Title/Name/Summary
Land Development Code Amendment: Establish Surety Bond Rating Requirements
History
**See attached Amendment Report for Text Changes**
Project: 2025-0819 - Land Development Code Amendment: Establish Surety Bond Rating Requirements
Requested Approvals: Establish a surety bond minimum rating requirement in the Land Development Code for subdivision and public improvements.
The Village of Orland Park seeks approval of a Land Development Code amendment to Section 5-112.E.3.b to establish a minimum financial rating requirement for surety bonds used to guarantee subdivision and public improvements. The amendment would require surety companies to maintain a minimum “A” rating, aligning the Village’s standards with those of neighboring municipalities and providing stronger financial assurances for public infrastructure.
Present at the Plan Commission meeting were 7 commissioners and members of staff. No members of the public were in attendance. Staff explained that currently the Village has no minimum rating requirement for bond companies. The proposed amendment would close that gap and ensure that financially stable companies are providing sureties to the Village for Public Improvements.
The Commissioners discussed whether recent issues had prompted the change, the potential effect on the pool of eligible contractors, and how the Village’s standards compare to other municipalities. Staff noted that no specific problems had occurred, but the amendment was recommended following discussion at a prior Board meeting. The “A” rating standard is consistent with similar suburban communities in Chicagoland.
The Plan Commission overall supported the amendment and stated that it will protect the Village’s financial interests. The Plan Commission unanimously recommended approval of the amendment to Section 5-112.E.3.b of the Land Development Code. This item is now before the Board of Trustees for consideration.
Regarding Case Number 2025-0819 - Land Development Code Amendment: Establish Surety Bond Rating Requirements, the Plan Commission recommends the Village Board approves the Land Development Code Amendment for Section 5-112.E.3.b.
Recommended Action/Motion
I move to approve the Plan Commission Recommended Action regarding Case Number 2025-0819;
AND
I move to adopt Ordinance 6060, entitled: AN ORDINANCE AMENDING THE LAND DEVELOPMENT CODE OF THE VILLAGE OF ORLAND PARK, AS AMENDED.