R-458-96 10/14/96. ITEM V.C.3
RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR OAK TREE 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 Oak Tree Subdivision, located at the northwest corner
of Archer Avenue and Parker Road, an Irrevocable Letter of Credit #60, Southwest Federal
Savings, in the amount of $1,152,713.75 was deposited with the Village of Lemont on April
5, 1996; and
WHEREAS Ranquist Home Builders has made application for a second reduction
of the Irrevocable Letter of Credit #60 in the amount of $351,089.51; 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 #60 is hereby reduced to $651,936.60.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit No. 60 for Oak Tree
Subdivision is hereby reduced to $651,936.60.
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 )5/tr day of , 1996.
AYES NAYS PASSED ABSENT
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me this /9 day of
Attest:
ENE M. SMOLLEN, Village Clerk
7ir
LENE M. SMOLLEN, Village Clerk
illage President
Sa
STRAND
ASSOCIATES. INC.
2400 Glenwood Avenue
Suite 226
Joliet, Illinois 60435
Phone: (815) 744 -4200
Fax: (815) 744 -4215
October 1, 1996
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention: Ms. Dana Jenkins, Community Development Director
Re: Village of Lemont - Oak Tree Subdivision
Letter of Credit Reduction No. 2
Dear Dana:
We have reviewed the request from Ranquist Home Builders for reduction to the Letter of Credit. We
recommend that the Village release holding on the Letter of Credit in the amount of $351,089.51,
provided that the developer submit to the Village of Lemont partial lien waivers for work completed
to date. At the request of Pete Karavas of Ranquist Home Builders, the amount being released does
not include a 125 % mark -up.
Following Letter of Credit Reduction No. 1, the remaining Letter of Credit will break down as follows:
Letter of Credit
$ 1,003,026.11
$390,099.46
$39,009.95
$351,089.51
$651,936.60
Present Letter of Credit
Work Completed
10% Retention
Letter of Credit Release
Remaining Letter of Credit
If you have any questions or comments, please feel free to call.
Sincerely,
STRAND ASSOCIATES, INC.
a
Midhael R. Waldron, P.E.
424- 723/MRW:DE
cc: Village of Lemont -
Peter Karavas -
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