R-1-24 Reducing the Letter of Credit for the Villas of Equestrian418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Jamie Tate, Community Development
THROUGH: Jason Berry, CEcD, AICP, Economic & Community Development Director
SUBJECT: A Resolution Reducing the Letter of Credit for the Villas of Equestrian
Meadows
DATE: January 8, 2024
SUMMARY/BACKGROUND
DesignTek Engineering, Inc., on behalf of Casteltown Homes, has requested a reduction in
their Letter of Credit for subdivision improvements for the Villas of Equestrian Meadows duplex
subdivision from $871,586.97 to $601,581.47. This is the 3rd and final reduction request until
the subdivision is complete and goes into maintenance.
ANALYSIS
Letter of Credit reductions are consistent with Section 17.23.020.F.2 of the Unified
Development Ordinance (UDO). The reduction request has been reviewed and accepted by
the Village Engineer.
Consistency with Village Policy
Lemont 2030 Comprehensive Plan
STAFF RECOMMENDATION
Staff is recommending approval of the resolution.
BOARD ACTION REQUESTED
Vote on the attached resolution.
ATTACHMENTS
A Resolution Approving a Letter of Credit Reduction for Villas of Equestrian Meadows
VILLAGE OF LEMONT
RESOLUTION
NUMBER R- 1 -24
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER
OF CREDIT FOR VILLAS OF EQUESTRIAN MEADOWS
(CASTLETOWN HOMES)
JOHN EGOFSKE, Village President
CHARLENE M. SMOLLEN, Clerk
JANELLE KITTRIDGE
DA VE MAHER
KEN MCCLAFFERTY
KEVIN SHA UGHNESSY
RICK SNIEGOWSKI
RON STAPLETON
Trustees
Published in pamphlet form by authority of the Village President and Board of Trustees of the Village of Lemont on ' --2024
RESOLUTION NO. R- 1 -24
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER
OF CREDIT FOR VILLAS OF EQUESTRIAN MEADOWS
(CASTLETOWN HOMES)
WHEREAS, pursuant to the Lemont Unified Development Ordinance of 2008 ("UDO"),
an owner or developer of a subdivision is required to deposit certain security or evidence thereof
with the Village of Lemont to guarantee the installation of public improvements; and
WHEREAS, in the matter of the Villas of Equestrian Meadows subdivision located on
the northwest corner of McCarthy Road and Bell Road in Lemont, First National Bank of
Brookfield issued an Irrevocable Letter of Credit No. 7007789001 in the amount of $871,586.97
for subdivision improvements and was deposited with the Village of Lemont to guarantee
completion of subdivision improvements; and
WHEREAS, DesignTek Engineering, on behalf of Castletown Homes, the developer of
the Villas of Equestrian Meadows subdivision, has completed certain improvements and has
requested a reduction in the aforementioned letter of credit; and
WHEREAS, the Village Engineer of the Village of Lemont has inspected certain portions
of the improvements and has found these portions to have been satisfactorily installed.
NOW, THEREFORE BE IT RESOLVED by the Village President and Board of
Trustees of the Village of Lemont, Cook, Will, and DuPage Counties, Illinois, as follows:
SECTION 1: RECITALS
That the above recitals and legislative findings are found to be true and correct and are
hereby incorporated herein and made a part hereof, as if fully set forth in their entirety.
SECTION 2:
Irrevocable Letter of Credit No. 7007789001 is hereby reduced to a balance of
$601,581.47.
ADOPTED this day of,
)(Ali 11 Uj 2024.
PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND
DUPAGE, ILLINOIS, ON THIS 8TH DAY OF FEBRUARY, 2024.
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS: ABSENT: ABSTAIN:
Janelle Kittridge
Dave Maher 9�
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
Approved:
A.
6
John E ke, Villa'de President
Attest:
Charlene M. Smollen, pillage Clerk