1 - Village of Palatine

TYPE: RESOLUTION SUBMITTED BY: PLANNING & ZONING DATE: 6/25/2012
DESCRIPTION: Consider a request for 1) reduction in the Public Improvement Letter of
Credit; and 2) commencement of the one-year maintenance period for the development
known as Palatine Hicks Road Subdivision at the northeast corner of Hicks and Baldwin
Roads.
(Bradford Real Estate. - Case No. 10-83) (District: 4)
COMMITTEE ACTION:
DATE:
BACKGROUND:
On May 2ih 2011, the Village accepted a Letter of Credit in the amount of $92,397 to insure
the completion of the project improvements for Palatine Hicks Road Subdivision. The
Petitioner has completed the project improvements and is seeking a reduction to the required
10% maintenance amount and commencement of the one year maintenance period.
Therefore, the Petitioner is seeking:
1. Reduction of the public improvement letter of credit;
2. Commencement of the one year maintenance period.
ANALYSIS:
• The Petitioner has completed public improvements as outlined in their engineer's cost
estimate. These items have been inspected and approved by the Department of
Engineering. The Petitioner is seeking to commence the one year maintenance period.
• The letter of credit could be reduced by $83,157.30 to a remaining total of $9,239.70 to
cover the required 10% one year maintenance period.
ALTERNATIVES:
1. Authorize the letter of credit reduction and commencement of the one year maintenance
period.
2. Do not authorize the letter of credit reduction and commencement of the one year
maintenance period.
RECOMMENDATION:
Staff recommends approval of the letter of credit reduction and commencement of the one
year maintenance period.
ACTION REQUIRED:
Consider approval of a Resolution granting 1) reduction in the Public Improvement Letter of
Credit; and 2) commencement of the one-year maintenance period for the development
known as Palatine Hicks Road Subdivision at the northeast corner of Hicks and Baldwin
Roads.