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Planning Commission Minutes — May 9, 2013 <br />Page 2 <br />owners of this property in facilitating the minor subdivision and variance applications. He <br />concluded in saying that they decided to simply subdivide the property rather than reapply for <br />the cluster development. <br />Chairman Gwynn opened the Public Hearing. <br />Chairman Gwynn closed the Public Hearing. <br />Chairman Gwynn asked for the Commission feedback. <br />No one had any comments. <br />McRoberts motioned, Arcand seconded, to approve the minor subdivision and variance for Scott <br />Montgomery. <br />All ayes, motion carried. <br />Assessment Policy <br />City Administrator, Bryan Bear, presented to the Planning Commission the revised Assessment <br />Policy. He stated that staff prepared an amendment to the existing assessment policy, which is <br />found in section 5B. This refers to a new Exhibit A that is attached to the policy. This exhibit <br />talks about public improvements for collector streets only, economic development incentives, <br />and accepting a Letter of Credit for 60%. He concluded in saying that staff is comfortable with <br />how the policy is currently established but also support the proposed changes, and therefore <br />recommends approval of the draft policy. <br />McRoberts asked if the exhibit is only constrained to road projects and if it could be applied to <br />other improvement projects. <br />Bryan stated that the policy is specifically for road projects but can also be applied to other <br />projects such as utilities if the request is made. <br />Rosenquist asked if the Finance Director was comfortable with the Letter of Credit being at 60%. <br />Bryan stated that the Finance Director is comfortable with that Letter of Credit level that is being <br />proposed, but also stated that this level is adjustable. <br />Kleissler asked if there were studies done on other cities related to this issue. <br />Bryan stated that staff has done studies on other cities, and have found a range of requirements <br />for the amount of the Letter of Credit. He also stated that other cities have provided their own <br />incentives to stimulate economic development. <br />McRoberts asked where the funding would come from. <br />