NORTH KINGSTOWN – The USS Saratoga Museum Foundation Friday unveiled a $6.5 million financing deal with Independence Bank of East Greenwich, backed by the U.S. Department of Agriculture, that provides “the critical mass of funding” for its plan to establish a family attraction, educational center and memorial featuring the retired aircraft carrier.
“On behalf of the North Kingstown Town Council,” said councilmen Edward Cooney and John Patterson, “we wish to express how delighted we are that enough funding now appears to be in place to turn this vision into reality – a vision that four different councils have unanimously endorsed from 1998 to today.”
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“Pier space was reserved for us at Davisville until May 1, 2007,” noted Frank Lennon, the foundation’s president. “But the biggest condition was to show that we could raise $10 million to get this project off the ground without a state subsidy.”
Between the new financing and the donations and sponsorships already given or pledged, the foundation has reached that goal. Speaking at the foundation’s headquarters, Gov. Donald L. Carcieri hailed the loan commitment as “an independent confirmation of the project’s feasibility and long-term stability.”
“Hopefully, this latest commitment by a local bank, to be backed by the federal government, will have a positive effect on others contemplating contributions,” said Alan Shawn Feinstein, whose pledge of more than $1.5 million makes him one of the project’s largest supporters.
A 14-foot model of the Saratoga – the vessel, still Navy property, is not yet open to the public – was on view at the news conference, and exhibit designer John Evans was on hand to share his vision for the museum’s permanent galleries, whose exhibits are to spotlight historic marine expeditions.
“This project will heighten awareness [of] the USS Saratoga’s glory days,” the governor said, “and preserve an important part of our nation’s military history. Without question, this will be a valuable educational tool for people of all ages, and a boon to our economy and our tourism industry.”
“Saratoga will be far more than just a static ship museum,” Patterson and Cooney said. “It has the potential to become a major educational resource, providing math and science programs for grades K-12, a vocational school and other programs to educate youth [and] train and retrain workers. And it also has great potential as a disaster-relief facility.”
Feinstein said: “I am intrigued by the idea of the smallest state having the largest warship in the world ever open to the public, along with a theme park that helps promote the values that are important to all of us.” The Saratoga plan, he added, “dovetails nicely with my efforts to instill the importance of community service in our youngsters.”
Robert Catanzaro Sr., Independence Bank’s chairman and CEO, said that, “As bankers, we believe this project would be of great benefit to Rhode Island, which makes the financial commitment eminently worthwhile. This project will create jobs, bring new money into the state and provide a shot in the arm for the local economy.”
The new loan will go toward providing a safe mooring for the carrier at Davisville, and toward related landside construction. Before the Saratoga makes its “last cruise,” a number of issues still must be resolved: Permits must be obtained for the necessary construction, on land and sea, and for dredging at the vessel’s future berth; environmental and historic preservation guidelines must be met; access and security concerns must be resolved; the Navy’s donation of the ship must be finalized.
But it was the money that had always been seen as the biggest issue.
Besides the new $6.5 million loan, the project will require $4.5 million in equity from the museum foundation, Lennon said. More than $3.5 million already has been raised, however, and with the new funding in place, he is confident the project will reach its goal with time to spare.
“As anyone who has ever run a capital campaign knows, it’s a lot easier to raise the last million than it is to raise the first million,” Lennon said. And he and others say they believe the new loan’s USDA guarantee will help.
“The local business and financial communities should respond very favorably to the USDA setting aside the funding,” said former U.S. Rep. Bob Weygand, honorary chairman of the Saratoga Board of Trustees. “This kind of investment represents the type of creative thinking and partnerships that will push this project forward. In the end, this means more jobs, more dollars spent in the community and more vitality for our state.”
Independence Bank, a independent community bank in East Greenwich, is FDIC-insured. Additional information is available at www.independence-bank.com.
The USS Saratoga Museum Foundation Inc., an all-volunteer nonprofit organization based in North Kingstown, has been working for eight years to turn its vision into reality. Additional information about the foundation and its plans can be found at www.saratogamuseum.org.
