Financial figures revealed at the Hartford Stadium Authority’s first meeting in a year show the city is still losing money on its popular baseball stadium — more than $3 million annually.
The city pulled in about $934,000 in the 2018 fiscal year and $660,000 a year earlier. This year, Hartford leaders estimate they will receive $1.09 million from a combination of parking, proceeds from the naming rights, rent from the Yard Goats minor league team and revenue from offseason events. They have also budgeted $155,000 in PILOT, or payment in lieu of taxes, from Centerplan Construction Co., the fired developer of the stadium, though officials conceded they probably would not receive that. Centerplan sued the city for wrongful termination and the two sides are battling in court.
Meanwhile, Hartford is making annual debt payments of $4.6 million on Dunkin’ Donuts Park. Though the state agreed to pay off the city’s $550 million in general obligation debt as part of a controversial bailout deal last year, Hartford is still on the hook for its ballpark payments.
The figures were reviewed by the stadium authority Thursday, which hadn’t met since Feb. 1, 2018. The group agreed to meet quarterly this year, with the next gathering scheduled for March 7.
Hartford is trying to press ahead with development on the four parcels surrounding the ballpark, but the court case has held up the project. Stamford-based developer Randy Salvatore proposed 800 apartments and 60,000 square feet of retail at the site, along with parking structures. The city filed a court motion for injunctive relief, asking a judge to allow construction to proceed while Centerplan’s lawsuit is pending. Hearings on the motion are underway.
Tax revenue from the larger development is considered crucial to help Hartford make payments on Dunkin’ Donuts Park.
“As I’ve said many times … the financials on the stadium project never added up,” Mayor Luke Bronin said. “The only way we’re going to come close to covering the borrowing cost is by developing the surrounding parcels, and that’s why we are working hard to clear a legal path forward.”
Despite the fiscal issues, Yard Goats officials said Thursday that hundreds of thousands of people visited the ballpark last year.
Tim Restall, the team president, told stadium authority members that the Yard Goats sold out 47 of their 68 home games last season. Dunkin’ Donuts Park drew 408,942 fans, up from about 390,000 a year before, and Restall said the team expects a higher attendance this year.
The season begins April 11. Tickets go on sale next week.
Jenna Carlesso can be reached at jcarlesso@courant.com.
