My topic for this week is Chinese investors looking at investing in Sandusky.
The city states that the Chinese were in Sandusky and they were impressed with our city. The Chinese are looking at various investment opportunities; one group has already visited with a second group coming in at a later date. The Chinese can take their pick of any of the vacant buildings we have standing empty in town, but my guess is that they will go after waterfront property.
A lot of the waterfront property is owned by the city. The City Commissioners have been behind closed-doors over the purchase and sale of personal property six times this year. We hope the city is not thinking about selling off any of our precious waterfront property.
Our ports of entry are very important and these days with Homeland Security, you can’t be too cautious of what exactly is being proposed for the waterfront. The city needs to protect our port of entries.
The Chinese are purchasing land all over the United States at an increasing rate. Toledo recently sold its Docks restaurant complex to the Chinese for $2.15 million. The Chinese are also working to prepare an offer to purchase Toledo’s stalled Marina District. Toledo has spent four years marketing the Docks complex to retire $1.66 million bond to bring in revenue to help reduce their budget deficit that will reach $4.85 million this year.
Until next time, we will just have to wait and see what develops here in Sandusky. The Chinese investors deserve close scrutiny, nonetheless, of what is being proposed, how the land and waterways will be used, and whether or not we are dealing with third parties. In other words, the city will need to keep things in perspective and do a reality check when investors come calling.