R-22-24 Authorizing a Reduction of a Letter of Credit for 13467 Main StreetTVILLVILLAGE OF
AGE
k-,?7--.2q
418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Jason Berry, Community Development
THROUGH:
SUBJECT: A Resolution Authorizing a Reduction of a Letter of Credit for 13467 Main
Street
DATE: April 8, 2024
SUMMARY/BACKGROUND
Ile Stojcevski, owner of the property at 13467 Main Street, has a site development permit to
expand their building's parking. This is their first letter of credit reduction. The reduction was
approved by the Village Engineer.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Approve the Resolution.
BOARD ACTION REQUESTED
Motion to Approve the Resolution.
ATTACHMENTS
A Resolution Authorizing a Reduction of a Letter of Credit for 13467 Main Street
13467 Main Street Parking Lot Expansion
VILLAGE OF LEMONT
RESOLUTION
NUMBER R-o?A-24
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR 13467 MAIN STREET (Stojcevski)
JOHN EGOFSKE, Village President
CHARLENE M. SMOLLEN, Clerk
JANELLE KITTRIDGE
DAVE 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 -4 -- -2024
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RESOLUTION NO. R- -31'
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR 13467 MAIN STREET (Stojeevski)
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 13467 Maion Street located north of Main Street in Lemont,
NuMark Credi Union issued an Irrevocable Letter of Credit No. 0250106653 in the amount of
$250,000.00 and was deposited with the Village of Lemont to guarantee completion of
subdivision improvements; and
WHEREAS, Ile Stojeevski, owner of 13467 Main Street, 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. 0250106653 is hereby reduced to a balance of
$128,706.07.
9
ADOPTED this day of alp ri I , 2024.
PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT, CO TIES OF COOK, WILL, AND
J
DUPAGE, ILLINOIS, ON THIS G DAY OF V 32024.
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS:
Janelle Kittridge
Dave Maher
Ken McClafferty
Kevin Shaughnessy
V
Rick Sniegowski
Ron Stapleton
Attest:
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Charlene M. Smollen, i lage Clerk
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ABSENT: ABSTAIN:
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Approved:
Jo gofske, Village President
HRGreen.
March 8, 2024
Mr. Jason Berry, CEcD, AICP
Economic & Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: 13467 Main Street Parking Lot Expansion
Letter of Credit Reduction #1
Dear Jason:
► 323 Alana Drive
New Lenox, IL 60451
Main 815.462.9324 + Fax 713.965.0044
10-HRGREEN.001Y
This letter is to certify that I have reviewed the request from Ile Stojcevski, dated 3/7/24, requesting a
new letter of credit value for the LOC shown below and concur with such request. The backup information
submitted by Engineering Resource Associates is attached with this letter.
- LOC #0250106653 (Newmark Credit Union) reduced to $128,706.07.
Should you have any questions concerning this matter, please do not hesitate to contact me.
Sincerely,
HR GREEN, INC.
Bruce A. Hill, P.E.
Enclosure
cc: Mr. George Schafer, Village Administrator, w/Enc.
Mr. Ralph Pukula, Director of Public Works, w/Enc.
Mr. Jim Begy, P.E., LEED AP BD+C, Building Commissioner, w/ Enc.
Ms. Jamie Tate, AICP, Consulting Planner, w/ Enc.
Ms. Darshana Prakash, Finance Director, w/ Enc.
J:\2023\2303477\Construction\LOC\Reduction #1 for 3.25.2024 Board Meeling\Itr_030824_2303477_13467 Main St LOC Reduction #1.docx
Ile Stojcevski March 7, 2024
Re: 13467 Main Street, Lemont IL
Dear Village Board of Lemont,
I would like to formally request that my LOC be reduced from $250,000 to $128,000 based on the
revised EOPC that I have provided. Please let me know if anything further is needed from me at this
time. Below is the Credit Union's information along with my account number where the LOC is
currently being held at.
Thank You,
Ile Stojcevski
Acct # 0250106653
NuMark Credit Union
2380 Caton Farm Road I Crest Hill, IL 60403
Ph: 815-668-0523 1 Fax: 815-668-0523 1
NuMarkcu.org
@D
ENGINEERING
RESOURCE ASSOCIATES
www.eraconsultants.com
3S701 West Ave.
phone 630.393.3060
Warrenville, Illinois 60555
fax 630.393.2152
PROJECT: 13467 Main St.
BY:
KF
LOCATION: Lemont
DATE:
7/29/2022
PROJECT #: W20132.00
REVISED:
3/4/2024 (Letter of Credit Reduction)
ENGINEER'S OPINION OF PROBABLE COST FOR
PUBLIC IMPROVEMENTS
PERCENT
COSTTO
EARTHWORK & EROSION CONTROL
QUANTITY
UNIT
UNIT COST
TOTAL COST
REMAINING
COMPLETE
Rip -Rap
535
S.F.
$10.00
$5,350.00
100%
$5,350.00
Temporary Concrete Washout
1
EACH
$750.00
$750.00
0%
$0.00
Topsoil Stripping (6" Depth)
3,621
S.Y.
$2.00
$7,242.00
0%
$0.00
Earth Excavation(No Haul -Off)
3,550
C.Y.
$7.00
$24,850.00
0%
$0.00
Silt Fence
3,537
L.F.
$3.00
$10,611.00
37%
$3,926.07
4" Topsoil Respread and Seed (Disturbed Areas)
3,940
S.Y.
$4.00
$15,760.00
0%
$0.00
Inlet Protection ("Catch -All")
14
EACH
$150.00
$2,100.00
0%
$0.00
Tree Removal
6
EACH
$250.00
$1,500.00
0%
$0.00
Erosion Control Blanket
1,775
S.Y.
$3.00
$5,325.00
100%
$5,325.00
Stabilized Construction Entrance
1
EACH
$1,000.00
$1,000.00
0%
$0.00
SUBTOTAL =
$74,488.00
SUBTOTAL =
$14,601.07
VCBMP & DETENTION BASINS
QUANTITY
UNIT
UNIT COST
TOTAL COST
PERCENT
REMAINING
TOTAL COST
Restrictor Structure
1
EACH
$5,000.00
$5,000.00
0%
$0.00
Observation Well
4
EACH
$250.00
$1,000.00
100%
$1,000.00
4" Dia. PVC Underdrain
374
L.F.
$45.00
$16,830.00
100%
$16,830.00
12" Dia. PVC Storm Sewer
132
L.F.
$35.00
$4,620.00
19%
$877.80
Connect to Existing
1
EACH
$2,000.00
$2,000.00
0%
$0.00
Flared End Section
2
EACH
$750.00
$1,500.00
100%
$1,500.00
Geotextile Filter Fabric
3,698
S.Y.
$0.65
$2,403.70
100%
$2,403.70
VCBMP & Detention Basin Excavation (Haul off)
2,186
C.Y.
$25.00
$54,650.00
47%
$25,685.50
VCBMP Underground Aggregate Basin CA-7 Stone
740
C.Y.
$15.00
$11,100.00
100%
$11,100.00
VCBMP Below Detention Basin Soil Media Mix
198
C.Y.
$15.00
$2,970.00
100%
$2,970.00
Native Plantings "StormwaterSeed Mix"
0.19
ACRE
$6,500.00
$1,235.00
100%
$1,235.00
Native Plantings "Low -Profile Prairie Seed Mix"
0.25
ACRE
$6,500.00
$1,625.00
100%
$1,625.00
SUBTOTAL =
$104,933.70
SUBTOTAL =
$65,227.00
10% MAINTENANCE $19,551.20
15% CONTINGENCY $29,326.80
TOTAL= $128,706.07
EOPC.xls Page 1
IRREVOCABLE LETTER OF CREDIT
Issue Date: 8-21-2023
Irrevocable Documentary Credit Number:
Applicant:
ILE STOJCEVSKI
Beneficiary: Village of Lemont
418 Main Street
Lemont, I1 60439
Amount: $250,000
Expiration: two year minimum
Gentlemen:
0250106653
We hereby establish our Irrevocable Letter of Credit in your favor for the account
of the ILE STOJCEVSKI (name)8S255 NORMANDEE CT BURR RIDGE It(address) in the
aggregate amount of $250,000 available by your draft drawn on site and marked
"Drawn Under NuMark Credit union ", Letter of Credit Number 0250106653 , dated and
accompanied by the following document:
A signed statement by the Administrator or Engineer of the Village of
Lemont certifying that any portion of the improvements on the 13467 Main St.
Subdivision, as specified in the plans and specification for the Subdivision
known as Storage Lot , as approved by the Village Engineer, have not
been completed in accordance with said plans and specifications
If said improvements have not been installed in conformity with approved Plans and
Village Ordinances, the Village is hereby granted authority to draw on this Irrevocable
Letter of Credit for the purpose of completing said improvements, in accordance with the
revisions herein and above set forth. The Irrevocable Letter of Credit shall be utilized to
secure the installation of all improvements required under the Subdivision Control
Ordinance of the Village of Lemont. This Irrevocable Letter of Credit shall not operate as a
limitation on the obligation of the ILE STOJCEVSKI to install any improvement required
by the Village of Lemont.
The principal amount of this Irrevocable Letter of Credit shall not be reduced for
any improvements installed unless such reduction is approved by the Village Board. The
Village may submit is sight drafts as herein and above provided without the consent of the
ILE STOJCEVSKI or any other party. If within ten (10) days of the date such draft is presented
in conformance with the terms of this Irrevocable Letter of Credit, we fail to honor same,
we agree to pay all attorney's fees, court costs, and other expenses incurred by the Village
enforcing the terms hereof.
We hereby agree that this Irrevocable Letter of Credit shall expire on B-21-2025
(two years minimum), as stated herein above; provided, however, that we shall notify the
Village Administrator and Village Engineer by Certified Mail, return receipt requested, at
least ninety (90) days prior to said expiration date that said Letter of Credit is about to
expire.
It is a condition of this Letter of Credit that it shall be automatically extended for
additional periods of one (1) year, unless at least ninety (90) calendar days prior to the then
relevant expiration date, we have advised you in writing by certified mail, return receipt
requested, or hand delivery that we elect not to so extend. In that event, you may draw
hereunder on or prior to the then relevant expiration date, up to the full amount then
available hereunder against your sight draft(s) on us, bearing the number of this Letter of
Credit. In no event shall this Irrevocable Letter of Credit or the obligations contained
herein expire except upon prior written notice, it being expressly agreed that the
obligations contained herein expire except upon prior written notice, it being expressly
agreed that the above expiration date shall be extended as shall be required to comply with
this notice provision.
(Si re of Bank Officer , �c� C��tzsifE�
(Officer's Title)
Subscribed and sworn to before me this -2- 1 �7 day of G `� f-7 , 2Q8!�.
KAREN HUSTON 9zo--,
OFFICIAL SEAL. Notary Public
Notary Public - State of Illinois
My Commission Expires May 25, 2024
This documentary credit is subject to the "Uniform Customs and Practice for
Documentary Credits, the International Chamber of Commerce Publication No. 440
(Latest Revisions), except as herein and above modified.