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Rhode Island Passes Bill to Help Keep PawSox in State

Metele Presion (4)
Getty Images, File

Rhode Island lawmakers have voted to help secure the Pawtucket Red Sox's future in the state.

The House and the Senate voted Friday to pass legislation that allows the state, city and team to begin shopping for bonds to finance a new $83 million stadium in Pawtucket.

Lawmakers had suspended rules to help pass bills faster.

The plan would finance the $38 million public contribution with so-called "special revenue bonds.'' Only tax revenue generated directly by the stadium and its surrounding area would pay off the bonds.

If revenues fall short, the state wouldn't need to settle the debt. It's less risky but more expensive to finance those bonds.

A Senate-approved plan would've guaranteed $23 million in state money and $15 million in city money for the stadium.

Worcester, Massachusetts, also wooed the team.

Copyright AP - Associated Press
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