R-67-01 Authorizing release of letter of credit for ravines subdivisionRESOLUTION NO.
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT
FOR RAVINES 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 Ravines Subdivision, located at Archer Avenue and 131st
Street, an Irrevocable Letter of Credit #60732502, American National Bank, in the amount of
$633,192.50 was deposited with the Village of Lemont on June 2, 1998; and
WHEREAS, Alan R. Meyer was granted a reduction of the Irrevocable Letter of Credit
in November of 1999, leaving a balance of $220,519.41, and
WHEREAS, Alan R. Meyer has made application for release of the Irrevocable Letter of
Credit #60738149; 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; and
WHEREAS, the applicant has provided a letter of credit guarantee of the public
improvements for a period of one year.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that:
SECTION 1: Site work covered under Letter of Credit #60738149 has been
satisfactorily completed.
SECTION 2: The Irrevocable Letter of Credit #60738149 is hereby released.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit #60738149 for The Ravines
Subdivision s hereby released.
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 10th day of December, 2001.
AYES NAYS PASSED ABSENT
John Benik ✓
Debby Blatzer /
Peter Coules
Connie Markiewicz
Stephen Rosendahl 40
Jeanette Virgilio 1
Approved by me this 10th day of December, 2001.
Attest:
JO (i F. PI • ZA, Village Pre
CHARLENE M. SMOLLEN, Village Clerk