R-59-03 Reducing A Letter Of CreditRESOLUTION NO.
RESOLUTION REDUCING A LETTER OF CREDIT
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 Mayfair Estate subdivision, located south of 127`'' Street
and west of District #113 school, an Irrevocable Letter of Credit #2003 -955, in the amount of
$1,822,591.89 was deposited with the Village of Lemont on August 20, 2002; and
WHEREAS, Design Tek Associates, Inc. has made a request for a reduction of the
Irrevocable Letter of Credit; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has found portions to have been satisfactorily installed; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit, Mayfair Estates subdivision is
reduced to $1,059,050.59.
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 25`h day of August, 2003.
AYES NAYS PASSED ABSENT
Debby Blatzer 1/
Peter Cowles
Brian Reaves
Steven Rosendahl ✓
Ron Stapleton ✓
Jeanette Virgilio
APPROVED by me this 25`h day of August, 2003
JO ' N . PIAZ A, Vill.. 'resident
ATTEST:
5: \COMMUNITY DEVELOPMENT DEPARTMENT ONLY - RESTRICTED! \LETTERS of CREDIT \MoyfoiNrow -LOC.. pd
Interoffice Memorandum
Date: August 14, 2003
To: Tim Teddy
Community Develc t Director
From: Stephen May \-
Village Engineer
RE: Mayfair Estates Subdivision
I have reviewed the request for reduction of letter -of- credit per the estimate provided by DesignTek
Engineering, Inc. (dated August 4, 2003). The only revision is Grading Item 4) Topsoil Repl., 6"
which should read `none' complete to date.
The only other correction is that by current L.O.C. reduction standards provide for the reductions be
made at 100% of the completed work as opposed to 125 %. This adjustment should also be
changed. Therefore, a net overall reduction of $763,541.30 ($775,056.30- 11,515.00) is acceptable
insofar as the Engineering Department is concerned. I have conveyed these requested changed to
DesignTek for there review in the interim and have requested a revised estimate.