1 - Village of Palatine

TYPE: MOTION SUBMITTED BY: PLANNING & ZONING DATE: 6/25/2012
DESCRIPTION: Consider a request for acceptance of Planned Development and Public
Improvement Letters of Credit for the development known as Palatine Hicks Road Subdivision
at the northeast corner of Hicks and Baldwin Roads.
(Bradford Real Estate - Case No.1 0-83) (District: 4)
COMMITTEE ACTION:
DATE:
BACKGROUND:
The Village previously accepted Planned Development and Public Improvement Letters of
Credit related to the Palatine Hicks Road Subdivision (consisting of Mariano's Fresh Market,
PNC Bank, and an outlot). The Developer is changing financial institutions for provision of the
required security. Therefore, the Petitioner is seeking:
Acceptance of a replacement Planned Development and Public Improvement Letters
of Credit.
ANALYSIS:
• The Petitioner is changing financial institutions and is seeking to replace the letters of
credit provider.
AL TERNATIVES:
1. Authorize the replacement Letters of Credit.
2. Do not authorize the replacement Letters of Credit.
RECOMMENDATION:
Staff recommends approval of the replacement Letters of Credit.
ACTION REQUIRED:
Consider approval of a Motion granting acceptance of a replacement Planned Development
and Public Improvement Letters of Credit for the development known as Palatine Hicks Road
Subdivision at the northeast corner of Hicks and Baldwin Roads.