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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 manager Deandra DiBiase described recent site work to address erosion and said, "All they were doing today was, top dressing with some loam because we're hydro seeding tomorrow."
Why it matters: the issue affects when the developer's surety funds are released and when the city will accept the new street as a public way. The larger surety, executed as a tri‑party agreement among PBD Living LLC, Enterprise Bank and the city, covers multiple line items (paving, curbing, drainage, catch basin cleaning, landscaping and related infrastructure) whose satisfactory completion is required before full release or street acceptance.
The board received memoranda from the city engineer (James C. Nicholas) and an email from the municipal light department about a light pole. After on‑site reviews and follow‑up photos, the engineering staff advised the planning board not to take action on the larger bond this evening because a few erosion and basin items remained under review. Planning staff also reported that the developer had repaired a light pole previously noted in poor condition.
Board action: a motion to release the $50,000 roadway surety passed on a roll call with all members recorded as voting yes. The board then asked the Department of Public Works and city engineering to review the developer's April filings and the proposed partial release schedule and to provide a recommendation before the next meeting. A subsequent motion to request that review passed unanimously.
Developer and staff said remediation work has been ongoing (catch basin cleaning, erosion control, hydroseeding and loam/top dressing) and that some items will be constrained by seasonality (hydroseeding and tree evaluations). The developer said they had held back a modest amount (approximately $35,000) in discussions as the line items still under review; engineering has not yet confirmed an agreed dollar amount for a partial release.
Next steps: the planning board asked engineering and DPW to return a written recommendation and an itemized proposal for any partial releases at or before the next board meeting so the board can act on the larger bond then. The accepted $50,000 release clears the roadway‑damage surety; the larger tri‑party bond remains partially secured while DPW confirms that erosion, basins and right‑of‑way items meet city standards.
