R-81-07 Letter of Credit Reduction for the Glens of Connemara SubdivisionVILLAGE OF LEMONT
RESOLUTION NO.2_07
A RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR THE GLENS OF CONNEMARA SUBDIVISION
APPROVED BY THE
PRESIDENT AND THE BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 1 OTH DAY OF DECEMBER, 2007
PUBLISHED IN PAMPHLET FORM BY
AUTHORITY OF THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF
LEMONT, COUNTIES OF COOK, WILL AND
DUPAGE, ILLINOIS, THIS 1 OT" DAY OF
DECEMBER, 2007
RESOLUTION NO D
DECEMBER 10, 2007
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR THE GLENS OF CONNEMARA
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 The Glens of Connemara Subdivision, located on the
north side of 131st street, just west of Bell Road, Letter of Credit (LOC) #05- 10 -27- 401 -01
was issued by Midwest Bank and Trust in the amount of $81 1,102.00 and was deposited
with the Village in October, 2005 to guarantee mass grading, and in May, 2006, LOC
#06- 05 -15- 401 -01 was issued by Midwest Bank and Trust in the amount of $4,141,926.86
to guarantee site development; and
WHEREAS, in September, 2006, HomeWerks Development Company requested
reductions in both Letters of Credit to balances of $82,743.00 in LOC #05- 10 -27- 401 -01
for mass grading, and $2,159,622.06 for LOC #06 -05 -15 -401 -01 for on -site improvements,
and on September 11, 2006, the requested reductions were approved by the Village
Board of Trustees via #R- 69 -06; and
WHEREAS, on June 1, 2007, HomeWerks Development Company requested a
second reduction in LOC #06- 05- 15- 401 -01 to a new balance of $1,081,000.00, and
requested release of grading LOC #05- 10-27- 401 -01 at expiry in October, 2007, and the
requested actions were approved by the Village Board of Trustees via R- 57 -07; and
WHEREAS, on November 14, 2007, HomeWerks requested a third reduction in
LOC #06- 05 -15- 401 -01, and on November 19, 2007, Village Engineer Jim Cainkar
inspected certain portions of the improvement and recommended an amended
reduction of $304,690.65, bringing the balance to $776,309.35; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that Letter of Credit #06- 05- 15- 401 -01 is hereby reduced to a
balance of $776,309.35.
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 10th day
of December, 2007.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
V
V
APPROVED by me this 10th day of December, 2007.
+111:
4.4
JOHN F. PIAllA, Villa
e Prosk
CHARLENE M. SMOLLEN, Village Clerk
ent
LOC Reduction -3 Res.rtf
/4/
Civil Engineers/
Municipal Consultants
J lank Novotny & Associates, Inc.
825DIidwayDrive • Willowbrook, IL • 60527 • Telephone: (630) 887 -8640 4 Fax: (630) 887 -0132
November 19, 2007
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Glens of Connemara
Letter of Credit Reduction
Dear Jim:
Attached please find correspondence from HomeWerks Development Company, pertaining
to a request for a reduction in the Letter of Credit for the above - captioned Subdivision.
have reviewed the attached and find it acceptable to lower the L.O.C. to the revised amount
as follows:
Remaining Work Amount:
Regrading of ComEd R -O -W::
$640,269,00 @ 115% = $736,309.35
40,000.00
Proposed Letter of Credit Amount: $776,309.35
Should you have any questions concerning this matter, please do not hesitate to contact
me.
Very truly yours,
FRANK ,a OTNY & ASSOCIATES, INC.
James Cainkar, P.E., P.L.S.
JLC /debi
Enclosure
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Mr. Peter A. Krumins, Planner, w /Enc.
Ms. Lynn Stratton - Cholewa, Community Devel., w /Enc.
Mr. Angelo Palumbo, HomeWerks, Inc., w /Enc.
Project File No. 05382
HomeWerks
D E V E L O P M E N T
November 14, 2007
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, IL 60439
C O M P A N Y
Re: Glens of Connemara
Letter of Credit - ##06- 05 -15- 401 -01
Dear Mr. Brown:
HomeWerks is requesting the following reduction in our current Letter of Credit
regarding on -site work at the Glens of Connemara.
Item Remaining Work
Paving (Surface Course)
Sidewalks
Pathway
Street Lights
Trees
Miscellaneous
Current Amount
$160,000.00
325,000.00
70,000.00
125,000.00
180,000.00
80.000.00
$940,000.00
Reduction Request
$70,000.00
125,000.00
40,400.00
64,331.00
$299,731.00
Revised Total
$160,000.00
255,000.00
70,000.00
0.00
139,600.00
15.669.00
$640,269.00
Should you have any questions, please feel free to call me at your convenience.
AP/ds
cc:
bo
Lemont, LLC
Mike Cook, C.M. Lavoie & Associates
Mary Henthorn, Midwest Bank
Jim Cainkar, Frank Novotny & Associates, Inc.
700 East Diehl Road • Suite 130 • Naperville, IL 60563 • Phone (630) 505 -2600 • Fax (630) 505 -1600
Leisure Products
BILL TO
Homewerks Development Company
700 E. Diehl Rd.
Ste. #130
Naperville, IL. 60563
attn: Steve Tripp
CONTACT NAME
TERMS
SHIP TO
Sarre
CONTACT PHONE L
Invoice
DATE INVOICE #
6/25/2007 31017
630.505.2600
P.O. NO. REP PROJECT TITLE PROJECT CITY
The Glens of Con... Lemont
RATE AMOUNT
Playbooster Playbooster Play Structure per May 1, 26,591.00 26,591.00
2007 Order Form
Shelter 16' Aztec Tubular Model Shelter and
Benches 6 Benches Bottoms & Backs 12,485.00 12,485.00
Surfacing 175 cu. yds of Woodchips Delivered & 2,420.00 2,420.00
Dumped
Net 30
KD
ITEM QTY
DESCRIPTION
It's Just More Fun! Thank you for your order!
Total
F I I jrCve. /Ave.
Lahr -cukA eyL C;CS`�5
$41,496.00
REEN-UP
LANDSCAPE. INC.
BILL TO:
13520 South Budler Road
Plainfield, IL 60544 -9304
(815) 372 -3000
FAX (815) 372 -3005
Homewerks Development Co.
700 E. Diehl Rd., Suite 130
Naperville, IL 60563
Attn: Steve Tripp
DATE INVOICE #
7/19/2007 24115
AUG . 0 1 2007
,RODUCT 13054M USE WITH 930B ENVELOPE
NEBS To Reorder: 1- 800225 -6380 or www.neb0.com
PRINTED IN 1.1 .6 A P
P.O. NUMBER
TERMS
PROJECT
07 -252
Net 30
QUANTITY
DESCRIPTION
RATE
AMOUNT
Billing for work completed at The Glens of
Connemara in Lemont, IL.
22,835.00
22,835.00
Thank you.
TOTAL $22,835.00
,RODUCT 13054M USE WITH 930B ENVELOPE
NEBS To Reorder: 1- 800225 -6380 or www.neb0.com
PRINTED IN 1.1 .6 A P
Exhibit 1
Calculations for sidewalks:
$325,000.00 for 18,500 linear feet of sidewalk = $17.56 per ft
4000 linear feet have been installed (4000 x $17.56 = $70240.00)
Calculations for trees:
$112,000.00 / 140 lots = $800.00
8 lots complete x $800.00 = $6,400.00
$68,000 for common area trees (50% complete) = $ 34,000.00