UPDATE: Read the Providence Journal’s coverage of Promet’s legal victory.

Promet Marine Statement Regarding the Rhode Island Supreme Court’s Decision in the Case of Tidewater Realty, LLC v. State of Rhode Island and Providence Plantation, et al

Promet Marine has operated a marine repair facility in the Port of Providence for nearly 30 years. Promet operates its business on two adjacent parcels of waterfront land in the Port, one of which it owns and one of which it leased from the State of Rhode Island. Following a lengthy public bidding process, Promet was the successful bidder to purchase the leased land from the State. Before the sale of the leased land to Promet could be completed, however, the State changed course and sold the leased land (over Promet’s objection) to the Providence Redevelopment Agency.

The Rhode Island Supreme Court has recently ruled that the State should have sold the leased land to Promet as originally agreed. According to the court, the Providence Redevelopment Agency exceeded its powers and acted improperly in purchasing the leased land on which Promet operates an on-going business. With this decision in Promet’s favor, Promet now looks forward to completing its purchase of the leased land so it can continue to grow its business.