Opinion

Viewpoint

"The pain, anger and frustration of bondholders and ratepayers of the Holmes Harbor Sewer District is understandable. If time could be reversed, no one involved would want to see this unfortunate situation repeat itself, including those of us who had hoped the development would be a positive venture.As the developer of the Silver Sound Corporate Business Park, I would like to take an opportunity to share my view and help shed more light than heat on an already hot issue. It is also time to stop the blame game and name calling in newspapers and work together to fix this problem. The district authorized the bond sale last fall on advice of its bond counsel. The bonds were sold to finance the purchase of a parcel of land on the proposed project site and to cover the costs of issuing the bonds. The Record's recent editorial stating the district invested $20 million in the developer is untrue. The land acquisition by the district is now part of its site for utilities to serve the Silver Sound project and other nearby industrial properties. It would have been the property of the district, not my own property.The bonds were for the purpose of acquiring 15 acres of land to which the public infrastructure included a drainage basin, storm detention ponds, sewer and water areas and rights of way. The district was to own and operate the storm water systems and receive a user's fee for the purpose and benefit to the public.The Record also stated that I have proven I cannot get the job done. The development process is a long and arduous one. Municipalities, such as the Holmes Harbor Sewer District, have certain requirements that must be followed. I have abided by state regulations in every step of this process and will continue to do so. I have a long history of completing successful developments throughout the Snohomish County area. I have proven that I can and do see projects through to completion.References to my relationship with district personnel are also not true. Charles Tull, the District's counsel, has never been employed as my personal attorney.I want to see this situation resolved as quickly as possible. I will cooperate with whatever decision comes from the State Auditor and the Attorney General's office.The situation with the bond sale is an unfortunate one for all involved. My hope was that this could be a positive situation for the sewer district, the ratepayers and my development. That has not occurred. I can empathize with the ratepayers and am doing all I can to ensure a best-case outcome for everyone.I have been a member of this community for 20 years. I have chosen to raise my family here and have invested a lot of time and energy into making this community strong. I am confident that once this situation is resolved, the Silver Sound Corporate Center development will move forward and become a reality. I have every intention of making sure that happens. Additionally, because the bonds are non-recourse, no land within the Holmes Harbor Sewer District can be (or have been) assessed or otherwise encumbered for bond repayment, notwithstanding what was otherwise reported in The Record.Terry Martin is president of Silver Legacy Corporation. "

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