1 - Village of Palatine

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RESOLUTION NO.____ Resolution Authorizing a Draw of Security for Palos & Dundee Subdivision (LOC #0125) 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, 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 Palos & Dundee Subdivision located at the southeast corner of Palos and Dundee Roads, an Irrevocable Letter of Credit #0125 (Cornerstone Bank & Trust) in the amount of $120,311.95 was deposited with the Village of Palatine on the 7th day of August, 2006 and was subsequently reduced to $51,446.65; 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 #0125 (Cornerstone Bank & Trust) pursuant to the terms thereof. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Village of Palatine that:
SECTION 1 : Inverness Financial, Inc., the developer/owner of Palos & Dundee Subdivision has breached its obligation to satisfactorily complete the required improvements and the Village has notified the developer /owner of such breach. SECTION 2 : It is recommended that a draw in its entirety upon the Letter of Credit #0125 (Cornerstone Bank & Trust) be authorized. 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
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Page 129 and 130: PLAN COMMISSION Tuesday, April 17,
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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 169 and 170: RESOLUTION NO. ____ Resolution Aut
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Page 173 and 174: SECTION 1 : Michaels of Palatine Co
Page 175 and 176: RESOLUTION NO. _____ Resolution Au
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Page 181 and 182: RESOLUTION NO. ____ Resolution Aut
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Page 191 and 192: SECTION 1: Approval pursuant to the
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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