Convention Center Gets Additional $30 Mil in State Funds

BOSTON-The state House of Representatives here approved a bill allocating nearly $30 million in funding to the proposed convention center being developed on the south Boston waterfront. The money is important, as it will allow the center to restore a number of features that could improve its marketability.

The money is interest accrued on bonds issued to finance the project. The state treasurer’s office issued $400 million in bonds to finance the construction but projected cost overruns of nearly $100 million prompted convention center officials to put a hold on spending while the center was redesigned. In those six months, interest was accruing. “It was found money in the sense that the convention center had not spent at the pace that was originally financed,” Mike Travaglini, first deputy treasurer for the state tells GlobeSt.com. “The project has not spent at the clip that was initially projected and the interest has accrued on the bonds that were intended for the center.”