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Planning Board accepts irrevocable letter of credit and releases Lot 5B at 50 Sunnyside Lane
Summary
The board accepted an irrevocable letter of credit for $42,813.08 covering outstanding subdivision items and released Lot 5B (50 Sunnyside Lane) from a restricted covenant, authorizing the town planner to sign recording documents.
The Planning Board voted to accept an irrevocable letter of credit dated April 15, 2025, in the amount of $42,813.08 as an alternative performance guarantee for outstanding subdivision work and to release Lot 5B (50 Sunnyside Lane) from its restricted covenant.
Why it matters: Under the board’s subdivision regulations a developer may post a performance guarantee in place of completing remaining items before the town will release a lot from a subdivision covenant. Staff and engineering reviewed the letter of credit, interim as‑built plans and unit costs and found the security sufficient to cover remaining work.
Formal action and recording: The board’s motion authorized acceptance of the irrevocable LOC and authorized the town planner to sign the law records and files necessary to effect the release. The roll call vote approved the acceptance and release; one member recused. Staff will proceed with the recordation steps described in the board’s motion.
Documentation: The LOC amount and the items it covers were reviewed by engineering staff; the town planner will file the release and the LOC language in the land records after verifying all requirements have been met.
