An escrow agreement for Poplar Stake subdivision has been denied.
The agreement would have given the corporation of the presiding Bishopric of The Church of Jesus Christ of Latter-day Saints the power to release escrow funds to the developer as well as allowing the city to release funds.
Poplar Stake subdivision is a subdivision with three residential building lots and one lot on which a church building for the LDS Church will be constructed.
City attorney Brandon Richards said he had never seen an escrow agreement like this one before and said escrow funds are held in reserve, to be released only if all improvements to the development are completed to the city’s satisfaction.
“I can think of a scenario, without thinking too hard, where they think the funds should be released but we think no,” Richards said.
Council members voted unanimously to deny the escrow agreement and will wait for a revised agreement.