PAWTUCKET – The city of Pawtucket is considering borrowing up to $20 million to acquire and redevelop the Apex site.
A resolution slated for introduction at tonight’s City Council meeting would give the Pawtucket Redevelopment Agency authority to issue up to $20 million in bonds or other forms of debt to acquire and “prepare the site for redevelopment,” including demolition and remediation work. The proposal, which will be referred to a committee before returning to the full council for a vote, comes after years of failed efforts by the city to buy the waterfront property from its private owners.
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The property was initially included in the proposal for a mixed-use, soccer stadium development put forth by developer Fortuitous Partners last year. The Tidewater Landing project has since been revised with a scaled-back plan that no longer requires the Apex site.
However, the city remains committed to redeveloping the property, announcing in October its intent to authorize use of eminent domain to seize the five-parcel property, then put out a request for proposals for its redevelopment.
Council President David Moran expressed support for the resolution, noting that while it does allow for a consensual sale, that opportunity seemed to have reached a “dead end.”
“Residents and taxpayers have waited too long for something to happen in that area,” Moran said. “We have to start moving forward. We’ve given them as many opportunities as they can.”
Asked about the prospect of taking on more debt when the city is already facing increasing financial burdens brought on by the COVID-19 pandemic, Moran said that would be a topic of discussion for the finance committee.
“If it’s something we can afford, I say we do it,” he said.
The proposal is slated to go before the council’s ordinance and finance committees later this month before returning to the full council for a two-vote passage in December, Moran said.
In a statement on behalf of Apex Companies, spokesperson Bill Fischer said, “We believe the best path forward for the acquisition of this property is to return to the negotiating table. We also believe this is the most cost-effective path for taxpayers.”
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
This story has been updated to include comments from Council President David Moran, comment from Apex Companies and the mayor’s office.
