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Planning Commission Minutes — May 9, 2013 <br />Page 3 <br />Bryan responded in saying that the financing plan will vary depending on the project. He stated <br />that the City has primarily looked at applying this policy to routes that are considered state aid <br />routes and/or collector streets. <br />McRoberts asked the Finance Director, Ron Otkin, if he was not comfortable with borrowing <br />money for these projects. <br />Ron stated that he was not comfortable borrowing when only one parcel is being assessed. He is <br />more comfortable borrowing in a circumstance where multiple lots are being assessed. He stated <br />that he will provide recommendations in terms of finances with each project that comes in. <br />Bryan stated that this is just a policy that they are evaluating. The policy acts as a guiding tool. <br />Lessard asked if the Letter of Credit was to be based on the amount of developers who are with <br />each project. If there were more developers involved then the Letter of Credit amount would be <br />set higher. <br />Bryan responded in saying that the amount of developers and banks involved would not effect <br />much. He stated that the City can be flexible with each project that comes in and evaluate who is <br />involved to determine an appropriate amount for the Letter of Credit. <br />Ron stated that he is comfortable with the Letter of Credit amount at 60%. He also stated that he <br />does not want the amount to be too high so that it is too restrictive. An appropriate financing <br />plan will be established with each project. <br />Rosenquist added that he is comfortable with the amount since the Finance Director is <br />comfortable. <br />Chairman Gwynn invited Len Pratt up to the podium. <br />Len Pratt stated that he is very appreciative for everything. He concurred in saying to maintain <br />appropriate financing plans so that they are not too restrictive. He is comfortable with how the <br />policy is written. <br />Ron stated that there is language in the Exhibit that states that as assessments are paid the Letter <br />of Credit may be reduced. <br />Arcand stated that he read the policy to say that the Letter of Credit stays at the same amount <br />through the entire project. <br />Ron stated that staff has the opportunity to say whether or not the Letter of Credit could be <br />reduced depending on the project and circumstances. <br />McRoberts asked if the City wishes to incentivize these types of projects now. <br />Bryan stated that is up for discussion with the Planning Commission and Economic <br />