December 31, 2007 Contact: Sue Baker
For Immediate Release 738-2000
SBA sells 40.9 acres at Rocky Point to City of Warwick
WARWICK – The U.S. Small Business Administration (SBA) and the City this morning signed the purchase and sales agreement for 40.9 acres of shoreline property at the former Rocky Point amusement park, Mayor Scott Avedisian and Mark S. Hayward, district director of the SBA announced.
Avedisian, Hayward and legal counsel for both offices were on hand to sign documents effecting the sale this morning in Avedisian’s office. A separate agreement, between the City and the state Department of Environmental Management (DEM) that gives DEM a conservation easement, was also signed today. Following the signing, all documents were filed in the City Clerk’s Office.
The SBA is the court-appointed receiver for Moneta Capital, the former owner of the 123-acres property. The sale between the SBA and the City won’t be final until the federal court officially signs off on the deal, which is contingent upon the SBA completing the sale of the remaining 82 acres to a private development group.
Purchase of the land was financed by a $2.2 million grant from the National Oceanic and Atmospheric Administration (NOAA), $1.4 from RIDEM, and $800,000 from the City. U.S. Senator Jack Reed and Congressman Jim Langevin were particularly instrumental in helping the city to secure the NOAA grant.
“It was very important to have this finalized by the end of the year, or the City would, in all likelihood, have lost the NOAA grant,” Avedisian said. “I am grateful to Senator Reed, Congressman Langevin and all of those individuals who worked so diligently from the City, the SBA, and DEM to ensure that we could complete this portion of the process on time so that we did not lose the opportunity to preserve a mile of shoreline property as open space.”
“This is a chapter we have long awaited,” Hayward said. “It is important to the City of Warwick and all Rhode Islanders.”
Avedisian also thanked Council President Joseph Solomon, Councilors Donna Travis and John DelGiudice, Senator Bill Walaska and former Representative Peter Ginaitt for their work to help secure the land acquisition, as well as newly elected Representative Frank Ferri, who, Avedisian said, offered whatever assistance he can give as the project moves forward.
Avedisian particularly lauded the efforts of the city’s senior planner, Dan Geagan, Planning Director Mark Carruolo and assistant city solicitors Diana Pearson and Wyatt Brochu. “Without their hard work and perseverance in working with federal and state agencies, it’s possible that this would not have come to fruition.”
The land will be used for passive recreation such as fishing, hiking and boating, Avedisian said.
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