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Planning Board hears update on Lot 2 covenant; purchaser assumes road responsibilities
Summary
Staff updated the board that a pending purchase-and-sale for Lot 2 transfers responsibility for the road and related construction to the purchaser; no formal board action was taken at the March 12 meeting.
Planning Board staff updated members that the purchase-and-sale agreement for Lot 2 assigns responsibility for completion of the road and related construction to the purchaser. As a result, staff said there is no need to release Lot 2 from the existing covenant at this time; the bond will transfer with the sale and staff will follow up with the new owner to ensure bond obligations and road completion continue through the closing and in the months afterward.
Adam (staff) told the board he would contact the new owner before the July bond-payment timeframe to confirm that the purchaser is maintaining the bond and completing outstanding work. No public comment or motion was recorded; the item was presented as an administrative update during ongoing items.
