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Planning board authorizes $50,000 release for Stonegate subdivision, defers larger surety decision
Summary
The board approved release of a $50,000 off‑site surety for Stonegate after review of before‑and‑after road videos and accepted representations that roadway damage did not occur; the larger $286,000 tri‑party surety was not fully released pending Department of Public Works review of remaining punch‑list items.
Peabody's Planning Board on April 17 authorized release of a $50,000 off‑site surety tied to roadway condition for the Stonegate subdivision but declined to release the larger $286,000 tri‑party surety pending further review by the city's engineering and public works staff.
PBD Living LLC representatives told the board they had posted required surety instruments during subdivision completion and subsequently submitted before‑and‑after video evidence for the roadway that the city engineer reviewed. Hugo DiBiase, representing PBD Living LLC, said the subdivision had been completed and lots sold and argued that the parties had agreed on a schedule of values for the larger bond: "the release of said fund should not be unreasonably withheld," he said. Company construction…
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