Politics & Government
Critical Deadline Looming for Riverside Plaza Developers
By May 30, the company must prove it has enough money to complete the project, as well as post the $500,000 letter of credit for security.
The new developers of Riverside Plaza in downtown Algonquin face a critical deadline that will determine whether the half-finished building will be completed or demolished.
According to an article in the Trib Local, the May 30 deadline for Riverside Plaza Developers LLC requires the company to show proof it has enough money to complete the project, as well as post the $500,000 letter of credit for security.
Bill Ganek, village manager, said the completion of the project depends on whether the developers are able to secure a loan from a bank.
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. A month later the village released a statement saying that .
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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According to the agreement, the exterior of the building must be completed by late summer.
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