1 - Village of Palatine

RESOLUTION NO. _____
Resolution Authorizing a Reduction of Security for Palatine Hicks Road
Subdivision 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 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, a 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, Bradford Real Estate has made application for a
reduction of the letter of credit #CPCS-941993 (JP Morgan Chase) in the
amount of $83,157.30 for improvements completed and commencement of
the one year maintenance period; and
WHEREAS, a duly authorized agent of the Village of Palatine has
inspected the public improvements and has found these improvements to
have been satisfactorily completed.