said. He presented June 2014 letters of compliance from the state Department of Environmental Management, for both parcels where the team would build.

“And that effectively ends any investigation or remedial obligation” of the land owner, Donegan testified.

When the public began testifying, Pawtucket resident Lynn Farinelli said she wants the people of Pawtucket to be able to vote on the stadium proposal — echoing earlier calls for the state to hold a referendum on the proposal.

John Kelly, head of the Meeting Street School, and Ocean State Job Lot executive David Sarlitto each spoke of the PawSox team’s corporate citizenship.

Testimony continues Thursday night before the Senate Finance Committee, from 6 to 10 p.m., in Room 283 at Roger Williams University School of Law, 10 Metacom Ave., in Bristol.

— kbramson@providencejournal.com

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