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Planning Commission <br />October 27, 2020 <br />Page 5 <br />Chair Larson Vito stated the difference in the Upland property was a property <br />manager who had no ties to the property, but in this instance the property owners <br />own the property next door and are planning to build on it. She asked why other <br />IUPs did not require an escrow. <br />Mr. Leeseberg stated others were an allowed use and this is not an allowed use in this <br />district. <br />Commissioner Rydberg asked if there was an alternative to $5,000 cash escrow. <br />Councilmember Ovall stated a letter of credit with a cost of $250 per year. <br />Commissioner Johnson opposes the escrow if the funds will be tied up forever. He <br />supports a letter of credit with an end date. <br />Commissioner Beise verified with Councilmember Ovall the cost of a letter of credit <br />for $250 a year or $45 per month. <br />Commissioner Johnson suggested an escrow of $5,000 or letter of credit with a <br />sunset date. <br />Commissioner Jordan sees a real difference between this and the property on <br />Upland. He stated the applicants are investing in this property and taking $5,000 <br />from Elk River residents attempting to clean up a nuisance property makes no sense <br />to him and he is not sure of a solution. He stated it feels like the city does not trust <br />the property owners to do what they are already doing by cleaning up the property. <br />Commissioner Thiel stated the Upland property was already cleaned it up. <br />Commissioner Feinstein stated he also felt like $5,000 escrow was a lot for a private <br />property owner whereas the Upland property was owned by an investor. <br />Commissioner Johnson agreed with Commissioner Feinstein and felt like the $5,000 <br />escrow made more sense for an investment company. He does not know what the <br />perfect solution is either. <br />Commissioner Rydberg asked if they could lower that amount. <br />Mr. Leeseberg stated the city attorney recommended the condition, not the amount, <br />and $5,000 is suggested if the residents abandon the property in the future to cover <br />any costs. <br />Commissioner Thiel asked if it is up to the commission to make the determination of <br />a letter of credit versus an escrow or can the city council make the final say. <br />Mr. Leeseberg stated ultimately it is up to the commission to recommend conditions. <br />rII[aFI a <br />NATURE <br />