Pawtucket, Rhode Island has hit a financial roadblock in the development of the Tidewater Landing soccer stadium project.
City officials have confirmed that they are delaying the issuance of $27 million in public bonds due to uncertain financial conditions, making it difficult to borrow the necessary funds.
The stadium, which was set to be the home of the Rhode Island football club, has already received $25 million in private equity from developer Fortuitous Partners, but public funding is a critical component.
Despite the setback, construction continues with the existing private equity, and city officials remain optimistic that the project will be ready for soccer by 2024.
However, it is uncertain if the private equity will dry up before the public bonds can be issued.
This news comes on the same day that the federal government raised interest rates by a quarter percent to combat inflation.
Stay informed with WPRI 12 News for the latest updates on this developing story.