Showdown in Narragansett Over Selling Belmont Building for Food Court Rather Than Library

Melissa Jenkins Mangili took to Facebook asking residents to rally Tuesday night against the Narragansett Town Council’s plan to sell the “Belmont Fruit” building to an out-of-town developer instead of for the site of the new library.

“Our Town needs your help. Most of our residents do NOT know what is going on. The Town is scheduled to enter into a Purchase and Sales Agreement with an out of State buyer which will allow him to purchase "The Belmont building' below market value WITH financing,” she wrote.

“Significantly this buyer has declared bankruptcy within the past 4 years. This property is being offered to him WITHOUT a current appraisal and without listing it publicly for sale to ensure the Town could receive the maximum price. This is NOT a library issue. This is something EVERY resident should be outraged about and try to stop," she added.

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Library versus Commercial Development 

On the alternative side, Council President Matthew Mannix in a memorandum to his colleagues wrote, “For years, town residents have talked about revitalizing Narragansett Pier.  With the losses of successful businesses, such as the IGA Market and Pit N’ Patio, the old center of town has lost some of its vibrancy.  Many have blamed Gilbane for this state of affairs.  Others have attributed it to free-market forces and changes in the town’s demographics,” said Mannix.

“The buyer of this building has proposed an idea that should help revitalize the Pier.  The buyer has proposed an eatery concept in which vendors will rent space from him and sell their products to customers.  His concept is focused on food, but he has indicated flexibility to incorporate other retailers or establishments if there is such a demand.  The buyer intends to complement surrounding businesses, not to compete with them,” adds Mannix.

“The buyer shall pay $750,000.00 of the purchase price by the closing date.  The buyer will pay the remainder of the purchase price over a three-year period.  During the first year, interest at the rate of five percent (5%) shall be paid on the outstanding principal balance in twelve (12) equal monthly installments.  During the second and third years, interest at the rate of five-and-three-quarters percent (5.75%) shall be paid on the outstanding principal balance in equal monthly installments.  The final payment shall include a final payment comprised of the outstanding principal balance and any unpaid principal and/or interest then owed.  That final payment may come prior to the end of the three-year period.  If the buyer defaults, the Town of Narragansett will have the right to foreclose on the building whereby ownership of the building will revert to the Town of Narragansett,” according to Mannix in his memo.

But the group supporting the use of the property for use as a library said in statement issued on Tuesday, that the community of Narragansett remains at odds with the 3-member majority of the Town Council.  “There is a purchase and sales agreement on the Agenda for Tuesday, September 3rd, which will fly in the faces of the 68% of the 2016 voters who supported the bond to buy and renovate the old Belmont building to create a modern, ADA compliant new library.  The agreement calls for the town to finance an out-of-town buyer for that building for a food court,” says the group

Former Town Council President Susan Cicilline Buonanno said, “Their continuous lack of transparency has been a theme throughout their term.”

Nancy DeNuccio, President of the Love Your Library Coalition said, “The Town Council may have been acting legally with 13-14 Executive Sessions about this real estate deal, but where was the appraisal?  Where was the transparency for the residents?  Why would the town need to finance the deal?  I don’t think the surrounding businesses will appreciate an out-of-state developer swooping in to create a food court in a space which was expressly purchased by the Town for a modern new library!”

The battle over the future of the Belmont building continues tonight at Narragansett Town Hall at 7:00 PM.

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