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Release of Covenant <br /> Applicant. Bradgate Associates <br /> Location. Sarakummit Village <br /> Request: Release of Covenant. <br /> Mr, John Falacci was present to request a bond reduction and <br /> release of covenant. <br /> Mr. Falacci stated that he spoke to his bank who confirmed <br /> that the $200,000 L/C is valid but the $390,000 L/C was <br /> released on 4/2/87 . Town Council confirmed that L/C# 1558 <br /> 40 <br /> is valid until the Bank if notified by the Town. <br /> Mr* Falacci stated that they have provided the Board with a <br /> bid from Lawrence Lynch which covers most of the items in <br /> Charlie' s report of January 3rd. He does not agree, <br /> however, with Charlie's concern about the electrical pads . <br /> He does not agree that any modification is necessary or that <br /> it is the responsibility of Sarakummit village. <br /> Tony stated that the Board will not make any decisions about <br /> this issue until they have received Town Council ' s opinion. <br /> Mr. Falacci stated that the second issue is the street <br /> monuments. The previous bond was released without the <br /> monuments being in and he feels this bond can be reduced <br /> before the bounds are put in. <br /> Tony stated that it does not matter that the previous bond <br /> was released, for whatever reason. The developer has <br /> neglected to do his job and the bounds must go in before the <br /> bond is reduced. <br /> Mr. Falacci requested that this question go to Town Council. <br /> They are very concerned about getting the L/C reduced. <br /> The Board requested that Mr. Falacci bring in a cost <br /> breakdown of all items on Charlie' s list including the cost <br /> for the street monuments. <br /> The Board requested that Lee look into the electrical pad <br /> situation. <br /> Release of Covenant. <br /> Mr. Falacci explained that he met with Lee, Tom and Mr. <br /> Reardon to discuss the release of the covenant. They came <br /> up with a proposal for the problem of flooding of Noisy Hole <br /> Road. He explained that it is still their opinion that <br /> there is not a drainage problem; what happened was a once in <br /> a lifetime phenomena. They did present a proposal for <br /> increasing the retention area but that was not acceptable to <br /> the Board. It is their opinion that they need specific <br /> direction from the Town and the Town should take more of an <br /> active role. <br /> Their present proposal it to dedicate the backland to the <br /> 4 <br /> i <br />