1 - Village of Palatine

RESOLUTION NO. ____
Resolution Authorizing a Draw of Security for the Kleiner Subdivision
Planned Development (LOC #670021682-202) Pursuant to the Village of
Palatine Municipal Code, Appendix "A ", Zoning, Section 13.07 ( C ) ( 4 )
WHEREAS, on the 10 th day of SeptelTlber, 2007, Michael's of Palatine
Construction Co. for good and valuable consideration agreed to
satisfactorily complete the Michigan Court Planned Development; and
WHEREAS, pursuant to Section 13.07 ( C ) (4) of Appendix "A II,
Zoning of the Code of Ordinances of the Village of Palatine, an owner or
developer is required to deposit a Letter of Credit with the Village of
Palatine to guarantee the satisfactory completion of a planned
development; and
WHEREAS, in the matter of the Michigan Court Planned Development
located on Michigan Avenue and Plum Grove Road, an Irrevocable Letter of
Credit #670021682-202 (First Midwest Bank) in the amount of $50,000.00
was deposited with the Village of Palatine on the 10 th day of September,
2007 and was subsequently reduced to $50,000.00 and
WHEREAS work remains pursuant to the Planned Development and
includes various items related to the approved plan; and
WHEREAS, Michael's of Palatine Construction Co. and First Midwest
bank were notified that an extension of the letter of credit was needed; and
WHEREAS, the Village of Palatine desires to draw on its entirety
such Irrevocable Letter of Credit #670021682-202 (First Midwest Bank)
pursuant to the terms thereof.