R-68-04 09/27/2004RESOLUTION NO. J y
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR BRIARCLIFFE ESTATES SUBDIVISION
WHEREAS, pursuant to the Subdivision Regulations, 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, in the matter of Briarcliffe Estates Subdivision, located north of 127`h
Street and east of Smith Road, Irrevocable Letter of Credit #354 was issued by Heritage Bank in
the amount of $2,100,000.00 and was deposited with the Village of Lemont on September 3,
2003, and Irrevocable Letter of Credit #350 was issued by Heritage Bank in the amount of
$500,000 on June 9, 2003; and
WHEREAS, The Village Board on January 12, 2004 approved a first reduction of the
total letter of credit from $2,600,000.00 to $1,850,000.00; and
WHEREAS, The Village Board on March 8, 2004 approved a second reduction of the
total letter of credit ( #350 and #354) from $1,850,000.00 to 1,043,745.58, and approved the
release of letter of credit #350; and
WHEREAS, Briarcliffe Development LLC, has requested a third reduction of
Irrevocable Letter of Credit #354; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has recommended a reduction of $388,315.69 in Irrevocable
Letter of Credit #354, bringing the balance of #354 to $655,429.89
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Irrevocable Letter of Credit #354 for Briarcliffe Estates Subdivision is
hereby reduced to $655,429.89.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE,
ILLINOIS, on this 27th day of September, 2004.
Debby Blatzer
Peter Coules
Brian Reaves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
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APPROVED by me this 27th day of September, 2004.
CHARLENE M. SMOLLEN, Village Clerk
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