To the Editor:
Providence Business News’ editorial (“Ballot Question No. 4: Vote to Reject,” Oct. 18, 2010) is seriously adrift in arguing against passage. PBN is misrepresenting the facts, and seems willing to pass on a once-in-a-lifetime opportunity to purchase two iconic tracts of shoreline for public benefit.
While PBN lauds the restoration of Fort Adams, why exclude Rocky Point and India Point? Why not invest in two landmark properties that will provide shoreline access for all Rhode Islanders? Why not capitalize on a rare opportunity to purchase coastal real estate assets that will only enhance economic growth in Warwick, Providence and the rest of the state?
Good economics are a good reason to vote “Yes” on Question No. 4.
The purchase of land at Rocky Point and India Point with state money will ensure that these two properties are developed in a way that enhances public access and public recreation. At the same time, there is no prohibition against private investment in developing these two parcels in ways that create private sector jobs and generate tax revenue. In fact, the opposite is true. The proponents of Question No. 4, ourselves included, favor an open, transparent planning process to develop both properties with public input and private sector leadership. There is no doubt that the private sector will play an important role in designing and managing these properties.
And let’s not forget that vibrant cities thrive on visionary investments in public resources. Cities from Boston to Baltimore, Md., and Savannah, Ga., have enjoyed their own renaissance in part because of careful development of public space along their shorelines. Property values and associated tax revenue in Warwick, Providence and neighboring communities will be enhanced by the purchase and development of the India Point and Rocky Point parcels as public gateways to Narragansett Bay. Tourism, and its associated hotel and restaurant tax receipts, will be enhanced by both properties developed as public places.
Finally, let us correct PBN’s mistaken impression that Rhode Islanders already own the parcel formerly occupied by the Shooters nightclub. The Federal Highway Administration provided the R.I. Department of Transportation with 90 percent of the $4.7 million purchase price for Shooters 10 years ago. As the Iway project winds down, the DOT is obligated to repay the FHA 90 percent of the current fair market value of this parcel. This bond will effectively make possible the purchase of the remaining 90 percent from the FHA.
Rhode Island has met with success when we’ve capitalized on our assets and built on our own cultural and historical traditions. The Capital Center Project and the resulting Providence Renaissance is one recent example of such a success. Rhode Island voters have a unique opportunity to create a brighter economic future by restoring our historic connections to the sea. Investments in Rocky Point, India Point and Fort Adams will serve the public interest and sustain our economic future. We urge you to vote “Yes” on Question No. 4.
Jonathan Stone
Executive Director
Save The Bay
