Title
Costco - Bond Request
History
COSTCO WHOLESALE INC (Costco) has requested to use a surety bond instead of a letter of credit for the development security required by the Village for the completion of the Costco Wholesale Gas Station Relocation, Roundabout Construction, and Parking Improvements, approved by the Board of Trustees on September 15, 2025.
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 a security method.
It's estimated the bond will be in the amount of $3.4 million, subject to final review by the Engineering Department.
Recommended Action/Motion
I move to approve the use of a bond as development security by COSTCO WHOLESALE INC (Costco) for the Costco Wholesale Gas Station Relocation, Roundabout Construction, and Parking Improvements project, in accordance with codes and ordinances of the Village of Orland Park.