Village of Lake Zurich Board of Trustees Meeting Agenda April 2026
Lake Zurich to release JP Morgan Chase site surety
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Description
The Village of Lake Zurich is set to release a $1,071,307.73 Letter of Credit posted by JP Morgan Chase Bank, N.A. for site improvements at 455 South Old Rand Road. The guarantee covered construction and a two-year maintenance period with no need for the Village to draw 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 2023 site work
Renewal Date
2025-12-31
Renewal Info
Letter of Credit posted in 2023 as performance and payment security and maintained through a two-year maintenance period; no renewal indicated as obligations have been satisfied.
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