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r <br /> Tony Ferragamo stepped down. <br /> Attornev Kev�.n Kirrane and Mr . welch from Sentry Bank wi2re present . <br /> Judy explained that the Board received a letter from Mr. Hostetter <br /> officially notifying them that the project was turned over to the <br /> Evergreen Corporation. <br /> Mr . Kirrane stated that Bank Counsel,. Nutter,, McClennon and. Fitch <br /> responded to Louise ' s letter regarding security. <br /> Judy read the letter. <br /> Judy stated that a copy of the Letter the Planning Board sent dial <br /> not go to Evergreen, but the Board had not yet been officially <br /> notified that Evergreen owned the property. <br /> Mr. Kirrane stated that many of the issue raised in the letter ar e <br /> of compliance or non compliance of the agreement which was entered <br /> into with the Town at the time it was developed. <br /> He presented a pile of correspondence between Mr . Hostetter and the <br /> Town (Mr. Rowley, Mr. virgillio etc . ) with requests for inspections <br /> and determinations of work which remained to be completed. <br /> Mr. Kirrane explained that the only lots released from the covenant <br /> are the original 64 lots and the condominium . buildings . The <br /> additional 20 lots were not released from the Planning Board <br /> covenant . <br /> The documentation presented is an assessment of the work which has <br /> been completed. <br /> They also presented a letter from Lawrence Lynch Corp. which gi%res <br /> an assessment to complete the road work in phase I of the <br /> development . <br /> The applicant is suggesting presenting a Letter of Credit for 15.1.1% <br /> of the amount to complete those roadways . <br /> When they seek to obtain a release of the other 22.0 lots or al..y <br /> additional lots , which will require dealing with the sewage <br /> treatment plant, they will provide a let ter of yredit to secure the <br /> sewage treatment plant, unless there has been some deter{i ination by <br /> the State . This issue will not have to be addressed right noT,-7. <br /> Judy asked if what they are saying is that they are not going to <br /> put anything towards the sewage treatment plant? <br /> Mr. Kirrane stated that at this time they are prevented f rozn <br /> building the sewage treatment plant. <br /> Judy stated that the Board asked Michael Dunning (at the last <br /> meeting) f or a legal opinion of why a third party does not have to <br /> hold the security, as Town Counsel has stated it does . <br /> Mr. Kirrane stated that he will have Mr . Mutter address that issue <br /> since he was the original author of the agreement with the Town. <br /> Louise asked where is the list the Board had asked for? <br /> Mr. welch stated that the correspondence presented alor.-TJ <br /> .-th the <br /> Lawrence L vnch letter , which states what has not bu-,�,en is <br /> what they have presented. <br /> 3 <br />