Rhode Island Gov. Gina Raimondo has signed legislation Friday designed to keep the Boston Red Sox’s Triple-A affiliate in Pawtucket.
The legislation enables the team, state and city to begin shopping for bonds to finance a new stadium at Slater Mill in Pawtucket.
Under the legislation, the PawSox would contribute $45 million to the $83 million project. The team also would be responsible for any cost overruns. The state and city would be responsible for the remaining $38 million in bonds issued by the Pawtucket Redevelopment Agency.
If revenues fall short, the state wouldn’t need to settle the debt. It’s less risky but more expensive to finance bonds when they aren’t guaranteed by the state.
A PawSox spokesman said Monday the team was reviewing the legislation and would meet with Pawtucket officials to discuss the plan.
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