130 Market St - Modification

I'll make a motion to release $25,000.

I make a motion to release the erosion bond in the amount of $4,236.68.

Joel Nice motioned to accept the request to reduce the payment in lieu to $240,000.

Tracey Chalifour motioned to waive payment for the last two units because 8-unit payments will satisfy the $240,000 payment in lieu.

Tracey Chalifour motioned to release $10,000 from the erosion control bond.

Joel Nice motioned to establish a $25,000 cash performance bond with the following conditions: 1. The developer shall submit an As Built. 2. The developer shall provide an offsite improvement sign off letter from DPW. 3. The developer shall be responsible for obtaining the Certificate of Compliance. 4. The developer shall provide a letter from residents acknowledging they are responsible for perpetual maintenance. 5. The remaining $4,200 of the erosion control bond will be released after the Certificate of Compliance is issued.

Joel Nice motioned to release the final 2 units from the covenant.

Motion to modify the covenant for 130 Market St. to say that in lieu of posting a performance bond, the certificate of occupancy permits for the final two units will not be released until the improvements required are completed and the Board has received sign off from Inspection’s and Public Safety.

Motion to determine this was a minor modification.

Motion to accept a payment in lieu of the affordable unit in the amount of $300,000. It would be paid out in the amount of $30,000 per sale of each unit in the 10 unit development.

Motion to send a memo with recommendations on how to use that funding.