R-42-01 Authorizing letterof credit reduction for fordham hill subdivisionRESOLUTION ( f
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 $350,000.00; a reduction of $220,527.50 from the present balance of $829,031.25.
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 23rd day of July . 2001.
John Benik
Debby Blatzer
Peter Coules
Connie Markiewicz
Steven Rosendahl
Jeanette Virgilio
Approved by me this 23rd day of July
CHARLENE SMOLLEN, Village Clerk
AYES NAYS PASSED ABSENT
CHARLENE SMOLLEN, Village Clerk
, 2001.
JO :1 ' F. PI ZZA, Village Presi
9
UU /LU /CUU1 TUb 1.6:11 FAL
TIE FORDHAM COMPANY
FACSIMILE TRANSMITTAL SHEET
TO:
COMPANY:
FROM.
Walter A. Rebenson
DA
4 / 71, ,2001
FAX NUMBER:
PHONE NUMBER:
RE:
TOT nL NO. OF PAGES INCL•UDINC} C CWl Ze:
SENtCt ' PHON,NUMbx:
312 - 587 -0900
3L'N1 S' FAX NUMBER:
312- 587 -8600
❑ URGENT ❑ FOR REVIEW ❑ PLEASE, COMMENT 1:1 ',Lunn RRW.Y ❑ PLEASE RECYCLE
Norm( COMMENTS:
/ - " /%ye
"re g 1 vvl s i&D Cr. 3 c+—
•
f : 5 - _ 630, z_s--7.0 'z.-
Re-r: s s eiti-A;* L
VIIVA C a',/ �- - - r r Y / 1 1 rf 7 . % v4/r-),07c,5
nee_"'S eR R `1 DI
G•� / j � 1 'U
J001 /004
ir 2 Ile' 4 2- 5 /C7-b 't fkrt, ?I/7/ dr
6,1h Lr /2. 7 0/ .
IS EAST HURON ti'CIEII,T, 2H'' FLOOR CIUCAGO, ILLINOIS 60611
uo /Loicuui iur L :tz raa
LASER
T a EnsomeaRs OF '* .Ifl. m
June 15, 2001 Job # 78899
Fordham Company
15 E. Huron
Chicago, Illinois 60611
Attn: Walt Rebenson
Re: Fordham Hill Estates
Lemont, Illinois
Letter of Credit
Reduction No. 3
Dear Walt,
As requested during the development of Fordham Hill Estates, I would oversee the
construction process by your subcontractors work and recommend letter of credit
reductions that pertain to work completed by them. In November, I recommended the
first Ietter of credit reduction totaling $1,227,000.00 for work completed by Dresden
Land Improvement and All Line Electric. The second letter of credit reduction dated
Janutary 15, 2001 pertained to additional Dresden Land Improvements, All Line Electric
and Wegner Sewer Contractor that totaled $1,388,957.000 for work completed. Dresden
Land Improvements - roadway & curb & gutter, All Line Electric - light poles and
Wegner Sewer Contractor.
These two letter of credit reductions reduced the original letter of credit from
$3,500,000.00 - $1,227,000.00 and $1,388,957.00 leaving a remainder of $884,043.00 in
the letter of credit or 25.25% of original letter.
This letter is a third credit reduction recommendation for the following subcontractors;
Dresden Land Improvements - excavation, roadway, curb & gutter including Main Street
& Fourth Street to McCarthy, All Line Electric - street lights, Wegner Seewr
Contractors, Growing Creations - landscaping, Dave Oxley Concrete - sidewalks
Dresden Land Improvements
Reduction to date (l &2) $1, 621, 875.00 leaving $465,625.00 including 25% retention,
this reduction is for $365,625:00 for work completion of excavation, Fourth Street to
McCarthy Road, Main Street reconstruction improvements, roadway, curb & gutter in
Fordham Hill streets, completing all roadway work for this project. The remaining Letter
of credit is $ 100,000.00.
Ij OOa /QO4
16 W. 064 Jeans Rd., Suite 201 Lemont, Illinois 60439 Phone (630) 850 -7475
vv /GV /LVVI lUL LQ ;LJ raA
Page #2
Fordham Company
Attn: Walt Rebenson
All Line Electric
Reduction to date (18t 2) 579,687.50 leaving $26,875.00 including 25% retention, this
request is for 51,562.50 for completion of light pole installation minus connection of all
lights, leaving a remaining letter of credit of 525,000.00.
Wegner Sewer Contractors
Reduction to date (1) $969,406.25 leaving $100,343.75 including 25% retention. this
request is for 546,837.50 for completion of all underground construction, leaving a
remaining letter of credit of $53,500.00.
Growing Creations
This is the first letter of credit reduction for this subcontractor for 5125,000.00 for
sodding of detention ponds, open space seeding retaining walls as required, leaving a
remaining letter of credit of $55,250.00
Dave Oxley Cote
This is the first letter of credit reduction for this subcontractor for 553,375.00 for
sidewalks in open space lots, detention pond fronts and through open space connection to
McCarthy Point, leaving a remaining letter of credit of $2,875.00.
The reduction total is as follows:
Dresden Land Improvement: 5365,625.00
All Line Electric: $1,562.50
Wegner Sewer Contractor: $46,837.50
Growing Creations: 5125,000.00
Dave Oxley Concrete: 553,375.00
Amount Requested For Reduction: 5592,400.00
(14.89 of letter of credit)
Hopefully this amount is acceptable to the Village of Lemont and the original letter of
credit of 53,500,000.00 which was previously reduced by 2 previous requests to
5888,225.00 can be reduced another $592,400.00 leaving a remainder of $367,081.25 in
the letter of credit for completion of construction.
Please contact me if there are any questions.
ank You,
(.,erry M ovic
X1004/009
V0 /4V' GVV1 JVL 10:16 ra.d
PORDHAM HILL ESTATES. LEMONT. LUNOIS
IMPROVEMENT LETTER OF CREDIT BREAKDOWN
DRESDEN
EXCAVATION
ROADWAY (INCL CURS/GUTTER)
MAIN STREET
4TH STREET TO MCCARTHY ROAD
CONTINGENCY 25%
S UBTOTAL DRESDEN
WEGNER
SANITARY SEWER
WATERMAIN
STORM SEWER
CONTINGENCY 25%
S UBTOTAL WEGNER
ALL. LINE ELECTRIC
STREET UGJiTS
CONTINGENCY 25%
SUBTOTAL ALL LINE
DAVE OXLEY CONCRETE
SIDEWALKS
CONTINGENCY 20%
SUBTOTAL. OXLEY
GROWING CREATIONS
LANDSCAPING/RETENTION WALLS
CONTINGENCY 25%
SUBTOTAL GROWING GREAT.
TOTAL LETTER OF CREDIT
03/2812001
PREVIOUSLY THIS
APPROVED REQUEST REMAINING
LETTER OF PERCENT NET NET LETTER OF
CREDIT COMPLETE REDUCTION REDUCTION gjERII
S 520,000.00
5 1,000,000.00
$ 60.000.00
S 40, 000.00
417,500.00
$ 2,067,500.00
3 250,900.00
3 259,600.00
$ 306,100.00
3 213,950.00
1,069,750.00
100.00% S 610,000.00 S 10,000.00 $
95.00% 5 787,500.00 $ 177,500.00 $ 85,000.00
100.00% 5 3 52,000.00 $ 8,000.00
100.00% $ 3 35,000.00 3 5,000.00
99.00% $ 324,375.00 $ 91,125.00 5 2,300.00
S1 521 575.00 5 355,625.00 $ 100,000.00
100.0034 $ 223,913.00 $ 22,990.00 5 13,000.00
1 -
100.00% 6 260,82300 $ 14,480.00 3 14,500,00
S
100.00% S 290,795.00 S 5.00 5 15,300.00
99.00% S 193.581.25 $ 9,368.75 $ 10,700.00
$ 969,406.25 $ 46,643.76 5 53,500.00
3 66,000.00 90.00% 3 63,750.00 1 1,250.00 5 20,000.00
$ 21,253.00 90.00% $ 15,937.50 S 312.50 $ 5,000.00
S 106,250.00 $ 79,667.60 $ 1,562.50 3 25000.00
$ 45,000.00 0.00% $ $ 42,700.00 S 2,300.00
$ 11.250.00 90.00% 3 - $ IQ,S'75.,00 5 575.00
3 66,250,00 $ - $ 8 375,00 $ 2,676.00
$
5 144,200,00 0.00% 5 - $ 100,000 00 $ 44,200.00
$ 36,050.00 90.00% $ - $ 25,000,00 $ 11,050.00
$ 160,250.00
$ 3,600,000.00
% OF TOTAL LC
S $ 125,000.00 $ 55,250.00
2,67096.78 592,406.25 $ 230525.00
76.31U 14
I1E002!004