R-402-96 02/12/96RESOLUTION NO.®
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR TIMBERLINE II & III, PHASE I 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 Timberline II & III, Phase I Subdivision, located north
of 127th Street and west of State Street, an Irrevocable Letter of Credit #1993001,
Financial Federal Savings Bank, in the amount of $1,168,750.00 was deposited with the
Village of Lemont on February 1, 1993; and
WHEREAS Financial Properties has made application for a reduction of the
Irrevocable Letter of Credit #1993001 in the amount of $1,118,750.00; 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 #1993001 is hereby reduced to
$50,000.00.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit No. 1993001 for Timberline II
& III, Phase I Subdivision is hereby reduced to $ 50,000.00.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMO T, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this Pct- day of „ ")e , 1996.
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me this AqtAday of
AYES NAYS PASSED ABSENT
V
V
V
U
ENE M. SMOLLEN, Village Clerk
C[IARLENE M. SMOLLEN, Village Clerk
, 1996.
A. KWASNESKI, Village President
?089 ?43650 BANNER CONSULTANTS
BANNER CONSULTANTS, INC,
CONSULTING CIVIL ENGINEERS
099 P02
FEB 06 '96 14:5?
10661 S. Roberts Road • Suite 207 • Palos I•iills,111ino1s 60465 • Phone: 708474 -2330 • Fax 708- 974 -3650
February 6, 1996
Village of Lemont
418 Main Street
Lemont, I1 60439
Attention: Ms. Dana L. Jenkins
Director of Community Development
RE: TIMBERLINE II & IQ, PHASE I
LETTER OF CREDIT REDUCTION
Dear Dana:
We are in receipt of a copy of correspondence dated 1/31/96 from the develope of the above captioned
project requesting of reduction in the letter of credit to $50,000.00.
Based on construction observation carried out by this office, Public Improvem- • is have been carried out
in accordance with Village or Lemont standards. We have no objection, thereto e, to a reduction in the
letter to $50,000.00 as requested.
Should you have any questions in this regard please feel free to call.
Sincerely,
Banner Consultants, Inc.
Anthony M. McNamar,, P,E.
cc: Fin4(cial Properties
FEB- 01 - "96 14:14 ID:FIDC/FIN FED HRP'UEY TEL NO: 7OB*614 -599 #556 POI
January 31, 1996
FINANCIAL PROPERTIES
16406 S. Lathrop Ave., Harvey, IL 60426
(708) 331 -1100, Fax (708) 614 -5999
Ms. Dana Jenkins
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439 -3788
RE: Timberline II & III, Phase I
Letter of Credit No. 1993001
Dear Dana,
Post -tit`" brand tay, transmittal
On January 30, 1996 Financial Properties received your letter dated January 22, 1996 regarding
the above referenced Letter of Credit. As per our conversation on January 31, 1996, Financial
Properties is making a formal request to reduce the Letter of Credit for Timberline II & II, Phase
I. The following is a breakdown of the costs Financial Properties has incurred for Phase I of the
Timberline project.
Earthwork $ 81,500
Tree Clearing $ 45,000
Sanitary Sewer $224,000
Watermain $148,000
Storm Sewer $192,000
Curb Installation $ 53,500
Stone & Paving $ 73,000
Street Lights $ 36,400
Pond Re- Construction $ 55,400
Ravine Restoration $ 12,000
FEE-01-'96 14:15 I D: F I DC /FIN FED HARL.!E'Y TEL HO: 7064, E14 -5999 #556 FE12
FINANCIAL PROPERTIES
16406 S. Lathrop Ave., Harvey, IL 60426
(708) 331 -1100, Fax (708) 614 -5999
Utility Re- Location $ 34,000
Curb Repairs $ 18,900
Pavement Repairs $ 62,500
Easement Purchase $ 48,000
Miscellaneous $ 11,000
( Erosion, Walks, etc.)
Total $1,095,200
The only real outstanding items that I am aware of is the seeding of the ravine (approx. $4000)
which will be done as soon as weather permits in the spring. There may be a few loose punch list
items out there which I will have my she superintendent verify.
Based on the above costs to date and the remaining work to be done, Financial Properties is
requesting the original Letter of Credit amount of $1,168,750 (125% of original engineering
estimates) be reduced to $50,000. Please have your Engineer review the above amounts and let
me know the outcome so I can have a new Letter of Credit issued.
Yours truly,
Donald F. Stelter
V. P. Construction
cc: Tony McNamara, Banner Consultants