Title
Estates at Ravinia Meadows - Bond Request
History
Pulte Home Company, LLC, has requested to use a surety bond instead of a letter of credit for the development security required by the Village as the applicant completes the approved improvements for the Estates at Ravinia Meadows project.
Pulte has cited schedule as the rationale of the request. Obtaining a bond is faster than establishing a letter of credit and Pulte wants to break ground as soon as all approvals are in place.
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.
It's estimated the bond will be in the amount of $9.1 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 Pulte Home Company, LLC, for the Estates at Ravinia Meadows project, in accordance with codes and ordinances of the Village of Orland Park.