R-46-07 Res. Auth. Letter Credit Reduction Meadowlark SubdivisionVILLAGE OF LEMONT
RESOLUTION NO. R • i fio r0?
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR MEADOWLARK SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 29TH DAY OF MAY, 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 29th day of May, 2007.
RESOLUTION NO.
R.y''d7
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR MEADOWLARK 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 Meadowlark Subdivision, located at 14407 -23 W. 1315` Street
in Lemont, on April 17, 2006, Letter of Credit No. 1153 issued by Bloomingdale Bank & Trust in
the amount of $931,502.40, was deposited with the Village of Lemont to guarantee public
improvements; and
WHEREAS, Andrew Bednarczyk, President of All -Pro Development, has made application
for a reduction in Letter of Credit No.1153 of $484,932.30, to a balance of $446,570.10; 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 Letter of Credit No. 1153 is hereby reduced to $446,570.10.
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 29th day of May, 2007.
Debby Blatzer
Peter Cowles
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
AYES NAYS PASSED ABSENT
APPROVED by me this 29th day of May, 2007.
JOHN F PIAZZA, Vi11ag Pr sident
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
M: \COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMENT \250 - CASE FILES\2004 \24 05 - Meadow Lark \Ordinances + Resolutions \MEADOWLARK
LOC Red RES.wpd
2
(.iril Engineem.
Municipal Consultants
lihnk Novotny- & Associates, Inc.
825 Midway Drive < Willowbrook,, IL 60527 Telephone: (630)887 -8640 Fax: (630)887 -0132
May 4, 2007
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Meadowlark Subdivision
Letter of Credit
Dear Jim:
Attached please find calculations showing the amount of remaining work in Meadowlark
Subdivision, and the recommended Letter of Credit, in the amount of $446,570.10. This is
being forwarded to your attention for your review and authorization.
Should you have any questions concerning this matter, please do not hesitate to contact
me.
Very truly yours,
FRANK ' •TNY & ASSOCIATES, INC.
ainkar, 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 Statton- Cholewa, Adm. Assistant, w /Enc.
Project File No. 04150
#04150 Meadowlark Subdivision May 4, 2007
Description
6. Aggregate Base Course, Type B 4"
7. Granular Subbase, Type B 3"
8. Geotextile Fabric (Under Pavement)
9. Bituminous Base Course, 6"
10. Bitumnous Cocnrete Binder Course 1 1/2"
11. Bituminous Concrete Suraface Course 1 1/2"
12. PCC Sidewalk, 5"
13. Comb. Conc. Curb & Gutter, Type B -3.12
16. Topsoil Respread, 4"
17. Sodding (Detention Basin)
18. Trees
42. Roadway Light Pole, Fixture, Cable & Conduit
Sub -Total
REMAINING WORK
5235
1620
5575
1850
460
460
14500
3085
6030
6030
80
7
Price
$ 4.00
$ 3.50
$ 75.00
$ 80.00
$ 3.50
$ 15.00
$ 2.00
$ 3.50
$ 500.00
$ 7,150.00
Multiplier 115%
Plus 10% of Estimate of Cost
APPROVED NEW LOC AMOUNT
Total
20,940.00
5,670.00
34,500.00
36,800.00
50,750.00
46,275.00
12,060.00
21,105.00
40,000.00
50,050.00
$ 318,150.00
$ 365,872.50
$ 80,697.60
$ 446,570.10
EOPOOL
ENGINEER
April 3, 2007
Mr. James A. Brown, Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Phone: (630) 739 -0707
(773) 581-9477
Fax: (630) 739 -6080
(773) 581-5760
E Mail: GEOPOOL @DSL.POLTEL.US
Subject: Meadowlark Subdivision — Letter of Credit Reduction
Geopool Engineering Project No. 06 -003
Dear Mr. Brown:
Allpro Development, the owner /developer of the Meadowlark Subdivision in your
community, is requesting a Letter of Credit Reduction for the work completed, to
date, on the subject project. As of the date of this letter the rough grading has
been completed and the utilities have been installed. The watermain, sanitary
sewer and storm sewer installation was approved by the Village Engineer in the
summer and fall of 2006. In accordance with the Engineer's Estimate $447,631
of the $806,976 estimated construction value has been completed or
approximately 55% of the construction. A breakdown of the completed items is
included with this letter.
It is our understanding that the Letter of Credit is for 125% of the Engineer's
Estimate. Therefore, we are requesting a reduction in the letter of credit by 55%
based on the work completed on the project. If you have any questions or
require any additional information please call me at (630)400 -9646.
Sincerely,
pool Engin- ring Inc.
ject Manager
Enclosures
c: J. Cainkar, Novotny
A. Bednarcyzk, Allpro Developement
Project File 06 -003
D3GeopoollProjectsl2006106- 003lCorrespondence \003_letter_Lenront 04- 03- 07.doc
12 South 355 Lemont Road / Lemont, Illinois 60439