21
May , 2012
Monday

Complex Financing

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NEWPORT – Aquidneck Island communities foresee forming a special commission to redevelop former Navy land.

In a 5-0 vote on July 14, the tri-community Aquidneck Island Reuse Planning Authority adopted its preferred development scenario that now heads to the Department of Defense for review.

The authority will submit a formal document to the Navy by Aug. 19. It expects a decision in mid-October, said Julie Oakley, the authority’s property reuse coordinator.

The authority envisions turning a swath of land in Middletown into a park. Mixed-use development would occur on the other properties including the former Naval Hospital in Newport, the site of the former Navy Lodge in Middletown and two adjacent tank farms in Portsmouth.

The reuse authority suggested that a commission receive, at a discount, all the land except that being set aside for the park. It would then market the land and help developers through the municipal approvals process.

When private owners take over the land, the commission could pay the Navy part of the proceeds. Or the commission, the authority or both could enter into a revenue-sharing agreement with the new owner.

Local representatives would most likely comprise the commission.


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