R-456-96 09/23/96ITEM v.c.3..
RESOLUTION NO. �6
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR CHESTNUT CROSSING 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 Chestnut Grove Subdivision, located south of 127th
Street and north of Archer Avenue, an Irrevocable Letter of Credit #459, South Holland
Bank in the amount of $1,200,000.00 was deposited with the Village of Lemont on May 19,
1994 to cover remaining public improvements; and
WHEREAS Combined Management, Inc. has made application for a reduction of
the Irrevocable Letter of Credit #459 in the amount of $200,000.00; 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: 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 #459 is hereby reduced to
$260,000.00.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit No. 459 for Chestnut Crossing
Subdivision is hereby reduced to $260,000.00.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT4 OUNTIES OF COOK, WILL, AND DU
PAGE, ILLINOIS, on this 3 day of 1996.
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
AYES
v
NAYS
PASSED ABSENT
Approved by me this c 3 day of
CHARLENE M. SMOLLEN, Village Clerk
HARLENE M. SMOLLEN, Village Clerk
D A. ASNESKI, age President
Mayor
Richard A. Kwasneski
Village Clerk
Charlene M. Smollen
Administrator
Steven A. Jones
TO:
FROM:
SUBJECT:
DATE:
LEMONT
Village of Faith
418 Main Street • Lemont, IL 60439-3788
(630) 257 -1550
Fax (630) 257 -1598
email: vlemont @aol.com
MEMORANDUM
Mayor Richard Kwasneski
Village Board of Trustees
Dana Jenkins
Community D
pment Director
Chestnut Crossing
Letter of Credit Reduction Request
September 11, 1996
ITEM II .F
Trustees
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Attached please find a copy of a letter requesting a reduction in
the letter of credit for Chestnut Crossing Subdivision as well as
the consulting engineer's recommendation on that request.
As Board Members are aware, the recent involvement of the Army
Corps in this drainage plan has resulted in the developer's
decision to remove one of the approved spillways and seek approval
of an alternate plan to accommodate stormwater (increasing pond
depth to meet capacity requirements). This discussion, with the
Board's permission, will be held at the October Committee-of-the -
Whole meeting.
Mr. Phil Cullen of Combined Management and Mr. Jim Veld of South
Holland Bank (issuer of the letter of credit) are seeking the
reduction of the letter of credit prior to the Village Board's
review of the alternative stormwater plan.
Both of the Village Engineering consultants have indicated that the
remaining balance of $260,000 should cover the costs of alternative
stormwater management plan noted above or reconstruction of the
spillway if pursued with Army Corps. Staff is likewise
recommending the reduction to $260,000. Thank you for your
consideration.
Attachment
. SEP -11 -1996 12:54 FROM
COMBINED
TO 16302571598 P.01
Route 1, Box 154 • Clarksville, Missouri 63336
MANAGEMENT, INC.
CHESTNUT CROSSING SUBDIVISION
LEMONT, ILLINOIS
September 11, 1996
Ms. Dana L. Jenkins
Director of Community Development
VILLAGE OF LEMONT
418 Main Street
Lemont, Illinois 60439
(573) 242 -3933 • Voice
(573) 242 -3537 • Fax
Re: Letter of Credit Reduction Via Fascimile: 630 - 257. 4598.2 pages
Dear Dana,
This letter acts as a formal request for a reduction in the Letter of Credit for the Chestnut Crossing
Subdivision. Based on correspondences with Banner Consultants we request the renewal of the
L.O.C. be in the amount of Two Hundred Sixty Thousand ($260,000). A copy of a letter to you
from Anthony M. McNamara, dated May 14, 1996, is attached for your referent:.
Should you have any questions in this regard, please do not hesitate to contact myself or Phil Cullen
of Preferred Real Estate Services. Thank you for your prompt attention in this matter.
Respectfully,
COED MANAGEMENT, INC.
Gregory M. Messer
Vice President
cc: Phil Cullen
May 21, 1996
BANNER CONSULTANTS, INC.
CONSULTING CIVIL ENGINEERS
10661 S. Roberts Road • Suite 207 • Palos Hills, Illinois 60465 • Phone: 708 - 974 -2330 • Fax 708 - 974 -3650
VILLAGE OF LEMONT
ATTENTION: Ms. Dana L. Jenkins,
Director of Community Development
418 Main Street
Lemont, Il 60439
RE: CHESTNUT CROSSING SUBDIVISION,
LETTER OF CREDIT REDUCTION
Dear Dana:
We are in receipt of correspondence from the developers of the above captioned project requesting a
reduction in the letter of credit for the project.
Work carried out to date has been satisfactory completed in accordance with Village of Lemont Standards
and approved engineering plans for the project.
Based on the current status of the project we can recommend a reduction in the letter of credit as
requested. The remaining balance should no be less than $260,000.00. We anticipate that this amount
will be sufficient to complete both phases of the project including replacement of the spillway which was
recently removed without our knowledge.
The removal of the spillway will result in a reduction of the detention facility storage for the project was
approved by the Village. The Village may wish to address this issue with the developer prior to
acceptance of the public improvements for the project.
Should you have any questions in this regard please feel free to call.
Sincerely,
BANNER CONSULTANTS, INC.
cc: P. Cullen
D. Fielding