
Village Releases $2.8 Million Letter of Credit for Completed Stonegate Subdivision
The Manhattan Village Board approved the release of a nearly $2.9 million letter of credit for the Stonegate subdivision after village engineers confirmed all required public improvements have been completed.
The board unanimously approved releasing the $2,885,900.45 letter of credit for FGAC-1825 during Tuesday’s meeting, accepting the public improvements including streets, sidewalks, and other infrastructure within the development.
Village subdivision regulations require developers to post letters of credit to guarantee completion of public improvements. The village engineer inspected all work in Stonegate and recommended releasing the financial guarantee.
Mayor Mike Adrieansen confirmed that the developer completed all required improvements, including park area grading, seeding, and fertilization work completed earlier this spring. The developer has also agreed to continue park maintenance throughout the season as a courtesy while working to transfer the park deed to the Manhattan Park District.
The Stonegate project represents a significant residential development for Manhattan, and the completion of all public improvements marks an important milestone in the subdivision’s development. The letter of credit release indicates that streets, utilities, and other infrastructure meet village standards and have been accepted for ongoing municipal maintenance.
The approval allows the developer to recover the substantial financial guarantee that had been held to ensure project completion. Such letters of credit protect the village from having to complete unfinished work if developers encounter financial difficulties during construction.
The successful completion of Stonegate’s infrastructure requirements also demonstrates the effectiveness of Manhattan’s development oversight process, ensuring that new subdivisions meet community standards before financial guarantees are released.
Latest News Stories

Trump declares ‘Liberation Day’ in D.C., calls in National Guard

Illinois quick hits: State-based health insurance marketplace approved

Judge denies Trump DOJ request to unseal Ghislaine Maxwell grand jury records

FAA partners with college to train next generation air traffic controllers

Judge denies Madigan’s motion to remain free pending appeal

The U.S. Department of Education launches nationwide tour

Trump takes aim at Chicago crime, no-cash bail while singling out Pritzker

Burrows: Only thing standing in the way of disaster relief are missing Democrats

Trump confirms Nvidia chip agreement

States challenge federal report promoting coal plants

U.S. Supreme Court could rule on Texas lawsuits brought in Democratic-led state courts

WATCH: Illinois In Focus Daily | Monday Aug. 11th, 2025
