To the Editor:
If I understand correctly, the developer of Whispering Meadows went bankrupt and never finished streets and other infrastructure. No problem, they were required to obtain a surety bond in case this happened. Fidelity and Deposit Company then decided they'd rather not pay on that bond, leaving Yorkville on the hook to finish things up.
The city has now decided after years of wrangling to accept $800,000 from Fidelity instead of the millions potentially owed, apparently knowing it's not enough to finish the job. I assume myself and my fellow Yorkville taxpayers will be on the hook for the balance? Who's in charge of enforcing companies like Fidelity make good on bonds? Or do they just wait it out until municipalities give up and accept pennies? I feel bad for the residents of Whispering Meadows, none of this is their fault.
Is it any wonder Kendall County has among the highest property taxes in the country?