HomeMy WebLinkAboutRes 26-46 08/06/1946 FMO *AGH 1&5c 9/3/46
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RESOLUTION DIRECTING THE PRESIDENT
j AND VILLAGE CLERK TO EXECUTE ESCROW
AGRE 1As TS ON BEHALF OF VILLAGE WITH
THE OWNERS AND LENDING AGENCIES FOR
PUBLIC IMPROVEMENTS IN NEW SUBDIVI-
SIONS. h4. 26 -4a
WHEREAS, the Official Plan of the Village of Mount
Prospect requires the installation of certain public improve-
ments prior to the approval of a plat of subdivision and a plat
may be approved upon proper security being given for the com-
pletion of a public improvement; and
WHEREAS. an alternate security is being offered by way
of an escrow agreement executed by the owners, lending agencies
and the Village for performance as required by the Ordinance;
and
WHEREAS. it appears to the President and the Board of
Trustees that the cash on deposit with the lending agency held
under such escrow agreement provides ample security for the
installation of such public improvements; and
WHEREAS. variations are permitted under the Official
Plan Ordinance of the Village; NOW, THEREFORE,
BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section 1. That upon approval of a plat of subdivision
by this board, the President and the Village Clerk be and they
are hereby authorized to execute escrow agreements on behalf
of the Village with the owners of new subdivisions and the lend-
ing agencies providing funds for the installation and completion
of public improvements in such new subdivisions, for the purpose
of complying with the provisions of the Official Plan. Ordinance.
Section 2. This resolution shall be in full force and
effect forthwith upon its adoption.
PASSED: this 6 l4 day of August, 1946.
APPROVED: thIT day of August, 1946,