1 - Village of Palatine

RESOLUTION NO .._____
Resolution Authorizing a Draw of Security for Michigan Court Subdivision
(LOC #670021682-201) Pursuant to the Village of Palatine Municipal Code,
Appendix B, Subdivisions, Section 9.02
WHEREAS, on the 10 th day of September, 2010, Michael's of Palatine
Construction Company, for good and valuable consideration agreed to
install certain public improvements in the Michigan Court Subdivision; and
WHEREAS, pursuant to Section 9.02 of Appendix B, Subdivisions of
the Palatine Municipal Code, an owner or developer of a subdivision is
required to deposit certain security or evidence thereof with the Village of
Palatine to guarantee the installation of such public improvements; and
WHEREAS, in the matter of the Michigan Court Subdivision located
at the southeast corner of Michigan and Plum Grove Roads, an Irrevocable
Letter of Credit #670021682-201 (First Midwest Bank) in the amount of
$213,016.38 was deposited with the Village of Palatine on the 10 th day of
September, 2007 and was subsequently reduced to $49,856.95; and
WHEREAS, work remains pursuant to the Subdivision and includes
various items related to the approved plan. Substantial time has passed for
these various items and deficiencies to have been completed; and
WHEREAS, the Village of Palatine desires to draw on its entirety
such Irrevocable Letter of Credit #670021682-201 (First Midwest Bank)
pursuant to the terms thereof.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of
the Village of Palatine that: