R-57-97 Resolution authorizing letter of credit reuction for the steeples subdivisionv.c.5
RESOLUTION NO. ' 2- 77
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR THE STEEPLES 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 The Steeples Subdivision, located on Archer Avenue, between
Smitty and Klotz Avenue, in Lemont, Illinois, an Irrevocable Letter of Credit #97 -525, State
Bank of Countryside, in the amount of $885,378.13 was deposited with the Village of Lemont on
April 9, 1997; and
WHEREAS McArcher Development, Inc. has made application for a reduction of the
Irrevocable Letter of Credit #97 -525 in the amount of $457,197.19; 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:
SECTION 1: Approval pursuant to the Lemont Subdivision Control Ordinance is hereby
recommended for the improvements completed to date.
SECTION 2: The Irrevocable Letter of Credit #97 -525 is hereby reduced to $428,180.94.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit No. 97 -525 for The Steeples Subdivision is
hereby reduced to $428,180.94.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF L ONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS, on
this day of r . , 1997.
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Approved by me this
Attest:
3
AYES NAYS PASSED ABSENT
4P/
HARLENE M. SMO LEN, Village Clerk
, 1997.
CHARLENE M. SMOLLEN, Village Clerk
A. KWASNESKI, Village President
August 13, 1997
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention: Ms. Joanna Littrell - Village Engineer
Re: The Steeples P.U.D. Phase I - Letter of Credit Reduction No. 1/Transfer
Dear Joanna:
At your request, we have reviewed the established Letter of Credit for Phase I against work completed to
date. Our office recommends a reduction in the Phase I Letter of Credit of $457,197.19.
Present Letter of Credit
Work Completed
10% Retainage
Letter of Credit Reduction
Remaining Letter of Credit
Letter of Credit
$885,378.13
$507,996.88
$50,799.69
$457,197.19
$428,180.94
Based on the construction estimate for Phase II compiled by the design engineer, the Phase II Letter of
Credit would be established at $347,963.75. Therefore, the reduced amount from Phase I would be more
than sufficient to transfer and establish the Phase II Letter of Credit.
If you have any questions or comments, please feel free to call.
Sincerely,
STRAND ASSOCIATES, INC.
Michael R. Waldron, P.E.
424-7 65/ F DE
cc: Village of Lemont - Steve Jones, Scott Buening, Dan Fielding, John Antonopoulos
Dean Chowaniec
EXCELLENCE IN ENGINEERING SINCE 1946
Madison, WI • Louisville, KY • PEH - Lexington, KY
7084853106 ST BANK COUNTRYSIDE 151 P02/02 SEP 12 '97 14:49
September 12, 1997
Village of Lemont
418 Main Street
Lemont, IL 60439
Gentlemen:
We hereby amend our Irrevocable Letter of Credit Number 97 -525 issued in you favor on April 9,
1997 for the account of McArcher Development, Inc. in the amount of $885,378.13 as follows:
The amount of the Letter of Credit will be reduced by $457,197.19 to a maximum amount of
$428,180.94.
This Letter of Credit is issued to insure that McArcher Development, Inc. and/or the developer
and owner have performed all duties and obligations assumed by them in a certain Annexation
Agreement dated the 28TH day of FEBRUARY, 1997, including but not limited to, all
subdivision improvements for The Steeples P.U.D. Phase I and Phase II required by the Village
Engineer and the Village Subdivision Ordinance.
All other terms and conditions remain unchanged.
Sincerely,
STATE BANK OF COUNTRYSIDE
William O. Kerth
Vice President
Memorandum To: Scott Buening
Community Development
Memorandum From: Joanna Littrell
Village Engineer
Date: September 17, 1997
Reference: Steeples Phase I Letter of Credit
As stated in the letter prepared by Strand Associates, dated August 13, 1997, there is
sufficient funds in the existing Letter of Credit (for Phase I - 97 -525) to be used for the
remaining work for Phase I and for all of the work for Phase H. The existing Letter of
Credit (for Phase I - 96 -507) in the amount of $93,187.50 can be canceled.
7084853106 ST BANK COUNTRYSIDE
STATE BANK OF COUNTRYSIDE
6734 Joliet Road
Countryside, IL 60525
Fax Cover Sheet
DATE: September 16, 1997 TIME: 12:05 PM
TO: Mr. Scott Buening PHONE: (630) 257 -1595
Village of Lemont FAX: (630) 257 -1598
FROM: William O. Korth PHONE: (70$) 485 -3100 X 623
State Bank of Countryside FAX: (708) 485 -3106
RE: Letter of Credit # 97 -525 (The Steeples P.U.D.)
CC: Mr. Dean Chowaniec, President, McArcher Development, Inc.
Number of pages including cover sheet: Two (2)
Message
200 P01 SEP 16 '97 11:06
Enclosed please find a copy of the signed Amendment #1 to the above mentioned Letter of Credit. As you
can see, this amendment allows the Letter of Credit to ensure the completion of improvements for both Phase
I & Phase II.
It is my understanding that you will be requesting approval of the Phase I improvements which will reduce
this Letter of Credit to $428,180.96. Additionally, it is my understanding that Letter of Credit # 96-507 in the
amount of $93,187.50 will be canceled and returned.
If this is not the case please call me as soon as possible. I will mail this Amendment to your attention so that
the developer may proceed with the Phase II improvements.
Thank you in advance for your prompt attention to this matter.
7084853106 ST BANK COUNTRYSIDE
200 P02 SEP 16 '97 11:06
STATE BANK OF COUNTRYSIDE
AMENDMENT NUMBER 1
September 16, 1997
Village of Lemont
418 Main Street
Lemont, IL 60439
Gentlemen:
We hereby amend our Irrevocable Letter of Credit Number 97 -525 issued in you favor on April 9,
1997 for the account of McArcher Development, Inc. in the amount of $885,378.13 as follows:
This Letter of Credit is issued to insure that McArcher Development, Inc. and/or the developer
and owner have performed all duties and obligations assumed by them in a certain Annexation
Agreement dated the 28TH day of FEBRUARY, 1997, including but not limited to, all
subdivision improvements for The Steeples F.U.D. Phase I and Phase II required by the Village
Engineer and the Village Subdivision Ordinance.
All other terms and conditions remain unchanged.
Sincerely,
STATE BANK OF CO ' YSIDE
07
William O. Kerth
Vice President
• 6734 Joliet Road
Countryside, IL 60525
(708) 4853100
(708) 485 -3106 - fax
• 6053 W. 79th Street
Burbank, IL 60459
(708) 599 -9860
(708) 599 -9884 - fax
• 16 W 445 S. Frontage Rd.
Burr Ridge, IL 60521
(630) 655-3113
(630) 655 -3159 - fax
MEMBER FEDERAL D6i'OSIT INSURANCE CORPORATION
• 16250 S. LaGrange Road
Orland Park, IL 60462
(708) 873 -1485
(708) 873 -1508 - fax