1 - Village of Palatine

• TYPE: RESOLUTION SUBMITTED BY: PLANNING & ZONING DATE: 6/25/2012
DESCRIPTION: A request for draw upon the Planned Development Letter of Credit for the
development known as Deer & Poplar Planned Development at the southwest corner of Deer
and Poplar Avenues.
(Silver Construction Co.) (District: 1)
COMMITTEE ACTION:
DATE:
BACKGROUND:
On November 17, 2005, the Village Council accepted a Letter of Credit in the amount of
$50,000 to insure the completion of the planned development. The Letter of Credit is set to
expire on July 20, 2012. The developer did not complete the development in accordance with
the approved plans. Therefore. the Village is seeking:
Authorization to draw on a planned development letter of credit.
ANALYSIS:
• Work remaining to be completed includes various items related to the approved plans.
• Additional work is necessary to place the property in a safe and secure condition.
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.
ACTION REQUIRED:
Consider approval of a Resolution granting authorization to draw upon the Planned
Development Letter of Credit in its entirety in order to place the property in a safe and secure
condition.