1 - Village of Palatine

TYPE: RESOLUTION SUBMITTED BY: PLANNING & ZONING DATE: 6/25/2012
DESCRIPTION: Consider a request for reduction in the Planned Development Letter of Credit
for the development known as Palatine Hicks Road planned development at the northeast
corner of Hicks and Baldwin Roads.
(Bradford Real Estate. - Case No. 10-83) (District: 4)
COMMITTEE ACTION:
DATE:
BACKGROUND:
On May 27 th 2011, the Village accepted a Letter of Credit in the amount of $100,000 to insure
the completion of the planned development for Palatine Hicks Road Subdivision. A Final
Certificate of Occupancy was issued for the Mariano's building on June 4, 2012. Pursuant to
the terms of the redevelopment agreement the letter of credit could be reduced by half.
Therefore, the Petitioner is seeking:
1. Reduction of the planned development letter of credit.
ANALYSIS:
• The Petitioner has completed the Mariano's building and a final certificate of occupancy
was issued on June 4,2012.
• Pursuant to the terms of the redevelopment agreement the letter of credit can be reduced
by $50,000. The Village would maintain a letter of credit in the amount of $50,000 pending
certificates of occupancy for the remaining outlot buildings.
ALTERNATIVES:
1. Authorize the letter of credit reduction.
2. Do not authorize the letter of credit reduction.
RECOMMENDATION:
Staff recommends approval of the letter of credit reduction and acceptance of a replacement
letter of cred it.
ACTION REQUIRED:
Consider approval of a Resolution granting reduction in the Planned Development Letter of
Credit amount for the development known as Palatine Hicks Road Subdivision at the northeast
corner of Hicks and Baldwin Roads.