R-09-01 Authorizing Letter of Credit Reduction for Fordham Hill Estates Subdivision•
RESOLUTION NO.
RESOLUTION AUTHORIZLNG LETTER OF CREDIT REDUCTION
FOR FORDHAM HILL ESTATES 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 Fordham Hill Estates Subdivision, located between Main
Street and McCarthy Road, an Irrevocable Letter of Credit #294, in the amount of $3,468,869
was deposited with the Village of Lemont on August 14, 2000; and
WHEREAS on November 10, 2000, Walter Rebenson was granted a reduction of the
Irrevocable Letter of Credit #294 in the amount of $1,195,869 via Resolution No. R- 102 -00,
resulting in a balance of $2,273,000; and
WHEREAS, on January 10, 2001, Walter Rebenson made application for the second
reduction of the Irrevocable Letter of Credit #294 in the amount of $1,384,775.
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:
SECTION 1: Preliminary approval pursuant to the Lemont Subdivision Control
Ordinance is hereby granted for the improvements identified in Attachment A and attached hereto.
SECTION 2: The Irrevocable Letter of Credit #294 is hereby reduced to $888,225.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit No. 294 for Fordham Hill Estates
Subdivision is hereby reduced to $888,225.
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 /ate' day of r-eb%var , 2001.
John Benik
Debbie Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this /0141' day of
Attest:
AYES NAYS PASSED ABSENT
V
v
ENE M. SMOLLEN, illage Clerk
2001.
A. KWASNESKI, Village President
ENE M. SMOLLEN, Village Clerk
FORDHAM HILL ESTATES, LEMONT, ILLINOIS
IMPROVEMENT LETTER OF CREDIT BREAKDOWN
EXCAVATION
SANITARY SEWER
WATERMAIN
STORM SEWER
ROADWAY (INCL CURB /GUTTER)
STREET LIGHTS
MAIN STREET
4TH ST. TO MCCARTHY RD.
SIDEWALKS
LANDSCAPING /RETENTION WALLS
SUBTOTAL
ADD 25% CONTINGENCY
LETTER OF PERCENT
CREDIT COMPLETE
$ 520,000
259,900
289,800
306,100
1,050,000
85,000
60,000
40,000
45,000
144,200
2,800,000
ATTACHMENT "A"
PREVIOUSLY THIS
APPROVED REQUEST
NET NET
REDUCTION REDUCTION
100.00% $
95.00%
95.00%
100.00%
75.00%
95.00%
0.00%
0.00%
0.00%
0.00%
500,000 $
525,000
27,000
1,052,000
700,000 25.00% 175,000
REMAINING
LETTER OF
CREDIT
10,000 $ 10,000
223,910 35,990
260,820 28,980
290,795 15,305
262,500 262,500
36,750 21,250
60,000
40,000
45,000
144,200
1,084,775 663,225
300,000 225,000
TOTAL IMPROVEMENT LETTER OF CREDIT $ 3,500,000 $ 1,227,000 $ 1,384,775 $ 888,225
% OF TOTAL LC 35.06 ° /Q
01/10/2001
39.57% WV.
CO, THE FORDHAM COMPANY
=3st :r
anuary 10, 2001
Tim Teddy
Steve May
Village of Lemont
418 Main Street
Lemont, Illinois 60439 -3788
Re: Fordham Hill Estates- Request for additional reduction in the Letter of Credit
Gentlemen:
The Village had previously reduced our $3.5 million Letter of Credit to $2.273,000.
Per the work completed to date and acceptance by the Village and MWRD of the
underground systems, Fordham is requesting a further reduction in the Letter of
Credit in the amount of $1,384,775. This would leave $888,225 in remaining Letter
of Credit. Attached is a breakdown of the request for a reduction in the Letter of
Credit and details thereon. We hereby certify the work relating to the requested
$1,384,775 million reduction in the Letter of Credit has been completed per the plans
and specifications approved by the Village.
If you have any questions or need additional information, please do not hesitate to
call. It is very important to our financial structure to receive this reduction at the
January 22, 2001 Village Board meeting.
Regards,
ejA7
Walter A. Rebenson
Executive Vice President
CC: Robert G. Higgins
Jerry Miskovic
Virgil Fisher