Projo has an article talking about the problems with finding funds to cover the costs of buying out Cullion to keep the concrete plant from being built. From the Projo:
CRANSTON The city’s plan to buy the land on which a company had wanted to open a concrete-batching plant is slowly moving forward, but city taxpayers might be paying a bigger share of the $1.9 million price than first thought.
It turns out that some $700,000 in federal housing money – the last financing piece that city officials announced last year as they moved to buy the site – is not going to help after all.
The reason: Much of the 17.7-acre property owned by Cullion Concrete Corp., of South Kingstown, lies in a floodplain, which presents a serious problem for anyone looking to build housing, let alone government-subsidized affordable housing, city officials said this week.
Like Emilio says, the good news is that there is “nothing going on over there.” That’s as it should be. The plan to build anything on that land, particularly an industrial site, were ill-conceived to say the least. But the cost to fix this problem could not have come at a worse time — and possibly could have been prevented all together if the Laffey administration hadn’t given permission to Cullion in the first place.