Ask For Escrow - 27 East


Southampton Press / Opinion / Letters / 1788153

Ask For Escrow

With this letter, I am asking the mayor to make an immediate written request to Adam Potter. It would simply say:

“Adam … Village review of your plans will take months and generate controversy among our citizens. At the end of all that, we don’t want you to say, ‘Oops, I ran out of money.’

“So, within the next week, please deposit $10 million cash in one of our local banks. It will be released if (a) needed to fund construction of your plan once OK’d, or (b) when you tell us your plan is abandoned.”

What Adam has acquired so far — for almost $10 million — is the 7-Eleven complex and parking lots. All 20,000 square feet are to be covered by the new theater. We’ve seen the plans.

At a construction cost of $500 per square foot, that comes to $10 million to build the Taj Mahal, not to mention the cost of interior furnishings and the demolition of what’s there.

So, Adam running out of funds — or just never being asked to prove that he has them — is a legitimate concern.

Madam Mayor, please help put our minds at ease.

Duncan Darrow

Founder and Chairman

Fighting Chance

Sag Harbor