Fresh from a trip to meet with the International Olympic Committee in Switzerland, Boston 2024 CEO Richard Davey addressed the release of previously redacted plans to finance an Olympic stadium.
"I think some folks have confused a bit one of the financing mechanisms that was suggested in our bid in using future real estate tax revenues to invest in infrastructure, not an Olympic stadium but infrastructure," said Davey.
The bid presented to the U.S. Olympic committee suggested that tax increment financing or TIF bonds be used for initial land acquisition and infrastructure costs at the site of the proposed Olympic stadium in Widett Circle.
"There's a difference between using taxpayer dollars to build a stadium and using future real estate taxes to invest in infrastructure that's going to survive whether or not we have the Olympic Games," Davey explained.
But the co-chair of the group No Boston Olympics says the plan still relies heavily on taxpayers.
"TIF's are a really complicated financial product but at the end of the day taxpayers are on the hook to pay then back so if things don't go according to Boston 2024's plan taxpayers will be holding the bag," said Chris Dempsey.
Davey admits that holding back part of the last plan hurt public opinion but they’re making changes going forward.
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"We have been hosting more public meetings which we didn't really do in phase one and our updated version of our bid come June will have updated versions of our bid and some of the financial plans so folks can see and test whether our plans are feasible, we believe they are but there will be a lot of detail to back that up this time," said Davey.
