DERRY — A group of about 50 residents has petitioned the town to purchase a 100-acre parcel to keep a developer from building 29 single-family homes on the property.

The property is scheduled for a foreclosure auction next week and a special meeting will be held tonight for councilors to discuss purchasing it.

Resident Brian Germaine, who drafted the petition, said it would be better to have the town purchase the land than to have new families move into Derry.

The Planning Board approved the Harvest Estates subdivision in 2006, but very little work has been completed on it. Trees were cleared, and last year a dirt road was built off Hampstead Road.

The developer, Ron Mead, filed for bankruptcy and the property is scheduled for auction Nov. 17.

Germaine, who owns a home that abuts the subdivision, said he submitted the petition to town officials Friday after hearing about the auction. One side of the subdivision abuts the East Derry Memorial School, which might make the property attractive to town officials.

"I think we all know open space only helps the town," Germaine said.

If the property were to be purchased by the town, Germaine said, that could mean fewer children would enter the school district and, in turn, save residents money in property taxes.

"If you have two to two and a half children, it's a negative impact from a tax standpoint," Germaine said.

There wasn't much opposition to the project in 2006 when it was approved by the town and Germaine was prepared to have it become a neighborhood until last week.

Town councilors said yesterday the town may consider the property for recreation or open space.

Councilor Kevin Coyle said town officials have no specific purpose in mind for the land.

Councilors also said they didn't know how much they would have to pay for the property or when they might attempt to buy it.

Conservation Commission Chairwoman Margaret Ives said more work would have to be done to determine whether the land would be valuable to that board.

The commission previously was interested in other properties in the area, but hasn't evaluated this property because it was slated for development.

Tonight's meeting is scheduled for 7 at the Derry Municipal Building. The Town Council is scheduled to have a nonpublic meeting to discuss purchasing property.

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