R-35-15 Authorizing a Reduction and Release of Letters of Credit for Birch Path Subd VILLAGE OF LEMONT
RESOLUTION NO. k
A RESOLUTION AUTHORIZING A REDUCTION AND RELEASE OF LETTERS OF
CREDIT FOR BIRCH PATH SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 27TH DAY OF JULY,2015
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Cook,Will and DuPage Counties,
Illinois on this 27th day of July , 2015
RESOLUTION NO. R13575—
A RESOLUTION AUTHORIZING A REDUCTION AND RELEASE OF
LETTERS OF CREDIT FOR BIRCH PATH SUBDIVISION
WHEREAS, pursuant to the Lemont Unified Development Ordinance of 2008,
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 subdivision
improvements; and
WHEREAS, in the matter of the Birch Path subdivision located east of
Stoneybrook Drive in Lemont, IL, United Trust Bank of Palos Heights, IL issued
Irrevocable Letter of Credit No. 2015-4-30 in the amount of$132,250.00, Irrevocable
Letter of Credit No. 2015-5-5 in the amount of$553,750.00 and Irrevocable Letter of
Credit No. 2015-5-5A in the amount of$80,779.79 and deposited each with the Village
of Lemont to guarantee completion of subdivision improvements; and
WHEREAS, J. Michael Ford, on behalf of Tempo Development, developer of
Birch Path subdivision, has completed certain improvements and has requested a
reduction in the aforementioned letters of credit; and
WHEREAS, the Village Engineer of the Village of Lemont has inspected certain
portions of the improvements 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:
1. Irrevocable Letter of Credit No. 2015-4-30 is hereby released.
2. Irrevocable Letter of Credit No. 2015-5-5A is hereby released.
3. Irrevocable Letter of Credit No. 2015-5-5 is hereby reduced to $478,639.86
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 27th day of July,2015.
AYES NAYS PASSED ABSENT
V
Debby Blatzer
Paul Chialdikas
Clifford Miklos
Ron Stapleton V
Rick Sniegowski
Jeanette Virgilio .J
APPROVED by me this 27th day of July,2015
-i
'+ - K. REAVES, Village Presi.-
ATTEST:
CHARLENE M. SMOLLEN,Village Clerk