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It is the developers responsibility to build the plant on or <br /> before the 5 0th unit. If it were to be transferred prior to that, <br /> the developer would pay their per rata share of any costs <br /> associated with it. <br /> There are funds or accounts in existence today: <br /> - account emergency fund is required under the discharge permit <br /> and condo documents. It is eventually to have $84 ,000 it. Each <br /> unit is responsible for $495.00 over a 3 year period. It is <br /> established and being funded. It is specifically designated to <br /> be available to deal with emergency repairs or malfunction. <br /> - plant reserve fund is money set aside for the standard <br /> operation and maintenance of the STP plant once it is up and <br /> going. <br /> - working capital account. 2 months of condo fees which are <br /> collected at closing. They are set aside for general common area <br /> elements. <br /> - standard operating account, monthly collection goes to pay <br /> expenses . <br /> a" reserve account for replacement of elements other that the STP <br /> account. <br /> All are distinct and separate accounts and different from the <br /> $125, 000 letter of credit. <br /> The letter of credit is to be posted at the completion of phase <br /> one (unit 41) payable to the Town. It is available to the Town <br /> to upgrade the STP based upon bio monitoring results . <br /> Tony stated that it is not just the monitoring which would <br /> trigger the alarm to upgrade , it is for any reason the plant can <br /> or should be upgraded to achieve better water quality. If the <br /> technology becomes available to upgrade it can be used for that. <br /> Mr. Butler stated that he does agree with that. The homeowners <br /> had expressed' a concern of where is this $125, 000 coming from and <br /> when do the unit owners became responsible for it. <br /> He explained that up until the completion of the last unit it is <br /> the developers responsibility. <br /> Judy asked whose responsibility after that? <br /> Mr. Butler explained that then they will transfer it to the <br /> homeowners association (of 170 members) and they will be <br /> responsible. The developer will require the Association replace <br /> it with their own letter of credit or some other method. It is <br /> very explicit in the condo documents. <br /> Other concerns of the homeowners : <br /> - They wanted more 3 bedroom units intermingled. It was <br /> discussed with the developer and they are going forward with the <br /> present scheme because it would require a more extensive <br /> modification of the special permit to change the bedroom <br /> footprint. To begin to make substantial changes its problematic <br /> and enters into septic calculations , etc. <br /> 3 <br />