Title
Waterfall Plaza - Bond Request
History
Network Property Management, LLC, on behalf of Waterfall Plaza, has requested to use a bond instead of a Letter of Credit for the development security required by the Village as the applicant completes the approved improvements to the improvements to Waterfall Plaza at 8752 159th Street.
Network Property Management, LLC, has cited current violations the property has and the cost of a letter of credit for the rationale of the request. The bond may ease some of the economic burdens caused by reinvesting in an existing development.
Section 5-112.E of the Land Development Code requires a performance guarantee equal to 125% of the total projected costs of the public improvements. The most common method for development security is a letter of credit. In instances where the developer seeks an alternative security method, Section 5-112.E.3.b states the Board of Trustees may, at its discretion, approve any security method.
Recommended Action/Motion
I move to approve the use of a bond as development security by Network Property Management, LLC, for Waterfall Plaza project, in accordance with codes and ordinances of the Village of Orland Park.