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Select Board defers signing Community Forest promissory note until legal review
Summary
The Select Board delayed signing a promissory note tied to the Community Forest closing scheduled for June 29, 2026, citing unclear payback language and an unsecured-note clarification requested by board members; the board will have town counsel review and revise the document.
The Town of Otisfield Select Board on June 17 deferred signing a promissory note related to the Community Forest project after board members raised concerns about the note's wording and requested legal review. Lee Dassler, representing the Western Foothills Land Trust, told the board the project closing is scheduled for 1:00 p.m. on June 29, 2026 and presented the promissory note for the board's signature.
Chairman Hal Ferguson proposed revisions to clarify that the note is unsecured. Selectman Brendan Bedell asked for explicit language on the payback period after noting that current wording suggested the property could be transferred in lieu of payment. Board members said the note’s present language did not accurately reflect the intention of the townspeople’s vote and agreed to defer signing until the town’s legal counsel reviews a revised document.
The board did not take a vote on the note at the meeting. The deferral preserves the board's ability to seek clearer repayment terms and legal confirmation before completing the transaction. The Community Forest closing remains scheduled for June 29; the Select Board’s action delays only the town’s execution of the presented promissory note pending counsel review.
