1 - Village of Palatine

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SECTION 1: Preliminary approval pursuant to the Palatine Municipal Code, Appendix B Section 9.02 be and is hereby granted for the public improvements having a value of $2,449.20. SECTION 2: The public improvement security is hereby reduced to $48,997.45. PASSED: This ____ day of_______, 2012. AYES:___ NAYS:__----'ABSENT:___PASS:___ Mayor ATTESTED and FILED in the Office of the Village Clerk this ____ day of_______, 2012. Village Clerk
TYPE: RESOLUTION SUBMITTED BY: PLANNING & ZONING DATE: 6/25/2012 DESCRIPTION: A request for draw upon the Public Improvement Letter of Credit for the development known as Palos & Dundee Subdivision at the southeast corner of Palos and Dundee Roads. (Inverness Financial, Inc. - Case No. 05-84) (District: 1) COMMITTEE ACTION: DATE: BACKGROUND: On August ih, 2006, the Village Council accepted a Letter of Credit in the amount of $120,311.95 to insure the completion of the project improvements. Subsequently, the letter of credit was reduced to $51,446.65. The Letter of Credit is set to expire on July 14, 2012. The developer and the bank were notified about the expiration and the required extension. The Village has received no extension. Therefore, the Village is seeking: Authorization to draw on a public improvements letter of credit. ANALYSIS: • Work remaining to be completed includes various project improvements and a one year maintenance period. • The developer and the bank were notified that the extension was required. They were requested to have the extension submitted by June 29, 2012. • No extension has been received by the Village. Without the draw on the letter of credit, it will expire on July 14, 2011. ALTERNATIVES: 1. Authorize the draw on the Letter of Credit. 2. Do not authorize the draw on the Letter of Credit. RECOMMENDATION: Staff recommends that a draw be authorized upon the letter of credit. In the event an extension is received prior to the expiration date, the Village could refrain from calling the draw at the bank. ACTION REQUIRED: Consider approval of a Resolution granting authorization to draw upon the Public Improvement letter of credit in its entirety in order to ensure that the letter of credit will not expire.
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Village Manager's Office VILLAGE OF
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TYPE: ORDINANCE SUBMITTED BY: PLANN
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ORDINANCE NO. ___ AN ORDINANCE GRAN
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Village Manager's Office VILLAGE OF
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Page 129 and 130: PLAN COMMISSION Tuesday, April 17,
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Page 147 and 148: TYPE: MOTION SUBMITTED BY: Finance
Page 149 and 150: CONSENT AGENDA MONDAY, JUNE 25, 201
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Page 159 and 160: TYPE: MOTION SUBMITTED BY: Finance
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Page 165 and 166: proprietor without amendment to the
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Page 169 and 170: RESOLUTION NO. ____ Resolution Aut
Page 171 and 172: TYPE: RESOLUTION SUBMITTED BY: PLAN
Page 173 and 174: SECTION 1 : Michaels of Palatine Co
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Page 179 and 180: SECTION 1 : Inverness Financial, In
Page 181 and 182: RESOLUTION NO. ____ Resolution Aut
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Page 185 and 186: NOW, THEREFORE, BE IT RESOLVED by t
Page 187 and 188: RESOLUTION NO. _____ Resolution Au
Page 189 and 190: TYPE: RESOLUTION SUBMITTED BY: PLAN
Page 191 and 192: SECTION 1: Approval pursuant to the
Page 193 and 194: RESOLUTION NO. _____ Resolution Au
Page 195 and 196: TYPE: MOTION SUBMITTED BY: PLANNING
Page 197 and 198: NON-NEGOTIABLE DRAFT FOR DISCUSSION
Page 199 and 200: Village Manager's Office VILLAGE OF
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1 - Village of Palatine

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