R-52-03 Authorizing Letter Of Credit Reduction For Ashbury Woods SubdivisionRESOLUTION NO. ` - oC • o 3
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ASHBURY WOODS 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 Ashbury Woods Subdivision, located south of 127th Street
and west of Chestnut Crossing Subdivision, an Irrevocable Letter of Credit #SBY/02/30152,
First American Bank, in the amount of $1,378,674.00 was deposited with the Village of Lemont
on August 20, 2002; and
WHEREAS, Joseph A. Schudt & Associates have made a request for 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 portions totaling $913,608.85 to have been
satisfactorily installed; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit, Ashbury Woods Subdivision is
hereby reduced to $465,064.45.
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 28th day of July, 2003.
Debby Blatzer
Peter Cowles
Brian Reaves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
APPROVED by me this 28th day of July, 2003
JO `k' IAZZA, Villag
Ashburydraw.loc.doc