This quote from the newspaper ther other day "Mr. McGourthy said the city spent no money on its deal with PharmaSphere. "
Maybe the City of Worcester did not "spend" any money, but there is no doubt we lost money. Is there a difference? Consider this you had an abutter, who bid $50,000. Lets assume that bidder pulled permits, built a building and paid property taxes the last couple of years. I calculate the City of Worcester lost $100,000. How much time did staff ffom the City of Worcester spent working on, for example, LDA's and HUD loans?
In retrospect, I can see how the City of Worcester was impressed by the potential of Pharmasphere versus the abutter's bid, but when they started negotiating the LDA and Pharmasphere started asking for two years without taking title to the property???? Right then and there, they should have pulled the plug not wasted three years on this.
Also maybe the South Worcester Industrial Park would have gotten some momentum and lead to other developments if we actually had gotten something built on this parcel over the past three years. No doubt in my mind the City of Worcester lost alot of money on its deal with Pharmasphere.
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