1 - Village of Palatine

RESOLUTION NO. ____
Resolution Authorizing a Reduction of Security for the Palatine Hicks Road
Planned Development (LOC #CPCS R941985) 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 II,
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
R
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, the final certificate of occupancy has been issued for the
Mariano's building at 545 N. Hicks Road and Bradford Real Estate has
made an application for a reduction of the Irrevocable Letter of Credit
#CPCS R941985 (JP Morgan Chase) in the amount of $50,000.00 pursuant to
the terms of the redevelopment agreement.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and council of
the Village of Palatine that: