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Trustees approve letter-of-credit reduction for Hampshire Logistics Park, staff outline remaining public improvements
Summary
The board approved a reduction in the letter of credit for Hampshire Logistics Park and heard that the park has roads and three shovel-ready parcels but no tenants; remaining work includes final surface course, striping, restoration and detention-basin completion.
The Hampshire Village Board approved a resolution to reduce the letter of credit securing public improvements at Hampshire Logistics Park. Staff told trustees the park is largely complete (roads are in place and three parcels are shovel-ready) but currently has no tenants, and identified remaining work that justifies continuing security: surface course paving, striping, restoration work and final detention-basin stabilization.
Trustees asked how long the site has been in that status and whether the developer is dragging its feet; staff said the park is effectively complete but needs final public-improvement work and that prior approvals and lane/signal work delayed earlier development. The village holds retainage (10% on completed items) plus a 25% contingency on letters of credit, and staff noted that the property owner and investor are attentive to completing remaining work.
The resolution to reduce the letter of credit was moved and approved by roll call. Staff will continue oversight until the remaining surface course, striping and restoration are complete.
