1 - Village of Palatine

RESOLUTION NO. _____
Resolution Authorizing a Draw of Security for Lot 2 in Palatine Hicks Road
Subdivision (LOC #CPCS-941993) Pursuant to the Village of Palatine
Municipal Code. Appendix B, Subdivisions. Section 9.02
WHEREAS, on the 27th day of May, 2011, Bradford Real Estate, for
good and valuable consideration agreed to install certain public
improvements in the Palatine Hicks Road 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 Palatine Hicks Road Subdivision
located at the northeast corner of Baldwin and Hicks Roads, an Irrevocable
Letter of Credit #CPCS-941993 (JP Morgan Chase) in the amount of
$92,397.00 was deposited with the Village of Palatine on the 27th day of
May, 2011; and
WHEREAS, work remains pursuant to the Subdivision and includes
various items related to the approved plan; and
WHEREAS, the Village of Palatine desires to draw on its entirety
such Irrevocable Letter of Credit #CPCS-941993 (JP Morgan Chase)
pursuant to the terms thereof.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of
the Village of Palatine that: