R-02-04 01/12/2004RESOLUTION NO. R -02 -04
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 127th
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, Paul McNaughton of McNaughton Development, d/b /a Briarcliffe LLC,
has requested a reduction of the Irrevocable Letter of Credit #354 and #350, in the amount of
$1,612,480.00, or bringing the total balance to $ 987,520.00.
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has recommended a reduction of $750,000.00 in Irrevocable
Letter of Credit #354, bringing the balance of #354 to $1,350,000.00. A balance of $500,000
remains on Irrevocable Letter of Credit #350, bringing the total guarantee amount to
$1,850,000.00.
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 $1,850,000.00.
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.
AYES NAYS PASSED ABSENT
Debby Blatzer
Peter Coules
Brian Reeves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
APPROVED by me this 12'h day of January, 2004.
JO N F. P AZZA, Village Presid
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
H:\RESOLUTI\2003\Briarcl iffeLOC.red.wpd
MeNaughton EI,OPMENT, INC
CUSTOM
DESIGNED HOMES
BRIARCLIFFE ESTATES LETTER OF CREDIT
12 -5 -03
COMPLETED ITEMS (% Completed x 10% Retention):
Cost % Complete
Sanitary Sewer
Water Main
Storm Sewer
Fine Grading
Rolled Curb & Gutter
4" Stone
6" BAM
1.5" Binder
Geotextile Fabric
Backfill Curb
$364,446
$347,467
$399,845
$ 10,090
$114,513
$ 38,920
$252,258
$ 66,068
$ 17,298
$ 12,269
ITEMS TO BE COMPLETED:
Cost
90
90
75
90
85
90
90
50
90
85
% Complete
LOC Amount
$32,800
$31,272
$29,988
$ 908
$ 9,734
$ 3,503
$22,703
$ 3,303
$ 1,557
$ 1,043
Sanitary Sewer
Water Main
Storm Sewer
Fine Grading
Curb
4" Stone
6" Bam
1.5" Binder
Geotextile Fabric
Backfill Curb
Surface
Street Lights
Parkway Trees
S364,446
$347,467
$399,845
$ 10,090
$114,513
$ 38,920
$252,258
$ 66,068
$ 17,298
$ 12,269
$ 74,476
$ 79,300
$ 85,525
15% of LOC Amount Items To Be Completed
New Letter of Credit
Total Amount of Existing Letter of Credit
New Letter of Credit Amount
Reduction Requested
Park Corners Office Centre / 11900 Southwest Hi
Phone: (708) 361 -8300
10
10
25
10
15
10
10
50
10
15
100
100
100
$110,962
$987,520
$2,600,000
$ 987,520
$1,- 2,
661112,,480
vay Suite 101 • Palos
Fax: (708) 361 -6754
$136,811
LOC Amount
$36,445
$34,747
$99,961
$ 1,009
$17,177
$ 3,892
$25,226
$33,034
$ 1,730
$ 1,840
$74,476
$79,300
$85,525
$739,747
r'(- - J �e '
��R'wb
Park, Illinois 60464
MNau hton
DEVELOPMENT, NC
CUSTOM DESIGNED HOME S
BRIARCLIFFE ESTATES LETTER OF CREDIT
12 -5 -03
COMPLETED ITEMS (% Completed x 10% Retention):
Cost % Complete
Sanitary Sewer
Water Main
Storm Sewer
Fine Grading
Rolled Curb & Gutter
4" Stone
6" BAM
1.5" Binder
Geotextile Fabric
Backfill Curb
$364,446
$347,467
$399,845
$ 10,090
$114,513
$ 38,920
$252,258
$ 66,068
$ 17,298
$ 12,269
ITEMS TO BE COMPLETED:
Cost
Sanitary Sewer
Water Main
Storm Sewer
Fine Grading
Curb
4" Stone
6" Bam
1.5" Binder
Geotextile Fabric
Backfill Curb
Surface
Street Lights
Parkway Trees
$364,446
$347,467
$399,845
$ 10,090
$114,513
$ 38,920
$252,258
$ 66,068
$ 17,298
$ 12,269
$ 74,476
$ 79,300
$ 85,525
90
90
75
90
85
90
90
50
90
85
% Complete
10
10
25
10
15
10
10
50
10
15
100
100
100
15% of LOC Amount Items To Be Completed $980,962
New Letter of Credit
Total Amount of Existing Letter of Credit $2,600,000
$ 987,520
New Letter of Credit Amount
Reduction Requested
Park Corners Office Centre / 11900 Southwest
Phone: (708) 361 -8300
LOC Amount
$32,800
$31,272
$29,988
$ 908
$ 9,734
$ 3,503
$22,703
$ 3,303
$ 1,557
$ 1,043
$1,612,480
Hi g v ay Suite 101 • Palos
Fax: (708) 361 -6754
$136,811
LOC Amount
$36,445
$34,747
$99,961
$ 1,009
$17,177
$ 3,892
$25,226
$33,034
$ 1,730
$ 1,840
$74,476
$79,300
$85,525
$739,747
Park, Illinois 60464
BRIARCLIFF'E
LEMONT, ILLINOIS
N0. ITEM
FINAL ENGINEER'S OPINION OF COSTS FOR
LETTER OF CREDIT
UN
QUANTITY UNIT COST TOTAL AMOUNT
PAVING
1 Fine Gndk g
2 Holed Curb 3 Gutter
3
5
6
7
4 Agg. Beae, CAS, Type B
8' BAM Balm Course
SY
LF
28,529
18,359
30.35
1.5" Bit. cone. Binder Course, CL I
1.5" Bit. Cone. Surface Course, CL I
Geotaxile Fabric
5 s P.C.C. Sidewalk wt4-Agg, Base
9 Backlit curb
SY
SY
SY
SY
28,829
24,025
24,025
37.00
51.35
510.50
32.75
510,090.31
5114.513.00
335,919.78
5252,257.85
SY
SF
24,025
28,529
53.10
30.60
LF
61,795
53.00
[STREET LIGHTING
1 1250 W. Street Light (25' Pole)
TOTAL PAVING
15,359
50.75
366,087.53
374.478.12
517.297.88
8245,385.00
512,269.25
8631,276.51
EA 1_ 26 1
TOTAL STREET LIGHTING
53,050.00 1
379,300.00
379,300.00
* NOTE - Stone salvaged from existing runway to be used in roadway base
along with sanitary and water trench backfill.
Page 2 of 4
BI.tIARCLIFFE
LEMONT, ILLINOIS
FINAL ENGINEER'S OPINION OF COSTS FOR
LETTER OF CREDIT
NO.I
ITEM
j UN ] QUANTITY L UNIT COST ( TOTAL AMOUNT
SANITARY SEWER
1
8" Dia. PVC, SOR 26
LF
6.732
324.00
3161,568.00
2
5" Die. Waterman Quality Pipe
LF
394
528.00
311,032.00
3
15" Dia. PVC, SOR 28
LF
822
330.00
324,060.00
4
15" Dia. Waterman Quality Pipe
,_
LF
173
332.00
35,536.00
5
r Dia. PVC Service (long)
EA
69
5845.00
359,303.00
6
6" Dia. PVC Service (short)
EA
59
3405.00
$23,895.00
7
49" Dia. Manhole (8' -10' deep)
EA
24
31.300.00
131,200.00
8
46" Dia. Manhole (12'-14' deep)
EA
4
51,800.00
37,200.00
9
48" Dla. Manhole (14' -16' deep)
EA
4
32,000.00
$8,000.00
10
48" Dia. Manhole (18' -18' deep)
EA
1
52,300.00
52;300.00
11
48" Dia. Manhole (22' deep)
EA
1
32,800.00
32,800.00
12
48" Dia. Manhole (26' deep)
EA
1
33,200.00
33,200.00
13
48" Dia. Manhole (40' deep)
EA
1
57,500.00
37,500.00
14
San. Service Riser
EA
10
5500.00
55,000.00
15
Trench Beck1)8 Materiae(meln)
CY
450
55.00
52,250.00
16
Trench Bacldlll Material(sorv)
CY
2,000
35.00
510,000.00
TOTAL. SANITARY SEWER 5364,444.00
WATER MAIN
1
8- Dia. DIP
LF
9,411
517.00
5159,987.00
2
8" Valve w /48" Vault
EA
14
51,310.00
318,340.00
3
Fire Hydrantw/Aux. Valve&Box
EA
31
31,800.00
355,800.00
4
1.5" Dia. Cu Water Serv. (long)
EA
54
3500.00
527,000.00
5
1.5" Dia. Cu Water Serv. (short)
EA
74
3240.00
517,760.00
6
1.5" Die. Indio. Valve and Box
EA
128
8360.00
348,080.00
7
Trencn BackNl Materiel (main)
CY
380
35.00
51,900.00
6
Trench Bacldill Material (sere)
CY
1,150
55.00
55,750.00
9
16" Dia. Augered Casing
LF
70
5165.00
311,550.00
10
8" Press. Conn. To Ex. WM wlvault
EA
1
53,300.00
53,300.00
TOTAL WATER MAIN 3347,447.00
Page 3 of 4
f UN I QUANTITY L UNIT COST 1 TOTAL AMOUNT 1
HRIARCLIFFE
LEMONT, ILLINOIS
FINAL ENGINEER'S OPINION OF COSTS FOR
LETTER OF CREDIT
rT!M
STORM
SEWER
1
36" Dl a. RCP
LF
673
338.00
521,574,00
338,700.00
2
30" Dia. RCP
LF
1,290
330.00
3
27' Die. RCP
LF
588
329.00
516,994.00
4
24" Ole, RCP
LF
690
325.00
517,250.00
5
21" Dia. RCP
LF
731
318.00
313,158.00
e
18" Die. RCP
LF
1,524
517.00
525,908.00
7
15" Dla. RCP
LF
3,230
315.00
348,450.00
8
12" Dia. RCP
L F
3.014
514.00
$42,186.00
9
10" Dia RCP
LF
3.175
313.00 _
321,600-00
10
60" Dia. Manhole
EA
18
51,200.00
321,600.00
11
48" Dia. Manhole
EA
55
3825.00
343.300.00•
S3.100.00'
12
60" Dia. Catch Basin
EA
2
11,350.00
13
48" Dia. Catch Basin
EA
22
51,060.00
523,320.00
14
24" Dia. Inlet
EA
39
3520.00
520.280.00
15
30" Conc.Flared End Section, w /End Block &
CeN. Steel Grate
EA
1
$1,040.00
31,040.00
18
18" Conc.F Bred End Section, wlEnd Block &
Gals. Steel Gratc
EA
4
3050.00
52.800.00
17
15" Cone. Flared End Section, w /End Block &
Galt'. Steel Grate
EA
2
5375.00
3750.00
le
FesCictor Plate w /opening
EA
6
5540.00
19
4' x 9' Slope Box
1
53,425.00
53,425.00
33,425.00
20
Trench Beckfll Material
CY
330
31700
55,610.00
TOTAL STORM SEWER
5399,845.00
PARKWAY TREES
1 1PDAway Trees
I EA I 311 1 5275.00 385,525.00
TOTAL STREET UCHTING e•e e,r M
Page 4 of 4
SUMMARY
PAVING
5831,276.51
STREET LIGHTING
579,900.00
SANITARY SEWER
5364,446.00
WATER MAIN
3347,467.00
STORM SEWER
5399,845.00
PARKWAY TREES
585, 525.00
Total
32,107.859.51
15• ConCngency
5316,178.83
LOC Grand Total
$2,424,030.43
Page 4 of 4
Village of Lemont
Engineering Department
418 Mein Street ❑ Lemont, Illinois 60435 0 630/257-2532 O Fax: 630/257 -1598
FACSIMILE TRANSMISSION COVER SHEET
To: Timothy Teddy
Community Development Director
From:
Re:
cc:
James L. Cainksr, P.E.
LOC Reductions
Mr. Gary Holmes, Administrator, w /Attachments
General File
Fax: 243 -0958
Phone: 257 -1 550
Date: January 8, 2004
Pages: 4 (Including Cover Sheet)
E Urger:
C For Review & Comment
C As Requested In Please Reply
Fcr Your Information
Dear Tim:
The Letter of Credits for the subdivisions should be as follows:
Subdivision
South Pointe:
Eagle Ridge Estates:
Rolling Meadows 3:
Current LOC LOC Reduction
$760,200.00 $600,695.59
246,446.37
1,202, 519.06
140,541.37
921,293,87
LOC Balance
$159,504.41
$105,905.00
$281,225.19
• Briarcliff PUD: (Morris to calf you with this information.
Joe Hammers' Phc a Number is 271 -0770. Ext. 300) 421.
,' 2,600,tr=,0. 4 gsotece›- A (,850,e0x. 301\\1a3+t`a1Zs
Should you have any questions concerning this matter, please do not hesitate to contact me. t- Q.pe{t
/debi
Please call if all pages are not received.
Original will not be forwarded by mail.