SBA approves R.I. purchase of Rocky Point property

THE U.S. SMALL BUSINESS ADMINISTRATION approved Rhode Island's $9.65 million purchase of Warwick's Rocky Point property.
Posted 9/17/12

PROVIDENCE – The U.S. Small Business Administration has accepted Rhode Island’s offer to purchase the remaining land at Rocky Point in Warwick for the development of a future state park, Gov. Lincoln D. Chafee announced Monday.

The $9.65 million purchase of the 82-acre property was approved by the U.S. Small Business Administration. The land will be purchased from the $10 million Open Space bond approved by Rhode Island voters in 2010.

“SBA’s intent to sell the Rocky Point property to the State is a milestone event in what we hope to be a successful effort to acquire and preserve this iconic property,” said Chafee in prepared remarks. “This property, which is one of Rhode Island’s most beloved natural assets, holds many special memories of the past, and we will need to carefully plan for its future.”

Currently, the Rocky Point property is under the control of the U.S. District Court for the District of Rhode Island with the SBA acting as a court-appointed receiver for Moneta Capital Corp.

“The Small Business Administration as Receiver for Moneta Capital is very pleased to have finally reached agreement with the State of Rhode Island on this historic property which is so important to all Rhode Islanders,” Mark S. Hayward, SBA district director, said in a statement. “We look forward to presenting to the U.S. Federal District Court the final purchase and sales agreement.”

Before the deal is finalized, the SBA is required to present the offer to the U.S. District Court for approval. This is expected to happen over the course of the next few months, according to a release.

Forty-one acres of Rocky Point property was previously purchased in a partnership between Warwick, Rhode Island and the federal government in 2007.

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