R-97-98 Approving a Draw on the Castlewood Subdivision Letter of CreditRESOLUTION N11. /�
DATE OF APPROVAL: -9) -4
RESOLUTION APPROVL'NTG A DRAW ON THE CASTLEWOOD
SUBDIVISION LETTER OF CREDIT
WHEREAS, Castlewood Estates Subdivision was approved by the Village Board by
Resolution 236 on October 26, 1992; and
WHEREAS, a Letter of Credit No. 639, First National Bank of Joliet, was submitted by
the developer on October 26, 1992, in the amount of $859,062.50; and
WHEREAS, the developer has failed to satisfactorily complete or carry out the work of the
installation and construction of the required public improvements; and
WHEREAS, the developer has been notified of this failure to complete the improvements and
has been given 30 days to correct the deficiencies; and
WHEREAS, the deficiencies have not been cured after the 30 day notification deadline; and
WHEREAS, a draw on the letter of credit in the amount of $2,258.69 is necessary to ensure
the completion of a portion of the public improvements.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont to request a draw on Letter of Credit No. 639 in the amount of $2,258.69.
PASSED AND APPROVED BY 1HI; PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COOK, WILL AND DU PAGE COUNTIES, ILLINOIS on
this 14th day of December 1998.
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Attest:
AYES NAYS PASSED ABSENT
CHARLENE SMOLLEN, Village Clerk
Approved by me this 14t
ay of December 1998.
CHARLENE M. SMOLLEN, Village Clerk
Prepared by:
Planning Department
Village of Lemont
418 Main Street
Lemont, I160439
KI, Village President
APPROVED AS TO FORM
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