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NEWRY – Developers of a proposed 58-home residential development on 440 acres of the southwestern face of Mount Will met with disappointment Wednesday night.

They will have to return to the Planning Board in two weeks to seek approval of their subdivision, called The Peaks.

Board Chairman Joseph Aloisio asked Maine Mountain Properties LLC to submit a letter about a bank’s financing of the project.

Maine Mountain’s representative, engineer Tom DuBois of Main-Land Development Consultants Inc. of Livermore Falls, and Michael Liberti of Maine Mountain, both stated that such a letter had been given to planners several meetings back.

But Aloisio and planner Pat Roma said that they and other planners could not find it in their packets.

Aloisio also asked Maine Mountain to return with a letter stating it has created an escrow account for a proposed 150-foot clear-span bridge to be built over Sunday River and its floodplain. The bridge allows access to the site off Sunday River Road.

Headquartered in Newry, Maine Mountain Properties is the joint venture of Liberti of Newry, Bruce Lilly of Bethel, Steve Swasey of Andover and Peter Getman of Dover, N.H.

In other business, Aloisio stepped down as chairman to present a Sunday River Ski Resort proposal – the Dream Maker Subdivision. Aloisio is an engineer for the ski area.

Planner Elizabeth Bean, also a Sunday River employee, took over chairman duties.

The resort is proposing to revise its property off Dream Maker Trail and atop Skiway Road.

Initially, at the board’s April 20 meeting, Aloisio said the resort wanted to divide the property into six parcels, which would then be sold to a developer.

At Wednesday night’s meeting, Aloisio said the proposal had been reduced to a four-lot subdivision, with lot sizes from three to 30 acres.

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