The Community Preservation Committee recommended the Sippican Lands Trust 12-acre acquisition project be fully funded at $300,000 and brought to Town Meeting Oct. 25.

In return for the conservation group’s purchase of the 12 acres, developer Baywatch Realty Trust has agreed to reduce the size of its proposed housing project on land abutting Route 105, just north of Route 6.

Under the agreement, the 168-unit development would be reduced to a four-building, 96-unit project. The acreage purchased by the lands trust would be left as open space, protecting wetlands and allowing a bike path easement. The new plans would also eliminate the need to widen Route 105 to accommodate increased traffic.

The agreement with the Lands Trust comes after 10 years of negotiation and litigation over Baywatch’s housing development. Using the state law designed to encourage construction of “affordable housing,” commonly referred to as “Chapter 40B,” Baywatch can avoid the need to comply with a variety of local zoning regulations – most relevantly, restrictions on the density of development.

Although the project is moving forward, the Board of Selectmen will be meeting with Baywatch before the Town Meeting to address concerns whether the town has the ability to enforce the agreement.

John Rockwell, a committee and Marion Open Space Acquisition Commission member, brought this information to light by saying the contract with Baywatch and the group of residents who have pushed for the project cannot be enforced by the town, as it is a private-party agreement.

“We’re being asked to buy 12 acres of land, but the private-party agreements can change at any time,” Rockwell said. “There are a lot of little details that haven’t been answered.

David Croll, an attorney who has been working with the Lands Trust and residents, thought otherwise.

The Zoning Board of Appeals is the main party to the agreement,” Croll said. “That’s the law. That’s built into the process.”

Expediting the creation of the bike path and the true value of the land were also concerns Rockwell had. He stated it the Open Space Commission’s appraisal of the land is around $15,000 to $20,000.

“In terms of open space, I don’t see it as a good fit,” he said.

Community Preservation Committee member Tom Magauran said a decision had to be made quickly.

“I just want a commitment that all of these moving parts come to an agreement,” Magauran said. “We have to go forward and the Selectmen need to find a suitable answer in 30 days. If they go to the town and say no to the project, it’s dead. No money will go to it.”

Croll was optimistic on the developer’s willingness to work out any loose ends.

“They understand the passage of time brings more financial uncertainty. If the Selectmen are willing to sit down, they’re ready to do business.”

If the project is approved at Town Meeting, Croll said another appraisal of the land would be done. However, none of the $300,000 allotted will be used until there is approval from the ZBA, Conservation Commission and the Board of Selectmen.