WORCESTER — With the planned opening of Polar Park a little more than 13 months away, the City Council Tuesday night unanimously approved a revised financing plan for the project that addresses roughly $30 million in increased costs.

As part of its 9-0 vote, the council agreed to advertise an additional $31.99-million loan order that will be used to pay for higher-than-anticipated land-acquisition and site-preparation costs.

That money also will be used to fund equipment and furnishings in the city-owned ballpark, which is already under construction, and pay for other ancillary redevelopment projects in and around the facility, including roadway and utility improvements.

The council also approved tax relief plans for four components of the private development being done by Madison Downtown Holdings LLC that will be occurring as part of the ballpark project and overall redevelopment of the Kelley Square and Canal District area.

Those four components alone total $72.7 million worth of private development and are expected to generate as many as 515 new full-time jobs.

The revised financing plan also includes a Community Benefits Agreement for the Polar Park project that was signed by the city, the Worcester Red Sox and the Worcester Community-Labor Coalition.

The first-ever agreement for a development project in Worcester covers a wide range of issues, including commitments for local hiring, sourcing, environmental protections and accessibility.

Meanwhile, Madison Downtown Holdings was not part of the Community Benefits Agreement, but it did sign an agreement with the city that requires it to adhere to the goals and requirements of its policy for tax-relief deals.

Mayor Joseph M. Petty said the city would not have gotten to this point in the ballpark project without the partnership it had with the Worcester Red Sox, local labor and other community leaders.

"When you have a partnership like this, we all succeed together," Petty said. "This [Polar Park] is coming quicker than we think. We never would have gotten here without the community involvement we had. I look forward to having good-paying jobs for people in the city of Worcester."

Construction of Polar Park, which will have a capacity of about 10,000, was initially estimated at between $86 million and $90 million. When land-takings, demolition and site-preparation costs were added, the overall cost of the ballpark project had been pegged at $100.8 million.

But since the ballpark project was announced in August 2018, construction costs increased by about $9.4 million over initial estimates. Meanwhile, site-preparation costs increased by $20 million, reflecting the cost of acquiring 11 properties, relocation costs for businesses, as well as hazardous materials abatement of both soils and buildings, building demolition, removal of underground structures and general site work.

The revised financing plan recommended by City Manager Edward M. Augustus Jr. calls for the Worcester Red Sox, who will begin playing at Polar Park in April 2021, to cover the estimated $9.4 million in increased construction costs for the ballpark. Meanwhile, the city is footing the bill for the roughly $20 million more in additional site acquisition and preparation costs.

Augustus has repeatedly emphasized that, even with the additional financial commitment by the city, the Polar Park project will continue to pay for itself.

The ballpark will still be funded through new tax revenues generated from the private development that will be taking place in that area, as well as through parking revenues from events.

The private development taking place will be bigger in scope than what was originally planned and will be done in a more expedited timetable. As a result, Augustus said, there will be no need to use any existing tax-levy money to finance the project.

The city will also expand the district in the Kelley Square/Canal District area where the incremental increase in tax revenues generated by private development will be used to cover the debt service on the bonds for the ballpark.

District 3 Councilor George J. Russell said the ballpark and associated private development will be a "game-changer" for Worcester.

"This is a historical development that will change the makeup for our city," he said. "This whole effort is about moving all of the city up."

Meanwhile, Councilor-at-Large Gary Rosen said he has never seen any kind of development project spark such enthusiasm and spirit as the Polar Park project.

"The naysayers of years ago have really diminished," he said. "This is the right thing to do."