1981-42 RESOLUTION NO . 81-42
BEING A RESOLUTION DIRECTING PAYMENT OF LETTER
OF CREDIT ON THE COMMONS, PHASE I .
WHEREAS , First Charter Service Corporation and
Unity Savings Association have issued their Letter of Credit/
loan in process on the Commons , Phase I , in Buffalo Grove ,
Illinois , in the amount of $S80 , S01 . 69 , dated March 8 , 1979 ,
as extended to September 8 , 1981 by First Charter Service
Corporation; and,
WHEREAS, all public improvements have not been
completed; and,
WHEREAS , the Village of Buffalo Grove has made
numerous demands upon the owners and/or developers of the
subject property to complete required public improvements ;
and,
WHEREAS , said public improvements have not been
completed.
NOW, THEREFORE, be it resolved by the President
and Board of Trustees of the Village of Buffalo Grove , Cook
and Lake Counties , Illinois :
Section 1 : That the Village of Buffalo Grove
does hereby find that the required
public improvements in the Commons ,
Phase I , as listed on Exhibit A, attached
hereto and made a part hereof, have not
been completed and accepted as evidenced
by official resolutions .
Section 2 : That First Charter Service Corporation
and Unity Savings are hereby directed
to remit all remaining funds in said
Letter of Credit/loan in process to
the Village of Buffalo Grove.
Section 3 : That Village President , Village Manager ,
and .Village Attorney are :hereby directed
to do all items necessary so that the re-
maining funds in said Letter of Credit are
remitted to the Village .
2 -
AYES : 6 - Marienthal , Stone, O'Reilly, Hartstein, Gerscefske, Schwartz
NAYES : O - None
ABSENT: O - None
PASSED: August 31 1981
APPROVED: August 31 1981
APPROVED :
y
Village President
ATTEST:
A LM
'---,'Village Clerk