1 - Village of Palatine

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i SECTION 1: Silver Construction Company the developer of the Deer & Poplar Planned Development 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 #S585887 (Bank of America, N.A.) 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
../ ~ 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 Palatine Hicks Road Planned Development at the northeast corner of Baldwin and Hicks Roads. (Bradford Real Estate - Case No. 10-83) (District: 4) COMMITTEE ACTION: DATE: BACKGROUND: On May 27,2011, the Village accepted a Letter of Credit in the amount of $100,000 to insure the completion of the planned development. The Letter of Credit is set to expire on June 30, 2012. The development has not been completed. 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 and conditions of the planned development. • The bank has indicated in writing that they do not intend to extend the letter of credit. The developer has not yet submitted a replacement security. 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 Planned Development Letter of Credit in its entirety to ensure 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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DEPARTMENT OF PLANNING & ZONING 200
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DEPARTMENT OF PLANNING & ZONING 200
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ORDINANCE NO. _____ AN ORDINANCE TR
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SPECIAL USE TRANSFER JUN - 4 2012
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Village Manager's Office VILLAGE OF
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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
Page 161 and 162: 1316 N. RAND ROAD 1295 " 1 inch =20
Page 163 and 164: SPECIAL USE TRANSFER Business Owne
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
Page 175 and 176: RESOLUTION NO. _____ Resolution Au
Page 179 and 180: SECTION 1 : Inverness Financial, In
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Page 185 and 186: NOW, THEREFORE, BE IT RESOLVED by t
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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