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Board asks staff to research expanding escrow and performance guarantees in subdivision rules
Summary
The Land Use Administrator proposed expanding escrow/surety/performance guarantees beyond subdivisions that involve road or utility work; staff will draft language and compile data from other towns for board consideration.
At the July 15 meeting the board heard a staff request to consider broadening the town's use of escrow, surety, and performance guarantees for development projects.
Peter Gaffney explained that current Subdivision Regulation language limits such guarantees to subdivisions involving road or utility work. He told the board staff will prepare draft regulatory language and gather comparative data from other towns to show options and best practices.
No vote was taken; the board directed staff to return with proposed language and background information at a future meeting.
