R-03-04 01/12/2004RESOLUTION NOC - `0Li
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR EAGLE RIDGE 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 Eagle Ridge Subdivision, located north of 132' Street, and
south of Eaglecrest Subdivision, an Irrevocable Letter of Credit #2002 -1320, Marquette Bank, in
the amount of $830,000.00 was deposited with the Village of Lemont on January 28, 2002; and
WHEREAS, Phil Cullen and William Brennan, d/b /a Eagle Ridge Enterprises, Inc.,
made application for and were granted a reduction of the Irrevocable Letter of Credit #2002-
1320, bringing the balance to $246,449.83; and
WHEREAS, Phil Cullen and William Brennan, d/b /a Eagle Ridge Enterprises, Inc., has
made application for a second reduction of the Irrevocable Letter of Credit #2002 -1320, in the
amount of $140,544.83; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has found these portions to have been satisfactorily installed;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Irrevocable Letter of Credit #2002 -1320 for Eagle Ridge Subdivision
is hereby reduced to $105,905.00.
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 12th day of January, 2004.
Debby Blatzer
Peter Coules
Brian Reeves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
V
U
v
v
APPROVED by me this 12th day of January, 2003.
JO ZZA, Village President
ARLENE M. SMOLLEN, Village Clerk
S: \COMMUNITY DEVELOPMENT DEPARTMENT ONLY - RESTRICTED !\LETTERS of CREDIT\LOC EagleRidge Draw.wpd
JAN.JB'20 i4 11:49 f3 '9' 'C132
FRANK NvICTNY A35oC :A 7TS #132.0 2. 0'02, J')4
EAGLE RIDGE ENTERPRISES, INC
EAGLE RIDGE SUBDIVISION
RENEWAL OF LETTER OF CREDIT CALCULATIONS ZNO REDUCTION
WORK REMAINING TO BE COMPLETED
IP 0 1,M1 QUANTITY
PRICE TOTAL
SURFACE COURSE PAVING TON 459 $39.50 $17471.50
scEwAtAs 9F 15,500 $2.60 $38,750.00
LIMEsTJNE WALFNVAY SF 2202 $1.60 $3,303.00
LAN aSCAPINGRESTORATICN EA N/A $5,000.00 $5,000,00
PARUwAYTREES EA 80 $25040 520,000,00
TOTAL COST TO COMPLETE $94,724,50
ORICiUAL CONSTRUCTION COST 064,000.00
LESS IMPROVEMENTS TO BE COMPLETED 50
IMPROVEMENTS COMPLETED TO DATE $579275.50
RI?0UCED LETTER OF CREDIT CALCULATIONS
IMPROVEMENTS TO BE COMPLETED
TIMES I25%
$94,724.50
LETTER OF CREDIT REDucEO TO: $105,906.00
Calculations by Phli Cullen
4- Dec-03
fRANK 41Z=.:3
Village of Lemont
Engineering Department
418 Mein Street ❑ Lemont, Illinois 60439 ❑ 6301257 -2532 0 Fax: NO/257-1598
FACSIMILE TRANSMISSION COVER SHEET
To; Timothy Teddy
Community Development Director
From: James L. Cainkar, P.E.
Re: LOC Reductions
cc: Mr. Garr Holmes, Administrator, w /Attachments
General File
Fax: 243 -0958
Phone: 257 -1550
Date: January 8, 2004
Pages: 4 (Including Cover Sheet)
M Urgent
E For Review & Comment
[ i As Requested 21 Please Reply
M For Your Information
Ceer Tim:
The Letter of Credits for the subdivisions should be as follows:
Subdivision
South Points:
® Eagle Ridge Estates:
Rolling Meadows 3:
Briarcliff PUD:
Should you have any questions
ldebi
Current LOC LOC Reduction LOC Balance
$760,200.00 $600,695.59 $159,504.41
246,446.37 140,541.37 $105,905.00
1,202,519.06 921,293.87 $281,225.19
(Morris to call you with this information.
Joe Hammers' Phorie Number is 271 -0770, Ext. 300) eQs
A 2,600r0=.0. 4 g50toot>. 4 (185Opos). 30/ 03 sS
concerning this matter, please do not hesitate to contact me. l -4.0`4
Please call if all pages are not received.
Original will not he forwarded by mail.