LYNWOOD | Village officials agreed to accept a settlement of $675,000 from Great Lakes Banks at the Lynwood Board meeting Tuesday.
The settlement resolves a petition the village made almost three years prior to the day against the bank to complete work in the Meadows subdivision.
Lancore Development was to complete work that included streets, curbs, lights, landscaping and other public work to the subdivision off Burnham Avenue in 2006. Some of that work has still not been finished.
Lancore had submitted an irrevocable letter of credit with the bank when it started work on the Meadows. Over time, the line of credit was lowered from $4 million to $975,000 as work progressed.
The village can legally request the remaining credit to complete the work. Lynwood originally petitioned for all $975,000 in 2011, but accepted the bank's latest offer of $675,000.
Both parties participated in a seven-hour mediation May 30, but were unable to come to an agreement, according to the resolution.
The Meadows was meant to contain 120 homes, but only about five were built, Village Attorney Michael Marovich said.
"We're working our way out of it," Marovich said.
Village President Eugene Williams also appointed Laurie Starks as village treasurer. Starks was unanimously approved by the board.
Clerk Karen Wingfield-Bond announced that the village received a grant and will again hold Lynwood Summer Sports Camps from June 25 to Aug. 15. Wingfield-Bond said the village is in hoping to hire about 55 youth workers, supervisors and instructors between the ages of 14 and 20. Interested teens should visit the village hall at 21460 Lincoln Hwy. for an application.