Rhode Island
The state will ultimately pay $132m to build a soccer stadium in Pawtucket. How did it get so expensive?
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The Tidewater Landing stadium in Pawtucket is on track to open early next year and, when it does, the 10,500-seat building is expected to be the most expensive minor league soccer stadium in the country.
That’s not a shock given the rising cost of construction, but even the state economic development officials who signed off on the project didn’t know just how steep the price of publicly financing the stadium would climb.
To channel $27 million to stadium developer Fortuitous Partners, Pawtucket earlier this month sold a $54.3 million tax-free bond. Under the terms of the bond, the state is projected to pay $132 million in total debt service over the next 30 years.
Those borrowing costs – which Bloomberg’s municipal bond reporter compared to the price of government debt in Pakistan – have triggered sticker shock in some quarters.
“My concern is how this got to be so expensive and such an enormous waste of taxpayer money,” said Michael McNally, a former member of the state Commerce Corporation Board who voted against the project in 2022.
But Rhode Island Commerce Secretary Liz Tanner, who has overseen the deal for the state for the last two years, on Monday defended the deal over the long term.
“Stadiums are expensive. We know that they’re expensive, and these dollars that we’re putting into it are going to have a nice infrastructure project for us when we’re done,” Tanner told The Journal Monday. “We know we’re going to have a stadium when we’re finished with a soccer team, and that’s good for Rhode Island.”
How did we get here? Shrinking project but expanding cost
The Tidewater Landing stadium plan first launched in December 2019, with the city still stinging from the loss of the Pawtucket Red Sox baseball team.
Initially the stadium was supposed to anchor a $400-million development spanning the Seekonk River and Interstate 95, containing hundreds of apartments plus shops, offices, a hotel and an event center.
The state first approved a $50-million public subsidy package for the development in February 2021 after the segment north of I-95 had been eliminated, slimming the project down to 25 acres.
But before work could begin, inflation spiked and the Federal Reserve hiked interest rates, sending the cost to complete the project soaring. The stadium is now expected to cost $137 million.
In the summer of 2022, Fortuitous shrank the project again, this time asking for the same public investment, but it would go to the stadium alone. On July 25, 2022, Gov. Dan McKee broke a tie on the Commerce Corporation Board to give almost all of the subsidy package to the stadium.
Public funds going to Fortuitous, once they finish the stadium, are made up of:
- $27 million from the bond
- $10 million in Pawtucket’s federal pandemic aid
- $10 million from state tax credits. (The state is issuing $14 million in Rebuild RI tax credits to net $10 million.)
But the cost of the borrowing keeps going up. When the deal was approved, the state planned to provide Fortuitous $27 million for the stadium from a $37-million bond. By October, with higher interest rates prompting investors to demand ever higher yield, the principal on the bond grew to $54 million, including reserves and administrative costs.
The deal allows the state to make interest-only payments on the bonds for the first 10 years. There’s a $5-million reserve in place to make payments in any year the General Assembly were to decide not to appropriate the required funding. And there is an $11-million “capitalized interest fund” that will fund payments in the early years.
Of the $54-million principal borrowed, $6 million is set aside to pay middlemen, lawyers and other administrative expenses, according to a breakdown from Commerce RI.
Why didn’t the state just pay less two years ago?
Why didn’t the state just appropriate $27 million for the stadium two years ago and save the tens of millions required by this exotic financing?
“When this project started a couple of years ago, this was the deal that was made, as far as how it was going to unfold, and all of those conversations were based on far lower interest rates,” Tanner said. “The $27 million, if it had been done upfront, would have to had been General Assembly approved.”
More: Soccer stadium bond adviser cited ‘concerns’ about project before quitting. What we know.
Since authorizing this type of state financing for a proposed new PawSox ballpark, legislative leaders have been cool to the idea of a direct investment into the soccer stadium.
Why not change the deal as economic conditions changed over the years?
“So we had committed to a deal at that point and we were in a contractual relationship to commit to following through with what we had done,” Tanner said. “And if you had changed the course of the transaction, there would’ve been a level of uncertainty without knowing whether the legislature was going to pass those dollars or not. So we continued on the path that we had set up originally.”
Although the Pawtucket Redevelopment Agency issued the stadium bonds, they are to be repaid with state tax revenue generated in Pawtucket, supplemented if need be by appropriations from the Assembly.
Because of the money set aside, state lawmakers won’t have to appropriate any money for the stadium until 2027.
Tanner said if interest rates rise again, the 8.24% rate the state is paying will end up looking like a bargain. If they fall, it is likely the state will be able refinancing after 10 years at a lower rate.
Is this 38 Studios all over again?
The complicated financing structure of the stadium bonds recall the $75-million 38 Studios deal.
Unlike the 38 Studios bonds, which were supposed to “pay for themselves” through revenue from the company that ended up folding, the stadium bonds are intended to be repaid by state tax dollars.
The risk to the state lies in what would happen if Rhode Island FC, the team slated to play in the stadium, folds, something not uncommon in professional soccer.
As it awaits the construction of the soccer stadium, Pawtucket is planning to tear down McCoy Stadium, which assumed negative value once the PawSox left.
More: Pawtucket soccer stadium’s financing is complete. Here’s what’s behind the $137M project
“[Rhode Island FC] did commit to a 30-year relationship with us,” Tanner said. “If they don’t, there’s liquidated damages that they would have to pay.”
Asked what those damages would be worth if the team goes bankrupt, Tanner said the state would get the stadium as an asset.
What would the empty stadium be worth?
“Again, we’re doing speculation on so many ifs,” she said.
To encourage Fortuitous to finish the residential and commercial development that initially attracted the state to the project, Commerce RI is providing the developer $1.5 million to start working on that next phase.
There is still no timeline on when any plans for stadium-adjacent development will be drawn up or cost estimates formulated.
Tanner said, if anything, she is “far more optimistic” about the residential/commercial development happening “because they have their investors all gathered to work on the stadium project and so we know there’s more people who have already committed the stadium that could be potentially partnering with them.”
Rhode Island
Send-off ceremony held for Special Olympics Rhode Island athletes heading to USA Games
WARWICK, R.I. (WJAR) — The local community hosted a send-off celebration for Special Olympics Rhode Island athletes on Friday.
Twenty-four athletes, along with partners, coaches, and medical personnel, are traveling to Minneapolis for the 2026 Special Olympics USA Games.
The local community hosted a send-off celebration for Special Olympics Rhode Island athletes on Friday. (WJAR)
Textron hosted the team in a private jet for travel to the games, officials said.
“The USA Games represent months of dedication, hard work, and perseverance for our athletes,” President and CEO of Special Olympics Rhode Island Ed Pacheco said. “Our athletes, Unified partners, and coaches carry with them the hopes and aspirations of achieving gold while representing the very fabric of our great state. This journey would not be possible without Textron, and we are incredibly grateful for their support in creating a once-in-a-lifetime experience for Team Rhode Island as they travel to compete on the national stage.”
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Officials said the 2026 Special Olympics USA Games will be held from Saturday through next Friday.
Rhode Island
Rhode Island Pride turns 50 this weekend: ‘Queer joy is resistance’ – The Boston Globe
“They were truly the unrelenting voices of their time, and made sure that this was something that happened because they knew it was important,” Jess Motyl-Szary, director of Rhode Island Pride, said in an interview on Thursday.
The 1976 pride march came after local Bicentennial Committee organizers “refused meeting space for the group of community members hosting the Congress of People with Gay Concerns,” according to research by Matthew Lawrence and published on the Providence Public Library’s website.
“Calling themselves Toward a Gayer Bicentennial Committee, the group sued the official Bicentennial Committee and won the right to assemble at the Old State House, where about 30 people met in June 1976 to discuss civil rights concerns,” according to Lawrence.
But the contingent also had to fight to join the Bicentennial Parade after they were initially denied the right to do so by officials who pointed to the state’s anti-sodomy law at the time, according to Motyl-Szary.
The 76ers “knew that being a part of an existing parade meant there was a little bit of safety there, because it was an existing infrastructure,” Motyl-Szary said.
“But it also meant that there was a much higher visibility for them to be able to be out there, be proud, and show other people who might not have been out that there is a safe space for them,” Motyl-Szary said.
With the assistance of the American Civil Liberties Union, they won the right to march, she said.
“It wasn’t safe to be out in the ’70s,” Motyl-Szary said. “Incredibly great people marched. Some had to march with paper bags on their heads because there were no legal protections to protect their jobs, their home, their families, but [it was] still incredibly brave to go out there, create visibility, and create this organization.
“Being here 50 years later, and being a part of their legacy has been so incredible,” she said.
A lot has changed for LGBTQIA+ Rhode Islanders in the decades since, Motyl-Szary said.
“But the closeness of it still feels relevant because we’re seeing these continued attacks in our community, and a very real resurgence of attacks on the LGBTQIA+ community, especially our trans brothers, sisters, and siblings,” Motyl-Szary said.

Since returning to office last year, the Trump Administration has taken aim at transgender rights across the country, especially after President Donald Trump signed an executive order recognizing two sexes, male and female. Among other actions, Trump has often sought to tie adherence to the order with federal funding requirements, and the administration has also attempted to gather private medical records from hospitals that provided gender-affirming care to transgender children and teens.
Reflecting on what pride means to her right now, Motyl-Szary said pride festivities are new to at least somebody every year.
“Someone is coming and getting to feel this embrace, this huge hug of their community for the first time every year,” she said. “And in a time like this, when our community is being told that we are hated by the rest of our community, by the rest of our country, when we are told we should hate ourselves, coming out and celebrating ourselves, loving ourselves, loving each other is so incredibly important. Our community creates the space that we need.”
Motyl-Szary said she also believes that “queer joy is resistance.”
“There is a real need for us to have a space and a celebration of who we are and to remind ourselves that we are worthy of love and that we are worthy of being a part of a community that gathers, celebrates, and fights for ourselves and our rights,” she said.
Rhode Island Pride kicks off on Friday night with the “Golden Anniversary Eve” party from 6 to 8 p.m. at the 195 District Park in Providence, Motyl-Szary said.
Festivities continue at the park on Saturday with yoga at 10 a.m. and PrideFest entertainment beginning at 11 a.m., alongside approximately 260 vendors, she said. A rally at 2 p.m. will focus on “what’s happening, get people motivated to be involved in [the] community to speak up and be an activist in whatever way is right for their path of activism,” Motyl-Szary said.
The Illuminated Night Parade steps off at 7:30 p.m. at Washington and Empire streets before moving through downtown Providence, according to organizers.
Christopher Gavin can be reached at christopher.gavin@globe.com.
Rhode Island
Rhode Island Pride marks 50th year as early marcher recalls Providence’s first parade
(WJAR) — While Rhode Island prepares for its 50th Pride celebration, many are looking back on the history of the event and remembering the people who launched the movement.
“Being in the first parade in 1976, it was the bicentennial year,” said Billy Mencer Ackerly. “It was absolutely very scary and we didn’t know what was going to happen.”
Mencer Ackerly was among a group of between 70 and 100 people who marched in Providence’s first pride parade in June of 1976, at the time of the nation’s bicentennial celebration.
“People on the sidelines were still looking at us like we just came off of a spaceship,” Mencer Ackerly said. “It was almost like they didn’t believe that we would have enough courage to be able to say who we were.”
Billy Mencer Ackerly was among a group of between 70 and 100 people who marched in Providence’s first pride parade in June of 1976, at the time of the nation’s bicentennial celebration. (WJAR)
For some, it was a chance to come out and be seen. For others, like Billy’s family members who took part in the parade, it was an opportunity to show their support.
“My mother was in a car with two other mothers, and it was driven by a gay guy. And on each side of the car it said, ‘I’m proud to say my child is gay,’” Mencer Ackerly said. “It was the best thing my mother ever did for me.”
But the parade itself was almost shut down before it began.
“They were denied the parade by the police chief who said there would be no parade in providence over his dead body,” retired judge and former civil rights attorney Stephen Fortunato said.
First, the bicentennial commission rejected a proposal to include the pride parade in the bicentennial celebrations.
“They can be gay. I have no qualms about their activity or their private habits. We denied endorsement primarily because their activities do not sufficiently relate to the bicentennial,” said Patrick Conley in 1976. He was the Chairman of the Bicentennial Commission at the time.
Stephen Fortunato, who was a civil rights attorney at the time, took on the case.
“This group was ostracized, hated, discriminated against,” Fortunato said. “These civil rights and civil liberties cases depend on the courage of individual people or groups of people like the gay community at the time.”
Billy Mencer Ackerly’s mother, among other mothers, were in a car that read ‘I’m proud to say my child is gay’ during the first parade.
They took the case to federal court and won, paving the way for not just one parade, but five decades of love, acceptance and visibility.
“This movement is based on love,” said Rodney Davis, the current president of Rhode Island Pride. “I want people to come and experience themselves. Their whole selves, who they are.”
This year, organizers are honoring those who came before as well as the tens of thousands of people who show up every year to continue to carry the torch.
“Our theme for this year is ‘We are the people,’ because without everyone America isn’t America,” Davis said.
NBC 10 asked Davis what he hopes to see in the future.
“I want to get to a point where we don’t have to fight to exist,” Davis said. “It’s gotten better, but it’s not there yet.”
Since 1976, Mencer Ackerly has attended Rhode Island’s Pride celebration nearly every year. This coming weekend, he’s once again looking forward to participating.
“When I’m in the parade, I will also be thinking of all those ’76ers that have passed away over the years and about their bravery and their courage,” Mencer Ackerly said. “And I just believe they’ll be clapping up in heaven and celebrating for all of us.”
This year’s PrideFest kicks off Saturday morning at 10:00 a.m. at District Park in Providence.
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