Who is responsible for maintenance of the resort if Cottage Advisors defaults during or after development? What is the taxpayers risk?
The taxpayer has no risk, as there are no municipal services. The owners will pay all services and maintenance with their monthly common expenses. If Cottage Advisors does a poor job of management, the cottage owners will replace the company with a new management team and the resort will continue to operate. If default occurs prior to the opening of the resort, Cottage Advisors will lose its investment but the taxpayer will never be at risk. This is a privately funded and operated resort – the general public will have no financial risk.
