1 - Village of Palatine

RESOLUTION NO. _____
Resolution Authorizing a Reduction of Security for Palos & Dundee
Subdivision Pursuant to the Village of Palatine Municipal Code, Appendix
B, Subdivisions, Section 9.02
WHEREAS, on the 7th day of August, 2006, Inverness Financial, Inc.,
for good and valuable consideration agreed to install certain public
improvements in the Palos & Dundee Subdivision; and
WHEREAS, pursuant to Section 9.02 of Appendix B 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 Palos & Dundee Subdivision located
at the southeast corner of Palos & Dundee Roads, a public improvement
security in the amount of $120,311.95 was deposited with the Village of
Palatine on the 7th day of August, 2006; and
WHEREAS, Inverness Financial, Inc. have made application for a
reduction of the public improvement security in the amount of $2,449.20;
and
WHEREAS, a duly authorized agent of the Village of Palatine has
inspected the public improvements and has found these improvements to
have been satisfactorily completed.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of
the Village of Palatine that: