R-70-07 Letter of Credit Reduction for Woodglen SubdivisionVILLAGE OF LEMONT
RESOLUTION NO.k— 7d -07
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR WOODGLEN SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 26TH DAY OF NOVEMBER, 2007
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Cook, Will and DuPage Counties,
Illinois on this 26th day of March, 2007.
RESOLUTION NO. k- in • 07
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR WOODGLEN 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 Woodglen subdivision located at 636 First Avenue in Lemont,
on October 10, 2006, Irrevocable Documentary Credit No. SBY/06/30367, issued by First American
Bank in the amount of $209,443.18 was deposited with the Village of Lemont; and
WHEREAS, on January 31, 2007, Irrevocable Documentary Credit No. SBY/06/30382,
issued by First American Bank in the amount of $2,719,828.78, was deposited to guarantee
completion of public improvements in the Village of Lemont; and
WHEREAS, Mr. Don Stevens, President of Donven Homes, Inc., has made application for
the release of Irrevocable Documentary Credit #SBY/06/30367, and a reduction to Irrevocable
Documentary Credit #SBY/06/30382 to a balance of $752,826.28; 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 Documentary Credit No. SBY/06/30367 is hereby released, and
Irrevocable Documentary Credit No. SBY/06/30382 is hereby reduced to $752,826.28.
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 26th day of November, 2007.
AYES NAYS PASSED ABSENT
Debby Blatzer
Peter Cowles V
Clifford Miklos ✓
Brian Reaves
Ron Stapleton
Jeanette Virgilio
APPROVED by me this 26`h day of November, 2007,
JOH ' F. PIAZZA, ilia
esident
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
M:\COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMENT \ 250 - Case Files \2005 \25.23 - Woodglen ■Ordinances & Resolutions\Woodglen LOC Red RES.WPD
3
Village of Faith
Mayor
John F. Piazza
Village Clerk
Charlene M. Smollen
Trustees
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ronald Stapleton
Jeanette Virgilio
Administrator
Gary C. Holmes
Administration
phone (630) 257 -1590
fax (630) 243 -0958
Building Department
phone (630) 257 -1580
fax (630) 257 -1598
Community Development
phone (630) 257 -1595
fax (630) 257 -1598
Engineering Department
phone (630) 257 -2532
fax (630) 257 -3068
Finance Department
phone (630) 257 -1550
fax (630) 257 -1598
Police Department
416 Main Street
phone (630) 257 -2229
fax (630) 257-5087
Public Works
16680 New Avenue
phone (630) 257 -2532
fax (630) 257 -3068
www.1emont.il.us
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Woodglen PUD
Letter of Credit Reduction
Dear Jim:
Village of Lemont
418 Main Street • Lemont, Illinois 60439
November 8, 2007
Attached please find correspondence from Woodglen Development, LLC,
pertaining to a request for a reduction in the Letter of Credit for the above -
captioned subdivision. I have reviewed the attached, and find it acceptable
to lower the amount to $752,826.28.
Should you have any questions concerning this matter, please do not
hesitate to contact me.
Very tr ly )(ours,
James L. Cainkar, P.E., P.L.S.
Acting Village Engineer
JLC/ce
Enclosure
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Mr. Peter Krumins, Planner, w /Enc.
Ms. Lynn Stratton - Cholewa, Administrative Asst., w /Enc.
File No. 05413
WOODGLEN DEVELOPMENT, LLC
November 5, 2007
Mr. Jim Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Reduction in Letter of Credit
WOODGLEN Subdivision
Dear Jim,
Regarding our Letter of Credit renewal for WOODGLEN, I am submitting
the following:
Copy of the Engineer's Estimate that the original Letter of Credit is based
on, marked up to indicate the amounts for site work still remaining to be
done. The unfinished work consists primarily of final surface course paving,
parkway trees, streetlights and most public walks.
With the above site improvements remaining to be completed, we are
requesting that the new Letter of Credit be reduced from the original
$2,719,828.78 to a new amount of $752,826.28.
A copy of this letter as well as the estimate reduction prepared by our
engineer (IG Consulting) is also being sent to Peter Krumins and Jim Cainkar
for their use.
6428 Joliet Road - Countryside, IL 60525 - Phone 708 -482 -0860 - Fax 0872
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Please review at your earliest convenience in order to approve the
appropriate reduction in our Letter of Credit from First American Bank.
The current letter expires on January 31, 2008 and we would like to have
the reduction authorized as soon as possible.
Thank you for your cooperation.
Very truly yours,
WOODGLEN Development, LLC
bonald A. Stevens
Member
Cc: Peter Krumins, Village Planner
Jim Cainkar, Village Engineer
Kevin Lewis, IG Consulting
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SUBTOTAL;
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TOTAL UNDERGROUND
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$398,066.00 $354,760.28
$2,365,068.50
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