Friday, September 26, 2008
Financing dries up; Cumberland Harbor construction grinds to a halt.
http://www.tribune-georgian.com/articles/2008/09/26/news/top_stories/2topstory9.26.txt
Update: Apparently, Emily (understandably) left the St. Marys City Council meeting before they returned from executive session this past Monday night. I just watched it on T.V. last night. After returning from considering a "legal matter" in closed session, council very quickly, and with no elaboration, voted to instruct the city attorney to call in the Cumberland Harbor infrastructure performance bond.
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7 comments:
If they call the Cumberland Harbour bond in what does this mean for the taxpayers of St. Marys?
Land Resource has about four developments in Camden County. The only one that has more than ten houses is Misty Harbour. Will all of those go belly up also
It means that the taxpayers will be protected insofar as the performance bonding company will have to step in and assume any obligations that the Cumberland Harbor developers, land Resources, had agreed to, particularly as regards sharing the cost of running city water and sewer out there.
I don't know the answer as regrds the other three or so developments.
Thank God the taxpayers will not be stuck with the cost of this project. I heard today that the Grand Jury is issuing a recommendation to the County to consolidate all of the cities. Because of situations such as this. Have you heard anything about this?
You are alot smarter about these things than I, can you please share what this really means. If it were to be implemented.
Every week there are a few notices posted in the paper foreclosing on lots and houses in Cumberland Harbor. Seems people who thought Cumberland Harbor was going to be a good investment or a place to live bit off more than they can chew.
BOB-BOB
Bob-Bob,
The majority of those lots - the cheaper lots away from the water and comprised of fione "sugar sand" - were bought on sopec in hopes of selling them later for a huge markup. Those folks, realizing that there is mno market for them now and may not be for many years, are simply walking away and cutting thier losses.
I haven't heard about the grand jury. It would be very interesting if they did. I would love to know the composition of that jury if they did. That is to say, how many were aboriginals vs. "damned outsiders."
With regards to consolidation, Camden puts me in mind of Iraq, where some areas have oil and some don't. There is no question that if consolidation were to occur anytime soon, you would see a "transfer of wealth," or share of tax revenues from the relatively much better-off southern end of the county to the infrastructure needy and revenue deprived north end of the county.
Because of that and the stromng strains of parochialism in both Kingsland and St. Marys aboriginals, i doubt that I will live to see consolidation in my life time. After north end finally blossoms and, quite possibly, outpaces the south end, then you might ssee it happen.
Hell, things will change again and probably within 2 years give or take. Not everyone paid exorbitant amounts for lots at Cumberland Harbour. We paid a very reasonablre rate & love living here, so all the speculatuion & opinion is somewhat limited as to current situation which can change on a dime.
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