1 - Village of Palatine

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RESOLUTION NO. ____ Resolution Authorizing a Draw of Security for the Palatine Hicks Road Planned Development (LOC #CPCS-941985) Pursuant to the Village of Palatine Municipal Code. Appendix "A ". Zoning, Section 13.07 ( C ) (4) WHEREAS, on the 27th day of May 2011, Bradford Real Estate for good and valuable consideration agreed to satisfactorily complete the Palatine Hicks Road Planned Development; and WHEREAS, pursuant to Section 13.07 (C) (4) of Appendix "A ", Zoning 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 Palatine Hicks Road Planned Development located at the northeast corner of Hicks and Baldwin Roads, an Irrevocable Letter of Credit #CPCS-941985 (JP Morgan Chase) in the amount of $100,000.00 was deposited with the Village of Palatine on the 27th day of May, 2011; and WHEREAS work remains pursuant to the Planned Development and includes various items related to the approved plan; and WHEREAS, Bradford Real Estate and JP Morgan Chase were notified that an extension of the letter of credit was needed; and WHEREAS, the Village of Palatine desires to draw on its entirety such Irrevocable Letter of Credit #CPCS-941985 (JP Morgan Chase) pursuant to the terms thereof.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and council of the Village of Palatine that: SECTION 1: Bradford Real Estate the developer of the Palatine Hicks Road 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 #CPCS-941985 (JP Morgan Chase) 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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ORDINANCE NO. ___ AN ORDINANCE GRAN
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Page 149 and 150: CONSENT AGENDA MONDAY, JUNE 25, 201
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1 - Village of Palatine

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