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6 <br /> In the last few weeks he has also become involved in potentially <br /> becoming a member of a group' to invest in the purchase of <br /> Willowbend. He has had discussions with the Bank and are <br /> attempting to find a solution and are trying to find a way to go <br /> forward with the project. <br /> He feels the original concept is valid and viable. <br /> He explained that he owns a company involved in planning - <br /> marketing planning, strategic planning. He feels they would be <br /> able to come up with a plan to make it workable and viable. <br /> Because of the discussion with the bank, he doesn' t want to get <br /> into all of the intracacies of the status of the project. <br /> He came in to explain where he is right now and where he hopes to <br /> be. If successful with the bank, they will jointly come back to <br /> discuss with the Planning Board how to go forward with the project. <br /> Judy stated that the Board may have further interest. They feel it <br /> could be an asset to the community. <br /> She explained that there has been some correspondence to the Bank <br /> concerning the bonding of the municiapl type aspects of the project <br /> the treatment plan, roads etc. <br /> Judy asked for an update on the $3 million account. <br /> Mr. welch stated that they would like to know what the Board feels <br /> needs to be done. <br /> Judy asked if they had their discharge permit? <br /> Mr. Welch stated he would have to let engineers answer that He <br /> believes they are in the preliminary approval stage . <br /> Judy asked if the mixed use problem has been resolved? <br /> Mr, Welch stated that they are waiting for the state to respond to <br /> this issue . <br /> Mr. Dunning stated that they are not getting much response from the <br /> State on hove to deal with this problem, from DEP. <br /> They have considered condominiumizing entire property. The problem <br /> did not arise until after some lots had been sold. <br /> Judy asked what they perceive as the next step? <br /> Mr= welch asked what the Board feels they need to do? <br /> Judy responded that they need them to make an as s esment of what <br /> they have completed and what has not been completed. ' At that point <br /> the Board will have telr consulting engineer go to check that all <br /> those items are complete. <br /> They can then discuss altering the amount of bonding/account for <br /> which they are liable. <br /> Judy explained that they will need estimates from professional (on <br /> their letterhead) and then it will be standard 150% of that <br /> estimate. <br /> The Board will look for the security to be procured through a third <br /> source on advise of town counsel . <br /> Sentry bank is not now considered a third party. <br /> Mr. Welch pointed out that a subsidiary of the bank owns the <br /> project. <br /> Pat stated that he is particularly concerned about the wholly owned <br /> subsidiary --- it is a technicality. <br /> Mr. welch stated they are not disbuting that . <br />