The Licensing Board recently approved the transfer of the Regatta’s liquor license, which will be completed upon state approval, officials said.
It could take two or three months for the Alcoholic Beverages Control Commission to approve the license to the property owner, Joseph S. Ruggerio Sr. of Barrington, R.I., who listed himself as the new manager upon transfer.
Ruggerio, a real estate investor, bought the one-story bar and grill on 2.15 acres in 1997 for $505,000.
City assessor’s records say the premises were built about 1975, and list the property value as $1.73 million.
Annual taxes on the property are roughly $50,000. Just under $40,000 is for real estate, about $10,000 for water and sewer fees and a smaller amount for personal property.
On Dec. 30, Ruggerio paid three quarters of 2009 back water and sewer bills totaling $7,947.35, and two personal property payments of $837.12, Collector Shannon Lyonnais said.
The last quarterly real [...]

Original post by Michael Holtzman