HomeMy WebLinkAbout1982-08-04 Correspondence DEF SUB ' ; I
FAM I LY
BANG
January 26, 1996
John P.Teoli
Vice President z
Janet L. Eaton
Division of Planning and Community Development
Town of North Andover
120 Main Street
North Andover,MA 01845
RE: Bear Hill Subdivision
Dear Ms. Eaton:
A little over one year ago,we spoke regarding the Guaranty of Completion Agreement between
the Town and Zachary Realty Corporation. The Bank has acted as Escrow Agent for several
years under a Tri-Partite Agreement for the Bear Hill subdivision, and continues to maintain the
deposit account. As this agreement between the Town and the developer dates back to 1983 (per
the copy of the agreement you bad forwarded to me),the Bank unfortunately finds its records to
be sparse relative to this matter. The last correspondence from the Town dates back to 1988 (a
copy of which is enclosed),which required the Bank to maintain a minimum balance of
$17,000.00 to guaranty completion of the installation of trees within the subdivision.
The Bank has maintained this balance, on which interest has accrued. As this deposit account
has been inactive for several years,coupled with the absence of a current Escrow Agreement,the
account has been closed. A check in the amount of$24,654.07,representing the minimum
balance required per the last correspondence of$17,000.00 plus accrued interest, is enclosed.
If there exists any excess funds aver the work has been completed by the Town,please return the
residual proceeds to the Bank.
Please contact me with any questions.
Sincerely,
John P. Teoli
Vice President
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153 Merrimack Street/P.O. Box,431/Haverhill,Massachusetts 01831-2314/(508) 374-1911 Fax (508) 373.8037
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Y TOWn Of 120 Main street
'OFFi S; B North Andover,
AP A ; ; NORTH .A►NDOVER MassachuSetts01845
BU DIN `•r..
C SP ATiON DIVISION!OF (617)68 ,E j
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P ^N ING PLANNING &COMMUNITY DEVELOPMENTL�G ' E
KAREN H.P. NELSON, DIRECTOR
March 1 , 17SE3
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Ronald G. Trombley,
Vice-President
The Family Mutual Savings }Tank
153 Merrimack Street: �
Haverhill , MA 01830
Re: Bond Release - Bear-hill Subdivision
Designer Homes
3
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Dear Mr. Trombley;
The Family Mutual Savings Bank is hereby authorized to advance
to Designer Homes by Zachary Inc, the following funds released by the
North Andover Planning Board at their February 25,. 19BB board meeting:
For work Completed $487232.00
The balance in this account, less accured interest should be
$17,000, which shall be retained for trees,
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This is in accordance with the Subdivision Control Agreement
dated February 10, 1986 between the Town of North Andover. Designer
Homes by Zachary, Inc and The Family Mutual Savings Bank.
Sincerely,
PLANNING BOARD
Paul A. Hedstram.
Chairman
PAH: 31e
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