Board holds real estate entity accountable
Eryn Dion
News Staff Writer
TEMPLETON — The Board of Selectmen voted Monday to hold real estate company Edgewood Development responsible for the remainder of a $75,000 settlement owed to the town after the company’s housing project fell through.
“They signed a legal, binding agreement,” said Chairman Jeffrey Bennett, whose frustration was echoed by both the board and those in attendance. “It’s a funding source we should hold them to.”
In 2009, Edgewood planned to build a 69-lot housing subdivision along Dudley Road, but after the housing market collapse, the project was dropped and the land sold to the Department of Conservation and Recreation.
As part of the original contract, the company offered a $75,000 gift agreement to be paid in either cash or in-kind services if nothing was done with the land by August 2015. The funding was slated to be split between Gilman-Waite Field and the Common Improvement Committee.
The Plainville-based company asked to be released from the hefty agreement with the town in November and were denied.