Mayor considers Warwick purchase of Rocky Point

By The Associated Press
WARWICK, R.I. -- The financially troubled Rocky Point Amusement Park could become a scenic, coastal public park rather than a condominium development, said the park's owners.

"Rocky Point belongs to the people, and if there's a way to keep it in the people's hands, whether it becomes a 'Colt State Park West' or anything like that, I'm all for it," said Joseph Longo, president of Moneta Capital, the majority owner of the park.

"I just have to get out of it with enough money to pay all my people," Mr. Longo said. "That's $8 million, at a minimum."

But Mayor Lincoln Chafee said the park price does not include unforeseen millions of dollars in demolition and cleanup costs.
"I think they'd be astronomical," Mr. Chafee said of other costs. "I'm really only interested in the shoreline."

He did not rule out a purchase, however. Mr. Chafee said he may discuss the idea with Mr. Moneta after April 17, the last day of an auction to sell off the amusement rides and other park facilities.

Councilman Carlo Pisaturo, who represents Warwick Neck where Rocky Point is located, agreed with Mr. Chafee's stance.
Moneta Capital has never presented the city with a plan to develop the Rocky Point's 126 acres. But Mr. Chafee said company officials said privately they would seek permission to build up to 1,000 condominiums.

City planners doubt approval would be given for such a massive project.

They said that the land would support no more than 200 condominiums once the coastal bluffs, freshwater wetlands and saltwater marshes were set aside for protection.