R-49-09 Res. LOC Covington Knolls Unit 1VILLAGE OF LEMONT
RESOLUTION NO. U"( 91,01
A RESOLUTION AUTHORIZING A LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS SUBDIVISION, UNIT ONE
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 24th day of August, 2009.
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 24th day of August, 2009.
RESOLUTION NO.
A RESOLUTION AUTHORIZING A LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS SUBDIVISION, UNIT ONE
WHEREAS, pursuant to the 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 proper installation of public improvements; and
WHEREAS, in the matter of Covington Knolls Subdivision, Unit One, located north of
127th Street and along Covington Knolls Drive, an Irrevocable Letter of Credit Number 12016
from Standard Bank & Trust in the amount of $740,870.00 was deposited with the Village of
Lemont; and
WHEREAS, Terry Woolums, Vice President of Gallagher & Henry, has made application
for a reduction of said Irrevocable Letter of Credit; and
WHEREAS, the Village Engineer has inspected certain portions of the improvements and
has found these portions to have been satisfactorily installed: and
WHEREAS, the Village Engineer thus he recommends a reduction of the Letter of Credit
to a balance of $270,000;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that Letter of Credit 12016 for Covington Knolls Unit One is hereby reduced to
$270,000.
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 24th day of August, 2009.
Debby Blatzer
Paul Chialdikas
Clifford Miklos
AYES NAYS PASSED ABSENT
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Ron Stapleton
Rick Sniegowski
Jeanette Virgilio
v
Approv
y me this 24th day of August, 2009
ATTEST:
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CHARLENE M. SMOLLEN, Village Clerk
K. REAVES, Vill . • e President
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