DEPCO debt cut by $53.8 million
PROVIDENCE – As the result of the elimination of some outstanding bond obligations, the DEPCO debt has been reduced by about one-third, $53.8 million, Gov. Lincoln Almond announced last week. The tax-supported Rhode Island Depositors Economic Protection Corporation was created in 1991 to restore depositors access to funds frozen because of the failure of the Rhode Island Share and Deposit Indemnity Corporation in1990. The outstanding bond obligations were eliminated by the application of funds from the liquidation of certain DEPCO loan and real estate assets, as required by the DEPCO Act of 1991. Governor Almond predicted the remaining $108 million of outstanding debt would be eliminated by February 2001.
Boston court revokes union officials’ pensions
PROVIDENCE — A panel of the federal First Circuit Appeals Court has ruled that state pensions can be revoked from 24 high-ranking union officials. The Boston-based court ruled that the state government could revoke a law that entitled top union leaders to thousands of dollars in state pension payments for union work. The law, passed on the final day of the 1987 legislative session with no debate, allowed some officials to double or triple the amount of state pension benefits to which they were entitled. Others were entitled to $60,000 per year when they would otherwise have received nothing, The Providence Sunday Journal reported. The union officials could appeal the decision to the U.S. Supreme Court, although one said Saturday that he did not want to “waste” his time on that.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Another retail development for downtown
PROVIDENCE — A developer has unveiled plans for a six-story retail development in a now-vacant lot facing the Providence Place mall and bordering Waterplace Park in downtown Providence. Called Water Place, the shopping center would sit in a key location. Forest City Ratner Co. of New York said it hopes to begin construction in the fall and to complete work by spring 2001. The company has not yet secured necessary local approvals and a city tax break it wants. Sandeep Mahrani, executive vice president of Forest City Ratner, said the 165,000-square-foot development would feature record and book stores and other entertainment businesses on the first floor, other retail outlets above and 300 parking spaces atop the structure. He estimated it will take 500 construction workers to build the center and 500 part- and full-time retail workers to run it once it is completed. Forest City plans to sign a 149-year lease with the property owner, Capital Properties of East Providence.
James DiPrete named chairman of Regents
PROVIDENCE – James DiPrete, a teacher and administrator in several Rhode Island school systems, has been appointed chairman of the state Board of Regents for elementary and secondary education, replacing the retiring Fred Lippitt. DiPrete was appointed by Gov. Lincoln Almond as a member of the Regents in 1997. Almond also appointed Gary Grove and Mario Mancieri to the board and reappointed Jo-Eva Gaines to another term on the board. Currently an instructor in education at the Providence College School of Continuing Education, DiPrete has served as interim superintendent, principal and teacher in the Cranston, Coventry, Warren West Warwick and Westerly school systems. In 1993 the Rhode Island Association of School Councils chose him as administrator of the year.
Court grants Rhode Island custody of sunken ships
PROVIDENCE – The U.S. District Court has granted state Attorney Gen. Sheldon Whitehouse’s request for custody of all sunken non-motor, wooden shipwrecks in a two-mile rectangular area of Newport’s outer harbor. The court appointed the Rhode Island Historical Preservation & Heritage Commission custodian of the wrecks believed to have been sunk by the British in 1778 to blockade the harbor. Among the wrecks could lie the HMS Endeavour, the ship commanded by Capt. James Cook in his Pacific explorations. The ship was later turned into a commercial transport. Ownership of the ship would still have to be determined, and the British ambassador has been advised of the investigation.
Connecticut firm buys UP/Graphics printers
PROVIDENCE – UP/Graphics which operates Universal Press here, Packaging Graphics in Pawtucket and another plant in Westwood, Mass. has been sold to World Color Press of Greenwich, Conn. Terms of the sale were not disclosed. Spokespersons for World Color said there would be no layoffs of UP/Graphics 550 employees and that they expected that the company’s printing operations to expand. World Color employs 16,000 throughout its 52 facilities. The company was founded in 1903, specializing in magazine printing and went public in1996. Along with its magazine business, the company is now a leading producer of catalogs, such as Victoria’s Secrets and Sears. It also has a digital division for converting printed material to electronic format.
Ocean State Dairy acquired by Hood
PROVIDENCE – Ocean State Dairy of Charles Street, a distribution business, has been acquired by H.P Hood of Chelsea, Mass., it was announced last week. Hood executives said the Charles Street facility would be used as Hood’s distribution center for the Rhode Island market. Ocean State Distributors has owned the facility since 1980. A company spokesperson said the company had decided to sell to Hood so it could concentrate on its frozen desserts distribution business. Hood was founded in 1846 and is currently owned by the John A. Kaneb family, principles of the Catamount Companies headquartered in Chelsea. The Kanebs, who acquired Hood in 1995 from Agway, Inc., are the third owners of the Hood company .
