Rocky Point developer pulls out

WARWICK, R.I. (AP) - There's more uncertainty about the future of the Rocky Point amusement park property in Warwick.

Mayor Scott Avedisian said Tuesday that a development group headed by Leach Family Holdings has decided not to purchase the 83-acre site after spending three months examining development options.

Leach, operating as Rocky Point Partners LLC, had agreed to pay $15.6 million for the property.

The U.S. Small Business Administration is the court-appointed receiver for the property. Avedisian says it is his understanding the agency will continue to market the land.

The city has already paid $4.4 million for 41 waterfront acres of the former amusement park that closed in bankruptcy in 1995.

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