Title/Name/Summary
14336 Jefferson Multifamily Building Development Security - Bond Request
History
Michalina Stoch, the property owner and petitioner of the 14336 Jefferson Multifamily Building project, 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 site at 14336 Jefferson Avenue. This project was approved by the Board of Trustees on December 2, 2025, via Ordinance 6076 (2025-0192).
The petitioner has stated that the cost and requirement to provide full cash collateral for the Letter of Credit is the rationale of the request.
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 for the 14336 Jefferson Multifamily Building project, in accordance with all codes and ordinances of the Village of Orland Park.