- Written by Administrator
- Published: 27 February 2014
The Planning Board took a final look at papers regarding a payment plan schedule for Duxbury Estates.
The board overlooked a promissory note from Giacchetto and Duxbury Estates to adhere to a revised payment plan as laid out by the Planning Board at their previous meeting on Feb. 10.
The solution presented by the board was to ask Rockland Trust to put aside $25,000 out of the sale of every unit to be paid directly to the town for the Affordable Housing Trust. The board will issue permits 22 through 31 to Giacchetto and through those 10 permits will receive $250,000 towards the $1.3 million they are owed. Each of the permits from numbers 32 through 36 will cost $193,000. Combined with the $135,000 initially paid by Giacchetto at the start of the project, the town should receive the correct amount of money by the 36th permit.
The board is still waiting on a letter from Rockland Trust agreeing to setting aside the $25,000 from each sale.