R-395-96 01/22/96RESOLUTION NO.
AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS 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 Covington Knolls Subdivision, located at north of 127th
Street, an Irrevocable Letter of Credit #9200000747, LaSalle National Bank, in the amount
of $2,770,000.00 was deposited with the Village of Lemont on October 21, 1994; and
WHEREAS Orchard Hill Building Company has made application for a reduction
of the Irrevocable Letter of Credit #9200000747 in the amount of $1,890,193.86; 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 itentified in Attachment A and attached
hereto.
SECTION 2: The Irrevocable Letter of Credit #9200000747 is hereby reduced to
$ 879,806.14.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit No. 9200000747 for
Covington Knolls Subdivision is hereby reduced to $ 879,806.14.
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 day of �t ,`� , 1996.
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me thisday of
AYES NAYS PASSED ABSENT
HARLENE M. SMOLLEN, Village Clerk
Attest:
HARLENE M. SMOLLEN, Village Clerk
A. ASNESKI, Village President
Earthwork
Street lights
Paving, Curbs
Water Main
Storm Sewer
Sanitary Sewer
Erosion Control
Parkway Work
TOTALS
LETTER OF .CREDIT:
Exhibit "A"
COVINGTON KNOLLS UNIT 1
Status of Subdivision Improvements
Bated on Remaining Work to be Completed
as of November 30, 1995
Engineer's Percent Amount
Estimate Complete Complete
401,326,00 85 420,025.00
44,100, 00 0 0.00
450,383.00 71 320,383.00
320, 361.00 94 304, 342.95
847, 377.03 93 601,727.00
580,351,00 95 551,333.45
14,700.00 80 11.700.00
188,000.00 2 : 24,2
$ 2,738,577.00 $ 2,20%,4511.40
527,085,50 x 1,25
(10% OF COMPLETED WORK)
TOTAL
Banco to
Complete
71,300,00
44,1 00.00
130, 000.00
18,01 8.05
45, 850.00
29,01 T.55
3,000.00
yea goo.aa
$ 827,085.80
$ 558,857.00
220.949.14
$ 979,808,14
BUILDERS • LAND DEVELOPERS • GENERAL CONTRACTORS
42SO JOLIET ROAD COUNTRYSIDE, ILLINEMS 60525
%l ,i2 ce, gL / •71,-MAP
January 16, 1996
Dana Jenkins
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: LaSalle National Bank letter of credit
# 9200000747
Gallagher & Henry's Covington Knolls
Dear Dave,
Request is hereby made to authorize a reduction in the subject letter of credit
by $1,890,193.86 in accordance with the attached schedule. The remaining balance,
therefore, will be $879,806.14.
Sincerely,
Terry L. oolums
TLW:mh
V 111 I Ile I • v, 11 r1'lvl 1111 M 1111/1/1
1 I V V V 7 I T TV
I VVTVLVVTV•
COVINGTON KNOLLS UNIT 1
Status of Subdivision Improvements
Based an Remaining Work to be Completed
as of November 30, 1995
, V VLV / 11/VN ITT V
Engineer's Percent Amount Balance to
Estimate Complete Complete Complete
Earthwork 491,325.00 85 420,025,00 71,300.00
Street lights 44,100.00 0 0.00 44,100.00
Paving, Curbs 450,363.00 71 320,363.00 130,000.00
Water Main 320,361.00 95 304,342.95 16,018.05
Storm Sewer 647,377.00 93 601,727.00 45,650.00
Sanitary Sewer 580,351.00 95 551,333.45 29,017.55
Erosion Control 14,700.00 80 11,700,00 3,000.00
Parkway Work 188,000.00 0 0,00 188,QQQ.QQ
TOTALS $ 2,736,577.00 $ 2,209,491.40 $ 527,085.60
LETTER OF CREDIT:
527,085.60 x 1.25 = $ 658,857.00
(10% OF COMPLETED WORK) 220,949.14
TOTAL $ 879,806.14
STRAND
ASSOCIATES, INC.
N G I N E
2400 Glenwood Avenue
Suite 228
Joliet, Illinois 80435
(815) 744 -4200
January 17, 1996
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention; Ms, Dana Jenkins, Community Development Director
Re: Covington Knolls Development
Letter of Credit Reduction
Dear Dana:
Strand Associates has reviewed Gallagher and Henry's request to reduce the Letter of Credit to
$879,806.14. We concur with the remaining amount of work of $527,085.60, based on the attached
cost estimate.
We recommend the Village consider reducing the Letter of Credit to the requested amount of
$879,806.14, pending the receipt of associated lien waivers from contractors and suppliers.
Please feel free to call should you have any questions or comments.
Sincerely,
STRAND ASSOCIATES, INC.
Robert A, Davis, P.E. 7 % James P. Dean
424- 721/FAD ;DE
cc: Bob Gallagher /Terry Woolums, Gallagher & Henry
Steve Jones, Village Administrator
Dan Fielding, Director of Public Works
Scott Buening, Village Planner
John Antonopoulos, Village Attorney
W, David Johnson, Engineering Resources .
Wisconsin Otfiof • 910 Wear Winpra Orlvf • Madison, Wisconsin 53716 • .(808) 261 -4843