R-44-10 - Authorizing LOC Reduction AtlantisRESOLUTION NO. f- q 9-. /
A RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR
ATLANTIS BANQUET FACILITY
WHEREAS, pursuant to the Unified Development Ordinance, 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 such improvements; and
WHEREAS, on behalf of GBM, Inc., Letter of Credit (LOC) # 12502090 -00 -000 was
issued by PNC Bank, National Association, Cleveland, OH, in the amount of $359,000.00 and
was deposited with the Village on April 3, 2008 to guarantee costs associated with the Atlantis
Banquet Facility; and
WHEREAS, the Village Engineer and the Planning and Economic Development
Director subsequently determined the fair and appropriate share of GBM, Inc., costs of the
Atlantis Banquet Facility to be $75,000.00, and recommend reduction of the Letter of Credit to
that amount; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Letter of Credit # 12502090 -00 -000 is hereby reduced to a balance of
$75,000.00.
PASS AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DuPAGE,
ILLINOIS, on this 12th day of July, 2010.
DEBBY BLATZER
PAUL CHIALDIKAS
CLIFFORD MIKLOS
RICK SNIEGOWSKI
RON STAPLETON
JEANNETTE VIRGILIO
AYES NAYS PASSED ABSENT
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BRIAN K. REAVE , Village President