Planning Board approves reduction of Beaver Brook Woods performance guarantee to $17,600
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Summary
Beaver Brook Woods LLC obtained approval Feb. 25 to reduce the tripartite performance security from roughly $240,933 to $17,600 and received an extension to complete remaining work by April 15, 2025.
The Town of Danvers Planning Board voted Feb. 25 to approve the seventh modification of the tripartite agreement for the Beaver Brook Woods definitive subdivision and to reduce the remaining performance guarantee to $17,600.
At the meeting, John Collin Toney representing Beaver Brook Woods told the board the developer agreed with the Engineering Division’s recommendation to reduce the held security from approximately $240,932.85 to $17,600 and asked for time to finish remaining items delayed by frost. The board’s approved modification extends the developer’s completion deadline from Nov. 30, 2024, to April 15, 2025, and reduces the balance held under the agreement to secure the listed incomplete work.
Town staff confirmed the engineering division documented a short list of remaining minor items in a memorandum dated Feb. 21, 2025, and said the amount reduction reflected work already completed and the items the engineering division considered outstanding. After a motion and second the board voted in favor; the second was recorded in the minutes as by “Mike Tacoulas.”
Why it matters: The reduction both reduces the lender/developer escrow obligation and leaves a smaller town-held security to guarantee completion; the extended completion date gives the developer time to finish surface work dependent on thawing conditions.
The board recorded the action as the seventh modification to the tripartite agreement dated Dec. 8, 2020, among Beaverbrook Woods LLC, Bank Gloucester, and the Town of Danvers Planning Board.