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— News and commentary about elsewhere covered by Quincy Quarry News
Boston Mayor Michelle Wu
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Boston maintains the top AAA Credit Rating for the thirteenth’s year in a row from Standard and Poor. Boston also was assigned a “Stable Outlook” as well as also scored a AAA best rating from Moody’s Investor Service.
Reasons for Boston seeing the top of the heap rating include that Boston holds $1.7 billion in reserves to offset its soon to be $2.6 billion in debt.
Even so, the Boston Herald was begrudging of this positive news for Boston given its obvious and ongoing dislike of Boston’s Mayor Michelle Wu.
Looking at a haircut?
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At the same time, relatively little negative Greater Boston major media umbrage has come the City of Quincy’s way over its credit rating cut to AA- last June along with Standard and Poor continuing a “Negative Outlook.”
Key problems for Quincy giving rise to its flagging credit rating include its having $1.8 billion in debt with but a seventh of the population of Boston as well as having a bit less than $10 million in its “rainy day” Stabilization Fund
Also overlooked is how Quincy’s credit rating Quincy’s credit rating three lower than Boston’s AAA rating, Quincy’s rating is also three ratings lower than adjacent to Quincy Milton’s rating as well as one lower than also adjacent Braintree and Weymouth’s AA ratings.
Even so, Quincy Mayor Thomas Koch has plans to issue on the order of at least a $100 ,million more in debt in coming years, if not considerably even more.
LOOK OUT BELOW?
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Needless to say, Quincy Quarry News’ overgrowing legions of loyal readers can count on the Quincy Quarry to monitor the condition of the City of Quincy’s financial straits and report on any new developments as warranted as things are expected to hit the fan.
I asked “Grok” AI what Grok would do if Grok was the City Council President. This is its response.
No, the City of Quincy should not buy the former Eastern Nazarene College (ENC) campus for $21 million (plus $1.5 million in contingency costs) via a new bond at this time. The fiscal risks outweigh the potential benefits, especially given the city’s already strained finances.
With Grok serving as City Council President, I would vote no on the bond authorization and push hard for a full pause until a credible, detailed financial plan might be presented. Here’s the factual context and my reasoning, based on publicly available information as of May 2026: Quincy’s current Financial Picture – Debt load: The city’s outstanding debt has ballooned to $1.8 billion as of May 2026 (after another ~$200 million in recent borrowing).
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Debt service is now one of the largest items in the budget—roughly $89–95 million annually out of an operating budgets of ~$456m and $492 million in FY2026 and FY2027, respectfully, with roughly 19% to 20% of these budgets going to just pay principal and interest.
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Bond rating: Standard and Poor downgraded Quincy’s long-term GO rating to AA- (from AA) in June 2025 due to diminished budgetary flexibility and declining reserves as well as S&P’s outlook remains negative.
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A lower credit rating means new borrowing costs will be higher given higher interest rates. Adding another $22.5 million in debt will make both future projects and routine operations more expensive for taxpayers.
Recent big-ticket items: The new $175 million Public Safety Headquarters (police/fire/emergency) was financed with bonds and will give rise to decades of debt service expense. Further, The two 10-foot bronze statues of patron saints (St. Michael and St. Florian) planned for the building cost taxpayers ~$850,000 and sparked controversy over their cost, the lack of transparency, and separation of church/state problems.
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These are not isolated problems; rather, they reflect a pattern of large capital commitments.
Quincy is not broke, but it is heavily leveraged. More debt service crowds out other priorities (schools, roads, tax relief, and/or building reserves for emergencies). Details on the ENC Proposal – What’s being bought: The entire 27-acre Wollaston former college campus (14 buildings + 14 surrounding residential properties) for $21 million, funded by a yet another new bond. Eastern Renascence College (a private Protestant Christian college) closed in May 2025 due to its own financial troubles. A prior private sale fell through.
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Mayor’s stated goals: Prevent “high-density housing” that could strain neighborhood character and city services. Long-term vision includes senior (55+) housing on the core campus (prioritizing Quincy residents who sell their current homes) and selling the 14 single-family homes to first-time “Quincy kids” for an estimated $7–9 million to defray purchase and redevelopment costs.
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Timing: City Council has until June 15, 2026, to approve. The deal would also require state (Attorney General) approval. In short, time is short but the steps needed many.
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Upsides (what proponents argue): it’s portrayed as a “bargain” (assessed value cited as $58 million; previous private offer was ~$31 million), partial revenue offset from home sales, and the city retains control over future use instead of leaving it to private developers.
Downsides (the bigger picture): Net cost is still high: Even after the house sales, the city is on the hook for the full $21+ million upfront plus bond interest (likely 4–5%+ given a likely lower credit rating) as well as ongoing maintenance, security, utilities, and redevelopment expenses. Plus, proposed senior housing is still conceptual — no detailed feasibility study, cost estimates, or timeline have been made public.
Opportunity cost: the cost to buy the former campus (and the future tax dollars to repay it) would likely reduce the ability of the City of Quincy to fund existing infrastructure needs and repairs or moderating property taxes.
Buying a closed college to become a part-time landlord/developer is not a core city function.
Conversely, zoning is cheaper than ownership: The city already has tools (zoning, permitting, overlays) to block unwanted high-density development without spending $22+ million and so taking on the liabilities for 27 acres of aging buildings.
Precedent and timing: With $1.8 billion in debt, a negative rating outlook, and recent expensive projects (including the statues), this looks like more of the same rather than restraint. Taxpayers ultimately pay — either through higher taxes, cuts elsewhere, or slower progress on priorities.
What Would Grok Do as City Council President? I would vote no on the bond and the purchase authorization. Here’s my stance, step by step: demand transparency first. Before any vote, require a full, independent cost-benefit analysis, a 10-year pro forma (revenue, operating costs, debt service, redevelopment expenses, etc.), and public hearings with detailed plans.
Vague “vibrant community asset” language isn’t enough.
Prioritize fiscal health: Quincy needs to stabilize its balance sheet — pay down debt, rebuild reserves, and stop layering on new long-term obligations. A negative outlook from rating agencies is a flashing red light.
Explore genuine alternatives: Work with the seller and private partners under strict zoning controls. If senior housing is truly needed, partner with developers or nonprofits who can finance it privately rather than the city owning everything.
Apply consistent standards: If we’re scrutinizing every dollar (as we should), a $21–22 million speculative land deal right after a $175 million headquarters and $850k statues fails the smell test for fiscal prudence.
Government exists to provide essential services efficiently — not to play real-estate investor with taxpayer money when the books are already stretched. The ENC campus is a nice piece of land, but buying it now would be a luxury the city cannot responsibly afford. Focus on living within our means first. If the council wants to revisit a scaled-down or privately financed version later, fine — but not via more debt today.
“Mayor’s stated goals: Prevent “high-density housing” that could strain neighborhood character and city services. ”
That’s almost laughable — but not really funny. When was it ever a priority before?
How long until someone from the administration claims the higher credit ratings in adjacent communities are a direct result of the “economical development” in Quincy’s downtown area?
Dough,
In extension, how long before Tommy Taxes follows with proposing to tax surrounding communities to support his financially problematic redevelopment of Quincy Center?
All the Mayor needs to do is rezone the property. Make the minimum lot size 10 acres. That would destroy the value. He could also tell the Zoning Board of Appeals and Planning Board not to approve any project that comes forward. That seems to have worked well over the years. If Tommy says no, the appointed Boards will kill it, whether they are right or not. Who cares about legal costs and damages? Can you say Long Island Bridge? Koch is a rank amateur. Maybe Wu will pay us cash to stop the legal BS over the Bridge.
Here is a breakdown of the Finance Committee Meeting : The Election Day Gravy Train: Keeping dozens of polling places open is a fantastic way to burn cash. Consolidating voting sites into City Hall or the new Public Safety Building makes too much sense, which is exactly why it won’t happen.
Plus, trimming lucrative police details at election sites might upset the unions. DiBona’s “Moral” Calculator: Councillor DiBona is deeply, “morally” opposed to cutting police, fire, or custodian budgets—even when the “cuts” are just removing ghost funds that haven’t been spent over six budget years.
Oddly, his fierce morality rarely seems to extend to protecting teachers’ budgets. The Kids’ Table: Watching DiBona fawn over the public safety unions is pure cringe.
The Council should honestly set up a small folding table on the side for him, letting the adults in the room have an actual financial conversation.The Great Excise Tax Detective Work: DiBona proudly praised the Clerk’s Office for its “hard work” tracking down unregistered vehicles for the excise tax rolls.
Someone should tell him the Registry of Motor Vehicles automatically sends this data. There is no local search party; it is called an automated spreadsheet.
Next up, the 18% “Step Raise” Miracle: Chief of Staff Chris Walker tried to convince the room that a massive 18% salary bump was just a routine, time-based “step raise.” In Quincy, everyone knows an 18% step raise is based on two specific metrics: your family surname and the size of your check to Mayor Koch’s campaign fund.
A Glimmer of Hope: The new members of the Council are actually asking real questions and pushing back on the usual cronyism, which is a terrifying development for City Hall’s establishment.
Why is Quincy’s Bond Rating Downgraded Again? Poor Management!
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Quincy’s $175M Public Safety Building: Premier Facility or Fiscal Mistake?
While Mayor Koch promises concerts and parades, major credit agencies are signaling financial trouble. Following a recent Moody’s bond rating downgrade, Quincy now holds two negative ratings. Despite this fiscal strain, high-end municipal spending continues to draw heavy criticism.
The Numbers Behind the Public Safety Headquarters
* $175 Million: Total construction cost for the new 120,000-square-foot facility.
* $330 Million: Expected total taxpayer cost after interest on the 30-year bond.
* Low Occupancy: The four-story hub houses police, fire admin, and emergency management, yet sees as few as 10 overnight workers and under 50 daytime employees.
* Costly Extras: Spending included $850,000 for two bronze statues and acquiring five separate parcels of land.
How Quincy Compares
This is a Boston project during the same time period that is comparable in size. Look at the funding and amenities in the Boston project as well as then look at the price difference:
The primary comparable building that fits this criteria is the brand-new Boston Centers for Youth & Families (BCYF) North End Community Center.
A direct comparison of the two projects shows a massive gap in spending for a similar physical footprint. Compare the Quincy Public Safety Headquarters with BCYF North End Community Center. Total size 120,000 square feet versus roughly 100,000+ square feet (comparable footprint multi-story facilities). Construction Cost $175 million versus $50 to $60 million. Average Cost per Sq. Ft.~$1,458 per sq. ft.~$500 to $600 per sq. ft. Funding Source 100% Quincy Taxpayer Bonds versus Boston Capital Plan + state Funding:
The cost is a third less in Boston for a major municipal complex in spite of the fact that Boston’s building costs are notoriously higher given high union labor costs and tighter logistics.
True Community Utility: Unlike Quincy’s building, which houses fewer than 50 daytime staff, the Boston project replaces an outdated facility with a massive, high-occupancy complex featuring a new public pool, gym, and continuous daily community programs.
Don’t forget the “essential” copper and what appears to be slate roofing.
Speaking of “essential,” how about the wicked expensive and banal five curved dormers that fenestrate the unused top floor of the building?
Oh, and count on the roof leaking and I say this as someone who knows all about leaky roofs.
And all considered, it’s a particularly ugly building. Trying to identify all the disparate architectural styles involved is an exercise in futility. It certainly reflects the Lord Mayor’s mindset. The religious statues would not be an enhancement, they’d only add to the mess.
Asterisk,
Don’t get me started on the pimpled out park that is Kim Jung Koch Plaza, formerly known as the Hancock Adams Common.