Title/Name/Summary
Voda Car Wash - Letter of Credit Bank Approval
History
Voda Car Wash is a 4,983 square foot car wash building on a 1.36-acre parcel located at 7648 W 159th Street. The Board of Trustees approved the Development Petition for a Site Plan, Landscape Plan, and Special Use Permit with Modifications on April 1, 2019. Voda Car Wash has been working with staff to receive Final Approvals for this petition and on establishing a Letter of Credit for the improvements proposed.
A Letter of Credit is established with developers as a security method to guarantee the completion of improvements. Section 5-112.E.3 of the Land Development Code states, "The applicant may file an irrevocable letter of credit issued by any local financial institution approved by the Village Manager and the Village Attorney, in accordance with guidelines established by the Board of Trustees." Voda Car Wash is a small business that will be applying for an SBA Loan and will require a financial institution that specializes in ground-up start-up businesses. Voda Car Wash was unable to secure financing with any institution within the State of Illinois due to the unique circumstances for this project. They were given the contact information for two potential lenders that specialize in this type of development; one lender was based out of Florida and the other in Utah. Voda Car Wash has chosen Celtic Bank based out of Salt Lake City, Utah and has received full funding approval for the Car Wash.
Voda Car Wash is requesting Board approval for the non-local financial institution selected to file a Letter of Credit with the Village of Orland Park due to the unique circumstances for this project. The attached letter submitted by the petitioner summarizes their current financing position.
I move to approve the request for selection of Celtic Bank based out of Salt Lake City, Utah for the filing of a Letter of Credit with the Village of Orland Park for Voda Car Wash.
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