1 - Village of Palatine

RESOLUTION NO. ____
Resolution Authorizing a Draw of Security for the Deer & Poplar Planned
Development (LOC #S585887) Pursuant to the Village of Palatine Municipal
Code, Appendix "A ", Zoning, Section 13.07 ( C) ( 4)
WHEREAS, on the 17th day of November, 2005, Silver Construction
Company for good and valuable consideration agreed to satisfactorily
complete the Deer & Poplar Planned Development; and
WHEREAS, pursuant to Section 13.07 ( C ) (4) of Appendix "A ", of
the Code of Ordinances of the Village of Palatine, an owner or developer is
required to deposit a Letter of Credit with the Village of Palatine to
guarantee the satisfactory completion of a planned development; and
WHEREAS, in the matter of the Deer & Poplar Planned Development
located on Deer Avenue, an Irrevocable Letter of Credit #S585887 (Bank of
America, N.A.) in the amount of $50,000.00 was deposited with the Village
of Palatine on the 17th day of November, 2005; and
WHEREAS, work remains pursuant to the Planned Development 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 #S585887 (Bank of America, N.A.)
pursuant to the terms thereof.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and council of
the Village of Palatine that: