FOR IMMEDIATE RELEASE
February 12, 2001

Contact: Frank Lennon (USS Saratoga Museum Foundation, Inc.)
      (401) 831-8696

CARRIER MUSEUM PROJECT RECEIVES $500,000 GRANT COMMITMENT FROM THE CHAMPLIN FOUNDATIONS

"We would very much like to be a substantial contributor to the USS Saratoga project," wrote King.

"This is great news, not only for the Saratoga Foundation but also for the tens of thousands of Rhode Islanders who will benefit from this dream becoming reality," said Frank Lennon, president of the foundation.

"Financial credibility is the last major hurdle we must overcome," added Lennon. "This expression of faith in the viability of our project by an organization as widely respected as The Champlin Foundations should go a long way toward encouraging others to step forward. Today we are a giant step closer to making the USS Saratoga Museum happen."

Given the unusual nature of the proposal, and the still-pending issues surrounding the development of Quonset/Davisville, The Champlin Foundations added certain conditions which must be met by September 30, 2002. In addition to the final commitment from the Navy to donate the ship, they include an obligation for the Foundation to raise an additional $2 million in cash and pledges.

Of the estimated $7.5 million start-up costs for the project, $5 million has already been committed by investment bankers; that commitment is also conditioned upon state approval of an appropriate mooring and the Navy's eventual donation of the vessel as a museum.

Recognizing the crucial involvement of the Rhode Island Economic Development Corporation, landlord at Quonset, King's letter also added a request for continuing support from the RIEDC in bringing this project to fruition.

This $7.5 million project is a nonprofit blend of past and future, family attraction and scientific frontier that would:

• Attract over a half million visitors annually, many of whom would not otherwise come to the state;
• Generate more than $3 million in annual economic impact;
• Directly and indirectly, create more than 575 jobs;
• Produce more than $1.6 million in direct tax revenue to the state;
• Result in a world-wide public relations boost for Rhode Island;
• Offer public access to and use of another part of the Quonset waterfront.

Lennon concludes, "It is important to emphasize, however, this is a commercial project in land-use terms; it is a positive economic engine which also happens to offer significant 'quality of life' side benefits. It will clearly be able to pay for itself, with even the most pessimistic estimates still enabling us to cover all operating costs and debt service from the very first year it opens its doors."

The proposal for the Park received another boost in January when the Rhode Island House of Representatives presented the Foundation with a $25,000 legislative grant.

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ADDITIONAL CONTACT:

The Champlin Foundations
David King
(401) 736-0370

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Last Updated:
9/29/01