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The Board discussed at length their options and what action they <br /> should take. <br /> They discussed the time length they should give each developer to <br /> replace their Letters of Credit with an acceptable form of <br /> security. <br /> Torn will send a letter to all 3 developers indicating the Board <br /> will no longer consider their letters of credit appropriate <br /> security and no renewals will be accepted. <br /> For Springhill West ' the Board will send a letter to Mr. <br /> McGaffigan asking him to notify the Board when they intend to <br /> finish the work at their subdivision and request he attend the <br /> May 1st meeting to discuss the violations of the special permit. <br /> At that time they will serve him notice (in that letter) that the <br /> Board no longer accepts Letters of Credit as security and prior <br /> to the expiration of his L/C he should post acceptable security. <br /> Applicant: Sarakummit Corporation/John Falcci <br /> Location: Sarakummit village subdivisin <br /> Request: Continuation of discussion regarding passible <br /> rescission of subdivision apprval on uncompleted <br /> portion and release of covenants on 3 lots still <br /> owned by Sarakummit. <br /> There was no one representing the applicant at this meeting. <br /> CORRESPONDENCE <br /> - Warrant for Town Meeting <br /> - Tom will get a copy of the April 4th letter from Joe Reardon. to <br /> Attorney Princi <br /> ACCEPTANCE OF MINUTES <br /> Louise made a motion to accept the minutes of the April 3rd <br /> meeting. Wayne seconded the motion. All Board members were in <br /> favor. 5-0 <br /> Meeting adjourned at 11:30 p.m. <br /> Minutes submitted by Arden R. Cadrin <br /> 11 <br />