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Planning Board backs amendment to Tech Park West agreement to convert office space to residential and accelerate payments
Summary
The board endorsed an amendment to the Tech Park West development agreement that converts planned office space to residential in phase three while preserving the town’s total payment; the developer will pay half at each building permit and half at certificate of occupancy.
The Planning Board supported an amendment to the Tech Park West development agreement to convert planned office square footage in phase three to residential use and to accelerate part of the town’s payment schedule.
Planner Elizabeth Wars told the board the amendment would not change the total amount owed under the development agreement but would restructure payment timing so the town receives half of each building’s payment at the building‑permit stage and the balance at certificate of occupancy. "So, the town gets the same money, but we get basically half the money a couple years earlier," Wars said, and staff characterized that timing as in the town’s interest.
The board voted to approve the amendment and authorized signature; the item will also proceed to the select board for its action. The board did not resolve how the funds will be spent; that was identified as a separate future discussion.
