Community Corner
Algonquin Awaits $500K Letter of Credit for Riverside Plaza
The Northwest Herald reports that developer John Breugelmans of Riverside Plaza Developers LLC has yet to pay the agreed amount.
While progress can be seen on downtown Algonquin's Riverside Plaza, as of Friday, July 1, its developer, John Breugelmans of Riverside Plaza Developers LLC, has yet to come up with a $500,000 letter of credit owed to the village, according to the Northwest Herald.
When Breugelmans purchased the property in March, he agreed to provide the village with a letter of credit by the end of May. He missed that deadline and was given a 45-day extension to produce the letter.
If certain milestones are not met by the agreed deadlines, the village may collect the letter of credit and obtain a default judgment for a demolition order.
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