Village of Lake Zurich Board of Trustees Meeting Agenda Packet April 2026
Village to Release $1.07M Letter of Credit Surety
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Description
The Village of Lake Zurich plans to release a $1,071,307.73 Letter of Credit posted by JP Morgan Chase Bank, N.A. as performance and payment security for site work at 455 South Old Rand Road. The release follows successful completion of construction and a two-year maintenance period with no claims on the surety.
Contract Details
Contract Amount
$1,071,307.73
Vendor
JP MORGAN CHASE BANK N.A.
Agency
Lake Zurich village, IL
Contract Type
FINANCIAL_SERVICES
Document Date
April 6, 2026
Contract Term
Two-year maintenance period following construction (completed)
Renewal Info
Letter of Credit remained in place through construction and a two-year maintenance period before release; no further renewals anticipated.
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