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• <br /> e <br /> The Chair-man called this Matter to order and <br /> recognized Mt. Hopple, who submitted three , bid's for <br /> road construction work. <br /> Applicant asked the Planning Board to consider placing <br /> a lien on the property in lieu of imposing the required <br /> 1 o% of the anticipated work i-n the form of a performance <br /> bond. <br /> Mr. Rowley stated that he could not recall a situation <br /> where the Board .had agreed to anything other than the 1 0 <br /> requirement . He explained that in the event of default on <br /> the part of the developer, the security enables the Town to <br /> complete the necessary roadwork so that the lot can be <br /> released. <br /> Mr. Rowley suggested one of two options, either <br /> complete the roadwork for inspection, or -post a bond or <br /> cash bond. <br /> Mr. Rowley then referred to his report and those <br /> outstanding issues for completion, being a clean-up of the <br /> pavement, re-paving from the edge of Spring Hill, clean-up <br /> and loam/seed and pare the road shoulders, install bounds <br /> and street sign. <br /> Applicant proposed that he be allowed to ]wild the <br /> house and complete the road work thereafter,, at the time <br /> the property is sold. <br /> Mr. Rowley reiterated the options ava-ilable to the <br /> Applicant, and cited the Statute that requires the road <br /> constuction be completed in accordance with the covenant <br /> document t� provide security t the Town in an <br /> acceptable amount in exchange for the lot release. He <br /> explained that said security is held in escrow by the Town <br /> until such time as construction is completed and the <br /> release has been approved.. <br /> The Board directed Applicant to inquire as to <br /> performance bond requirements at his local bank. <br /> Reference was them made to the three ]yids for the <br /> road work from Christopher costa, Clover Paring, and <br /> Atlantic Highway Sign company. <br />