EXCLUSIVE: Financial Advisor on Pawtucket Soccer Stadium Deal Resigns Over “Concerns”

EXCLUSIVE: Financial Advisor on Pawtucket Soccer Stadium Deal Resigns Over “Concerns”

GoLocal has received a copy of a letter to the City of Pawtucket and the Pawtucket Redevelopment Agency from its municipal advisor announcing its resignation over concerns about the stadium deal and the bond offering.

In a letter to Pawtucket Mayor Donald Grebien and Bianca Policastro, the executive director of the Pawtucket Redevelopment Agency, three top Hilltop Securities executives notified the city of the firm's resignation.

“As you know we have detailed concerns about the proposed stadium transaction and bond offering. As a fiduciary to the City of Pawtucket and its development agency…we must do what we believe is in the City’s and PRA’s best interest,” said the letter.

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“Therefore, please let this serve as Hilltop’s notice to the city and the PRA of our withdrawal as municipal advisor on this bond offering,” continued the letter. The letter was dated August 16, 2023.

Until this GoLocal report, the letter had not been made public. 

 

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The letter is a potential blow to the controversial, on-again, off-again, on-again proposed stadium project.

The cost of this project is presently estimated by the developer to cost $124 million.

This summer, GoLocal first reported that construction stopped on the stadium due to a lack of funding. More recently, the developer has secured additional funding and resumed construction on the project.

Hilltop is a significant player in municipal finance advisory in the United States and in Rhode Island.

Hilltop's preceding company, First Southwest, served as financial advisor to the state in the failed 38 Studios project.

This story is developing...