Title
Committee action on a variance request from Article 10 of the Unified Development Ordinance to release subdivision and restoration assurances for Wilshire Estates of Ivanhoe Subdivision prior to vacation of the subdivision plat.
Staff Summary
· The subdivision is located on the east side of Lemon Road, approximately one-quarter mile north of Route 176 in Fremont Township (District 10).
· The State Bank Group has acquired the property through the foreclosure process and is preparing to petition the Committee to vacate the final plat.
· The bank has entered into a purchase contract with an adjacent property owner who intends to purchase the property in December 2011.
· Staff and outside regulatory agencies have reviewed the plat of vacation; however, the formal approval of the Village of Mundelein cannot be obtained until January 2012, which is after the anticipated time of sale.
· Consequently, the bank has submitted a request for a variance to release the performance and restoration assurances prior to the plat of vacation so that the title can be transferred to the buyer in December 2011.
· A restrictive covenant that will preclude further development of the property as a subdivision and will expire upon the plat vacation, has been prepared for the bank's and the buyer's signatures and will be recorded upon Committee action.
· Staff recommends that the requested variance be granted.