R-77-02 12/09/02RESOLUTION
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR FORDHAM HILL SUBDIVISION
WHEREAS, pursuant to Ordinance 426, as amended, the Lemont 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 public improvements; and
WHEREAS, in the matter of Fordham Hill Subdivision, located south of Main Street, east of
Wexford Drive, an Irrevocable Letter of Credit # 294 issued by First Eagle National Bank in the
amount of $3,468,869.00 was deposited with the Village of Lemont on August 15, 2000; and
WHEREAS, Walter Rebenson on behalf of the applicant, The Fordham Company, has requested
a reduction of the Irrevocable Letter of Credit; 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 the Irrevocable Letter of Credit #294 for Fordham Hill Subdivision is hereby reduced
to $175,000; a reduction of $175,000 from the present balance of $350,000.
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 9th day of December , 2002.
John Benik
Debby Blatzer
Peter Coules
Connie Markiewicz
Steven Rosendahl
Jeanette Virgilio
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CHARLENE SMOLLEN, Village Clerk
AYES NAYS PASSED ABSENT
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