Many of those who spent the better part of two days listening to developers outline plans for Rocky Point Park last week feel one, if not more, of the proposed projects would be suitable for the 123-acre property.

At the request of the Small Business Administration, court appointed receiver for the park that filed for bankruptcy in 1994 after operating for more than 148 years, those attending the informational sessions would not talk about specifics of proposals, or reveal those companies and individuals making them.

Nonetheless, from interviews there is a sense that the SBA is looking out for the interests of the city; that more than one of the seven proposals reviewed is workable; and that the selection process is not predestined.

“Some were fully prepared and others not at all,” Ward 5 Councilman Carlo Pisaturo said of developers.

Pisaturo is the author of a resolution approved by the council and signed by the mayor that calls for solicitations of proposals for the former park, although the courts have the ultimate control of the park. Pisaturo said the presentations were informative and that in his opinion “three (of the proposals) are good.”

Also representing the Council during the presentations were Council President Joseph Solomon and Ward 9 Councilman Steven Merolla.

“There were a wide range of plans, most of them residential,” said City Planner Mark Carruolo. He called “at least four out of the seven (proposals) viable.”

“Nothing was resolved. We had a good feeling of where the seven are coming from,” reported Mayor Scott Avedisian. He observed that SBA district director Mark Hayward stressed the role of the group was not a selection committee.

“It was a first vetting of proposals,” Avedisian said.

Hayward said yesterday the SBA “is looking to move forward as fast as we can” with a resolution to the property. He said those attending the informational sessions were “extremely cooperative” and he observed the sessions are a first for the SBA.

“We’ve never done this before. We’ve always made a decision and gone back to the courts,” he said.

The group, which in addition to the mayor and the city planner includes city economic development director William Facente, will meet again on Oct. 9 to talk over proposals, highlighting what they personally like and dislike. President of the Central Rhode Island Chamber of Commerce Lauren Slocum represented the business community. Local residents Dr. Kate Lyons, Kate Stark and Paul Bouchard represented the interests of Warwick Neck. Several members of the SBA including Hayward were also present.

“It was very interesting and I look forward to discussing them (the proposals) further,” said Slocum. Slocum was impressed by the SBA’s decision to conduct the sessions.

“They want to make the right decision for the city. They are trying to be as fair as they possibly can be,” she said.

“I was impressed most of presenters had taken into consideration the four or five wishes of the city,” reported Stark, referencing city efforts to provide public access to the shore and provide for residents of Rocky Beach.

Stark called discussions open and sensed what she called an effort “to figure what’s going to work best” for the site given the reality that it won’t be an amusement park again.

SBA entertained proposals to buy the park after it retained control of the property at a July 29 auction where it bid $8.5 million. The SBA and other creditors are owed in excess of $14 million. Moneta Capital, which foreclosed on park owners in 1997 after they failed to meet their loan obligations, is the SBA’s largest debtor on the Rocky Point transaction. Eventual sale of the park will require Federal District Court as well as Bankruptcy Court approval.

Immediately following the auction there was a flurry of inquiries and proposals. The SBA deemed seven with offers of $12.5 million to $13 million legitimate. Hayward then created the committee to hear the developers elaborate on their plans.

Pisaturo asked the same questions of all developers leading off with their financial capability.

“My main question was their financial background. We don’t want someone to buy it and then after a couple of years go bankrupt. We would be back to the same position,” he said.

Pisaturo also wanted to know the impact of each development on schools, saying that one proposal was significant while another (a complex for the elderly that would include a nursing home) had no impact. On his list of questions, Pisaturo also wanted to know if developers would be willing to buy the property if they could only build the 74 residential units allowable under the current zoning.

“They said ‘yes’ but not at the price,” he reported. The intent of the question was to drive home the point that the city controls the zoning and that by enabling a more intense development “it is increasing the value of the land.” This, he noted, works to the advantage of the SBA that is seeking to recover its money.

“It has to be a partnership. They (SBA) have come to the determination they have to work with the city,” he said.

The councilman also questioned what is to become of Rocky Beach, a 30-acre segment of the property on which there are about 70 houses. Most are summer beach homes although Pisaturo said seven are currently year-round residences.

“There were different options,” Pisaturo said of Rocky Beach, “Most wanted to keep it intact for the time being.”

Among the options were offering those now leasing property to buy land and for the city to acquire the land.

Pisaturo doesn’t favor the latter plan, saying if the city took over “it would enforce building codes and knock them down anyway.”

Pisaturo confessed he had a favorite proposal. He said that plan would allow for shore access to almost the entire shoreline.

Does he plan to go ahead with his proposal to solicit proposals for the park even though the city has no control over the sale of the land?