Provident Bank Park, the home of the Rockland Boulders (independent; Can-Am League), fell short of financial projections by more than $300,000, generating $734,100 in revenue in 2011 instead of an expected $1.1 million.
The gap is important: taxpayers are on the hook for any gaps between actual revenues and projected revenues. The ballpark generated $421,600 in game-day revenues, $137,500 in naming-rights revenues and $175,000 in rent from the Boulders, according to figures supplied to Journal News by the Ramapo Local Development Corporation. No concerts were held at the ballpark, and neither were any events save rental for a movie filming.
In total, the RLDC is committed to pay the town of Ramapo (which financed the ballpark) $1,937,500 on March 15 and $437,500 in September. However, the LDC has revenues in addition to ballpark proceeds available to help cover these payments.
Construction of the ballpark took place under stained conditions; voters rejected city funding of the facility, but officials decided to go ahead with the project under the leadership of the development corporation. Critics say it cost $60 million, with the city on the hook for debt service, a contention echoed by the state comptoller’s office.
RELATED STORIES: State: Provident Bank Park could end up costing taxpayers $60 million; Ramapo ballpark lawsuit dismissed; State Comptroller: Ramapo skirted laws in financing new ballpark; Judge: Ramapo ballpark construction will continue; Ramapo ballpark construction resumes; city faces fines; State shuts down Ramapo ballpark construction — again; Lawsuit filed to prevent new Ramapo ballpark; Opponents of Ramapo ballpark to file suit; Ramapo ballpark moves forward; lawsuit threatened; Meanwhile, in the Can-Am League….; After voter rebuke of public funding, Ramapo looks to private sector; Consultant: New Ramapo ballpark has good chance of turning profit; Ownership emerges for Ramapo Can-Am team; Citizens seek public vote on new Ramapo ballpark; Miles Wolff: Can-Am Association eager for Ramapo team; New ballpark pitched in Ramapo for Can-Am team
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