R-53-10 Res. LOC Reduction Meadowlark Sub.VILLAGE OF LE ONT
RESOLUTION NO- 3 (1)
A RESOLUTION AUTHORIZING A LETTER OF CREDIT REDUCTION
FOR THE MEADOWLARK SUBDIVISION
APPROVED BY THE
PRESIDENT AND THE BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 13TH DAY OF SEPTEMBER, 2010
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 13TH DAY OF
SEPTEMBER, 2010
RESOLUTION NO. I & "/D
A RESOLUTION AUTHORIZING A LETTER OF CREDIT REDUCTION
FOR MEADOWLARK SUBDIVISION
WHEREAS, pursuant to the Unified Development Ordinance, 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. 131St
Street in Lemont, Irrevocable 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, said Letter of Credit, following one previous reduction by the Village of
Lemont and one sight draft, has been reduced to an amount of $295,870.10; and
WHEREAS, the successor to Bloomingdale Bank & Trust, First Chicago Bank & Trust,
requests an additional reduction in said Letter of Credit; and
WHEREAS, the Village Engineer and the Planning and Economic Development Director
have determined the fair and appropriate amount of said Letter of Credit to currently be
$130,000.00 and recommend a reduction to that amount;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that Irrevocable Letter of Credit Number 1153 is hereby reduced to a balance of
$130,000.00.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DuPAGE,
ILLINOIS, on this 13th day of September, 2010.
DEBBY BLATZER
PAUL CHIALDIKAS
CLIFFORD MIKLOS
RICK SNIEGOWSKI
RON STAPLETON
JEANNETTE VIRGILIO
AYES NAYS PASSED ABSENT
Approved by me this 13th day of September, 2010
Attest:
AN K. REAVES, Vi age resident
ARLENE M. SMOLLEN, Village Clerk