Benjamin Terrace subdivision completion possible
Published on August 25th, 1999
STONEHAM, MA - Good news and the Benjamin Terrace subdivision usually do not appear in the same column, but neighbors to the problematic construction project off of Franklin Street left Wednesday's Planning Board meeting with reason to be hopeful that an end just may be in sight.
"They're taking a loan to finish the subdivision and (put-ting) up money for a bond," summarized Vice Chairman Kevin Dolan.
Although no representative of the subdivision appeared in person, the contractor's new legal counsel did send written word of recent progress in the matter to board Chairman August Niewenhous.
According to Joseph Tarby, III, of the Woburn-based firm of Roche, Carens & DeGiacomo, P.C., which is now representing Scire Construction, Northmark Bank has agreed to lend funds to Scire to finish the subdivision.
"...Northmark Bank has issued a commitment letter to Mr. Scire and Mr. Tedesco (of Scire Construction) to provide the necessary funds to complete the subdivision," wrote Tarby.
A contingency of that commitment is the establishment of a Tri-Party Agreement between itself, the borrowers and the Town of Stoneham in which, according to Tarby, "monies will be held by the Bank as security for the installation of the various municipal services and construction of the roadway as required by the Subdivision Plan."
Tarby went on to say that a Land Court Order had to be obtained before the bank would agree to a loan. With that done, closing of the mortgage agreement was underway and "...completion of the subdivision should begin very shortly."
Although this has been the most encouraging news regarding the construction in recent years, Franklin Street resident Robert Fields remained somewhat skeptical.
"We don't have a heck of a lot of trust in what they say..."
Board Chairman August Niewenhous described Tarby as an attorney from a well respected law firm and one who "does not give his word lightly." In addition, he de-scribed Northmark Bank as a very conservative portfolio lender. He called the action a "breakthrough."
An outstanding fee of $350 was issued this summer to the contractor for failing to meet the June 30 extension. At last month's meeting, when representatives of the subdivision again failed to appear, the board determined that the fee could not be appealed. This was reiterated to Tarby last week by Niewenhous when the two spoke by phone. Niewenhous also advised the new counsel that the fee must be paid prior to the issuance of any building permit.
Based on Town Engineer Robert Grover's assessment of the subdivision's status, an amount of $57,000 was estimated for completion. However, the board decided on a bond amount of $67,000 with consideration given to the contractor's past history of delays in completing the project.
The subdivision, and likewise the neighborhood, has suffered through years of problems. Earlier builders went bankrupt and the land was eventually sold to current owners William Scire and Ralph Tedesco, whose attempt at building the subdivision was never bonded.
Niewenhous opined that since now the contractors will be carrying $67,000 with interest, "my gut is it's going to get finished real quick."
In its motion, the board voted unanimously to extend the completion date to September 30 so that the bond would not be for an expired subdivision.
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