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Waterworks Park

My wife and I own a unit at Waterfronts II condominium and I spent all my youth summers on Ascher Beach. As an attorney I have assisted developers of residential condominiums, including the "expandable" type, where the builder retains the option to discontinue completing the project at any time if actual sales of initial units do not justify or support constructing all the additional units that had been projected.

From news accounts it appears the potential park development includes residential condominiums, with construction of all projected buildings admittedly dependent on sufficient sales —meaning of course there is no guarantee it will all ever be built. 

One news story said the developer, when asked how the city can be sure he will build it all, answered "we will be bonded." That no doubt refers to a payment/performance bond for any individual structure being built at any point in time, not that all the proposed buildings are guaranteed by a bonding company to ever be built. If there is no bank or group of developers who have in place and available all the money needed to do the entire project, please don't do anything, unless you are willing to say out loud we need the cash so badly we don't have to be sure what will ever happen with the land and we will risk the project failing for lack of buyers. 

Port Clinton could end up in the worst of all worlds: no completed project, only just a part project; and no public park-it is gone forever. If that happens, it will not be proper for the city to then say, "We had to do something." Nothing in life is for sure, but a project being completed only if sales support it is about as far from for sure as you can get. Make them "show you the money"—all of it, if what ultimately will happen with the land is a critical part of your decision to sell the park. If the driving force is really just to convert the park to money, then please say so. 

Very truly yours,
Ronald J. Mayle

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