East-end residents are calling for “guarantees against failure” and “complete transparency” before development moves forward with the proposed Park Hyatt Resort.A St George’s Residents’ Group, made up of around 300 concerned individuals, have said the 260-year agreement is “a long incarceration if it doesn’t go according to plans”. They believe the public has a right to understand how this deal will work: the time it will take to build, the implications if its fails and its impact on the future of the area.Speaking to one resident yesterday, he said the group had met on several occasions and were closely following media accounts on the new development.They have also done their own research on the Bazarian International Financial Associates group and are concerned about how it will be financed.“The people in the residents’ group are people that have been asking questions to different elected representatives of the Government who never give straight answers. This is the reason the residents’ group has taken these matters in their own hands and want answers from the Government and Planning to the financial questions surrounding this project because everyone acts in some sort of secrecy ‘like it’s not your business’, but it is our business actually and people are very concerned.”In a letter submitted to The Royal Gazette, the residents outlined concerns about the length of the project agreement between the Bermuda Government and The Global Hyatt Corporation. “This is a long incarceration if it doesn’t go according to plans. It involves the spending in construction of an estimated starting budget of $300 million US.“The public has a right to understand how this deal is in the hands of an owner/developer of Addax Holdings Ltd registered in Bermuda by non-Bermudians, and a few Bermudians, who seem to be minority shareholders in the company. The majority shareholder is a group of individuals, and Carl Bazarian is their front. Do we know who they are, their intentions and where their finances originate from?”The residents agreed the investment could help boost the St George’s and Bermuda economy, but said they were concerned how the $90 million paid for the lease has been spent on the project so far.Last week Stuart Hayward, of Bermuda Environmental Sustainability Taskforce (BEST), also spoke out against plans for the resort, which is set to be built on the hilltop site of the former Club Med.He said the designs appeared “starkly un-Bermudian” and appeared “to pack as many buildings as possible into the space available and arranges them in a cookie-cutter pattern totally out of character with St George’s”.While BEST support the idea of a hotel at the East End, it has spoken out about the threat to protected areas.According to the St George’s Residents’ Group this is an important matter and the proposed development should be put to a public vote. Only once this is done can people really be content with the outcome.“We have to realise that our lives are going to be affected for a very long time, the residents of St George’s, and most certainly also those of St David’s, have to make sure that this happens in the best possible way.“That we have all the guarantees, the insurances, and the Government planning supervision. A project management ensures that the budgets are respected, and that the residents provide a commission to see that the project will go according to plans.”The group also say Government must be responsible if this private group fails to deliver and believe there should be some kind of guarantee to make sure the “project is or will be properly funded”.“We have to get the Bermuda Monetary Authority involved in making sure this will work for the St George’s residents.“This is too big to fail, for a small community like St George’s to have this burden if the Addax Holdings Ltd., Bazarian International Financial Associates and Global Hyatt Corporation fails to deliver.“The residents of St George’s have to be provided with statements and a strict supervision as to how the project progresses over the number of months, and years needed for this to happen in reality.”The residents’ group is calling for guarantees against failure “to make this gem sparkle like never before” and also advocate for complete transparency from beginning to end.