Boston was nominated as hosts to the 2024 United States Olympics and the recent release of the bidding documents has sent shock waves throughout the entire city of Boston as it has been a matter of public outcry.
According to the recently released plan, a public authority has been established to institute financing the developments by tax increments to get $345 million to finance the acquisition of land as well as the cost of infrastructure at the Widette Circle. This, the authorities say, has become necessary since there would be a stadium constructed at Widette Circle to make the hosting successful.
The hullabaloo has been deepened due to the fact that a prior statement by authorities had categorically indicated that public purse would not be used to establish any venue for the Olympics, and so this revelation comes as a shock to the people of Boston as it contradicts the earlier claim.
The CEO of Boston 2024, Rich Davey, said that this type of financing was very important for the financing of projects of such nature. He further attributed the public outcry to the fact that the plans were released quite recently.
Davey went on to state how the whole financing process will be carried out: “Boston will borrow money to finance the new projects and this will mean new developments. The land value will be increased as a result of the new developments, likewise the revenue from property tax.
With this explanation clearly spelt out, it might tend to calm down nerves and reduce the massive public outcry.