Riverside Plaza Letter of Credit Deadline Extended

The developer for Riverside Plaza now has until Dec. 1 to produce the promised $500,000 letter of credit owed to the village of Algonquin.

At its July 19 meeting, the Algonquin Village Board voted unanimously to extend the deadline for the building’s developer, John Breugelmans of Riverside Plaza Developers LLC.

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 on the property.

At the time of the purchase, Breugelmans had said he hoped to see major progress on the building by Founders’ Day, which is next weekend. Since then, crews have been working weekends to get the exterior completed.