Business
Business Roundup
01:00 AM EDT on Saturday, May 10, 2008
Grid outlines upgrade
NORTH SMITHFIELD — Although construction is probably about two years away, National Grid officials went before the Town Council this week to outline what they said would be about $65 million in improvements to power lines and a substation in town. The work is part of a New England-wide system upgrade intended to improve the transmission of electricity from state to state generally, and within Rhode Island as well. North Smithfield is a sort of power transmission crossroads, with east-west lines that head into Burrillville and then Connecticut and north-south lines that link Millbury, Mass., and the Kent County substation in Warwick. There are three sets of lines running through the power-line corridors in town. National Grid wants to add another line that will carry 345 kilovolts. David J. Beron, a project manager with National Grid, said the new line could be fitted into the existing rights of way for the current power lines. He said the company was still planning the projects and did not expect to get the needed permits from the assorted local, state and federal agencies until sometime in 2010. Construction would begin then and last two years, he said. Ronald C. Gillooly, community relations manager for National Grid, said the company was appearing before the council in an effort to provide advance notice of the project and its effects on the area.
Designer trash barrels
PROVIDENCE — Designer trash barrels are ready to be installed on Douglas Avenue as part of an anti-litter initiative in the Smith Hill neighborhood, according to City Councilman Terrence M. Hassett. The barrels will be added to those that were installed along Smith Street during the spring of 2006 to alleviate litter in a busy commercial center. Hassett said that the anti-litter project was being administered by the Smith Hill Community Development Corporation, a neighborhood agency that operates housing and special development projects in the Smith Hill and Mount Pleasant Neighborhoods. A commercial strip on Chalkstone Avenue will also get new trash containers this spring.
Housing phase dropped
NARRAGANSETT — For about 30 minutes this week, a routine update on Gilbane Development Co.’s projects in the pier area hit all the right notes. Robert Gagliardi, Gilbane’s director of property management, said the commercial and residential projects were on schedule and he took lots of notes as Town Council members expressed preferences about signs, walkways, speed bumps and other details. Then, Gagliardi dropped what council members said was a bombshell. Phase two of the commercial project will take place, he said, with renovations to three smaller Pier Marketplace buildings that house several businesses, including a restaurant, a daycare center and a coin laundry. But because of a shortage of parking in the area, he said, Gilbane does not plan to expand the buildings to provide more commercial space or affordable apartments above the commercial space. Instead, it will simply renovate them. “This was everyone’s fear,” said Councilwoman Krista J. Garrett, who told Gagliardi: “We were promised additional affordable housing.” The presentation ended quickly, with council members saying the subject needed its own meeting, perhaps a workshop to discuss the matter with Gilbane.
2 taverns may face restrictions for noise
NORTH PROVIDENCE — The owners of two establishments that have been criticized by neighbors because of the boisterous behavior of patrons might face restrictions on their licenses if they fail to take steps to improve the “quality of life” in their neighborhoods. That was the message from the Town Council to the owners of the Ruffstone Tavern, at 17 Metcalf Ave., and Bailey’s Pub, on Smith Street, at a meeting this week at Town Hall. Members unanimously approved a resolution by Councilman Mansuet Giusti to subpoena owner Cal Bailey to the council’s meeting next month to answer why Bailey’s entertainment license should not be revoked.
Warwick bond rating is raised
WARWICK — The city was hoping to save some money recently when it decided to shop around for a lower interest rate so it could refinance some of its bonds. It not only got that mission accomplished, but also the unexpected good news that Standard & Poor’s, the credit rating agency, was boosting the city’s overall bond rating by one notch, from A+ to AA-. Mayor Scott Avedisian said it was a double win for the city because it was not only able to secure a lower interest rate for the repackaged bonds, but the better bond rating opens up more money-saving options down the road. According to Avedisian and other city officials, the refinancing of about $19.25 million in general obligation bonds at an interest rate of 3.19 percent will save the city about $1.4 million in debt payments. The bonds, which had been initially issued at various times, had carried interest rates that ranged from about 4.5 to 5.7 percent, city Finance Director Ernest Zmyslinski said.
Public destination eyed for Shooters parcel
PROVIDENCE — It’s hard to get everybody in one room to agree on anything, but nearly all 60 people who came out to the city’s planning session on the Fox Point waterfront this week agreed on one thing: the former Shooters Nightclub property should be developed as a public destination, and not sold to a developer planning condos or apartments. That was little surprise, as many of the attendees were encouraged to attend by two citizens groups that have taken an active interest in the Shooters property, the Friends of India Point Park and the Head of the Bay Gateway. But Friends co-chairman David Riley said they sent a message. “The turnout is indicative of the widespread support of keeping Shooters in the public realm and the city and the state have to listen to it,” Riley said. The planning session was part of a four-day charette organized by the city Planning Department to ruminate on the future of the Fox Point, College Hill and Wayland neighborhoods. Other sessions dealt with relations between the community and local colleges, the business climate, historic preservation and traffic circulation.
Newport master plan has detractors
NEWPORT — The City Council this week gave a lukewarm endorsement of a master plan that a consultant wrote for $150,000 to guide development in the North End. The council unanimously voted to embrace the plan’s broad “objectives,” including pursuing redevelopment opportunities on 30 acres associated with the realignment of the Pell Bridge ramps and the potential sale of the former Naval Hospital. But several council members emphasized that they objected to many of the plan’s details, such as proposals for an indoor water park and an indoor recreation center. Councilman Charles Duncan read aloud the plan’s general objectives to “make it clear we are not approving the cockamamie” proposals contained within it, such as the water park. Councilwoman Kate Leonard agreed, saying she didn’t like suggestions for satellite parking and a pedestrian bridge.
Shipwreck Falls renamed as 7th Wave Resort
WEST WARWICK — Shipwreck Falls, the $150-million resort and indoor water park planned for the West Warwick Business Park, has a new name and management firm, officials announced this week. The venture has been renamed the 7th Wave Resort, a nod to the surfing legend that every seventh wave encountered is larger and deeper than the waves before it, said Michael L. Day, president of the Nebraska-based Dial Family Resorts, which is spearheading the project. The resort will be managed by Marcus Hotels and Resorts, a subsidiary of The Marcus Corp., of Wisconsin.
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