R-03-07 01/08/2007VILLAGE OF LEMONT
RESOLUTION NO. alaain
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR LIMESTONE OF LEMONT SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 8 ' DAY OF JANUARY, 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 8" day of January, 2007.
RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR LIMESTONE OF LEMONT 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 Limestone of Lemont subdivision, located at 13656
McCarthy Road in Lemont, Park Federal Savings Bank issued two Letters of Credit to be
deposited to the Village of Lemont; Letter of Credit No. 0221025856 in the amount of
$178,498.40 was deposited on August 18, 2004 for mass grading purposes, and Letter of
Credit No. 20059441 in the amount of $1,334,770.14, was deposited on November 23, 2004
to guarantee completion of public improvements in Lemont; and
WHEREAS, on March 27, 2006, following a request by V -3 Companies on behalf
of Clayback Development, the Village President and Board of Trustees passed Resolution
#R- 22 -06, releasing Letter of Credit No. 0221025856, and reducing Letter of Credit No.
20059441 to $388,795.57; and
WHEREAS, on December 5, 2006, on behalf of Clayback Development LLC, V3
Companies has requested a second reduction in Letter of Credit #20059441, from
$388,795.57 to $322,055.79, following the attached "Engineer's Request for Letter of Credit
Reduction;" and
WHEREAS, James L. Cainkar, the duly authorized agent of the Village of Lemont,
has reviewed the request for reduction, inspected certain portions of the improvement, found
that portions have been satisfactorily installed, and has forwarded his written approval for
the reduction to $322,055.79 on December 11, 2006; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont that Irrevocable Documentary Credit No. 20059441 is hereby
reduced to $322,055.79.
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 8' day of January, 2007.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
APPROVED by me this 8 ' day of January, 2007.
JOHN , . PIAZZA, Villa, - resident
CHARLENE M. SMOLLEN, Village Clerk
M. \COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMENT \270 - Letters of Credit \2006 Resolutions -Board Memos- Letters\Limestone 2 p
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