Editorials

Get a plan – then a port
We’re now hearing that the Rhode Island Economic Development Corporation has decided the state should have a “Master Plan” for Narragansett Bay. Does that mean to say that we don’t have one?

It is simply inconceivable that the state would have entertained a major shipping port proposal for Quonset Point/Davisville without a Master Plan in place. We certainly assumed that there was such a plan.

With the formal rejection of Quonset Point Partners’ mega-port proposal, it is clear that Gov. Lincoln Almond and the EDC are back at square one with any plans to develop a port at Quonset Point/Davisville. It is also obvious that time is no longer of the essence.

That being said, it is time for state officials to regroup and go about this correctly. Quonset Point/Davisville remains the unpolished gem that may well be our brightest hope for creating thousands of new jobs and dramatically widening our economic base.

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If in fact there is no Master Plan for Narragansett Bay – the state’s most valuable and treasured natural resource – then one should be developed.

There are questions that need to be answered.

For example, what is the status of dredging in the upper Bay? Are marinas in fact losing slips because we have ignored a problem for far too long?

We also understand that the Port of Providence concentrates on shipping large quantities of steel, lumber and petroleum. Quonset Point/Davisville is not seen as a direct competitor to the state’s existing port.

But William G. Brody, a lawyer for the Port of Providence, makes a good point. Two shipping ports in a state the size of Rhode Island must be linked in some way. It is silly to act as if one does not impact the other – or that one could not enhance the other. Isn’t the new economy we have heard so much about based on collaboration?

“Together, you would think the ports could be better marketed by working together,” Brody said. “It would seem that the joint marketing of all the state’s assets would make sense. But they have never contacted the Port of Providence in their efforts to develop Quonset.”

Well, maybe they should. It could be part of the Master Plan.

Theater district or banking
There are those that are concerned the promised arts district in downtown Providence is not developing. Untrue!

We have a new bank that is taking over the old Hospital Trust footprint, an aggressive Citizens Bank, an aggressive Bank Rhode Island, South County’s Washington Trust opening a trust office soon in Providence, FIRSTFED of Massachusetts opening a Providence branch and a trust department downtown, and WHAT GREAT THEATER!

Fears that the Fleet-BankBoston merger would stifle competition simply are unfounded. If anything the merger will heighten competition for both the consumer and business client, particularly the small to medium sized businesses that dominate the Rhode Island landscape.

It looks like great fun for the consumer and business customer as banks develop new slogans, gimmicks and give-aways, promotions and advertising campaigns to convince you that their bank is the only one that has friendly “touchy feely” service with the technology of the largest banks, no matter how small they are.

Not only will it be great fun, but also good for our economy. All the banks have the potential to be winners, all really have their own identity and unique services, and all will capture their share of customers.

FIRSTFED’S announcement last week that it will join the competition downtown is not only testimony to the opportunities for banks as Rhode Island and Providence’s economy expands, but also testimony to the growth of FIRSTFED in our community. This Massachusetts bank will now have five Rhode Island branches and a loan office, and is quickly becoming a significant player in our banking community.

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