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Selectmen press 125 Development on missing $2.12M performance guarantee; trustee says sale not automatic
Summary
The board said it has no evidence a $2,124,597.75 non‑lapsing performance guarantee required by a 2023 condition was posted for the 125 Development project and said town counsel will add verbiage to draft bond language; the town also received a trustee letter saying the Bierce estate will only proceed if in beneficiaries’ best interest.
Selectmen reviewed bond and trust issues tied to a local development and a separate land‑purchase vote.
Board members said conditional‑use approval dated March 28, 2023 required a non‑lapsing performance guarantee in the amount of $2,124,597.75 (cash or letter of credit) to ensure site stabilization should the developer walk away; the board reported it had found no evidence the guarantee was posted and asked the developer to provide documentation. Town counsel has been asked to add explicit verbiage to draft bond language so the planning board or building inspector can prevent a bond from lapsing without town approval.
Separately, the board read a certified June 3 letter from attorney Jennifer Hoover of Hoover & Flynn, who said she represents trustee Susan LaCroix of the Chester E. Bierce Revocable Living Trust. The letter stated that, in the absence of a written contract, the trustee does not believe she has a contractual duty to proceed with a sale to the town and that the trustee must act in the beneficiaries’ best interest; the letter added the trustee would contact the town if she determines a sale is appropriate.
Chair Dan said two of Chet Bierce’s three daughters support the sale and that the town will continue to pursue completion; he also moved to unseal certain nonpublic minutes from Aug. 20, 2024 so the public can review prior discussions.
Why it matters: Missing performance guarantees can expose a municipality to risk if a site is left unstable, and the trustee letter clarifies the estate’s current legal posture on a previously proposed town land purchase. Town counsel and planning staff will need to confirm bond postings and next steps.
The board asked the developer and its agent to submit any bond or insurance documents and asked town counsel to finalize the bond language. The unsealed minutes will be posted on the town website.
