R-62-23 Authorizing A Reduction of a Letter of Credit for Covington Knolls Unit 82VI1,LA.GE 01+P
EMONT
�L�62-a3
418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Donna Pecina, Community Development
THROUGH:
SUBJECT: A Resolution Authorizing A Reduction of a Letter of Credit for Covington
Knolls Unit 8
DATE: October 23, 2023
SUMMARY/BACKGROUND
Farmingdale Development Company, developer of Covington Knolls 8, has requested a
reduction to their letter of credit to $248,278.99.
The Village Engineer has reviewed and accepts the reduction request.
ANALYSIS
Consistency with Village Policy
Lemont 2030 Comprehensive Plan
STAFF RECOMMENDATION
Staff is recommending approval of the attached resolution.
BOARD ACTION REQUESTED
A motion to approve the attached resolution.
ATTACHMENTS
Resolution dated 10232023 Reduction of LOC Covington Knolls 8.pdf
VILLAGE OF LEMONT
RESOLUTION NO. q
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF CREDIT FOR
COVINGTON KNOLLS UNIT 8
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 23RD DAY OF OCTOBER, 2023
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 23rd day of October, 2023.
RESOLUTION NO. 9 2-
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF CREDIT FOR
COVINGTON KNOLLS UNIT 8
WHEREAS, pursuant to the Lemont, Illinois Municipal Code, Title 17 Unified
Development Ordinance, 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 Covington Knolls Unit 8, located north of 127th Street and
west of Covington Drive in Lemont, IL, Heartland Bank issued an Irrevocable Letter of Credit
No. 6590137938 in the amount of $1,078,141.34 and was deposited with the Village of Lemont
to guarantee completion of subdivision improvements; and
WHEREAS, Farmingdale Development Company, developer of Covington Knolls Unit
8, has completed certain improvements and has requested a reduction in the aforementioned
letter 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;
and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that:
1. Irrevocable Letter of Credit No 6590137938 is hereby reduced to a balance of
$248,278.99.
ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DuPAGE, ILLINOIS, on
this 23rd day of October, 2023.
PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS: ABSENT: ABSTAIN
Janelle Kittridge �/"
Dave Maher��
Ken McClafferty
Kevin Shaughnessy _
Rick Sniegowski
Ron Stapleton
JOHN EGOSKE, Village President
Attest:
CHARLENE M. SMOLLEN, Village Clerk
I=
► 323 Alana Drive
New Lenox, IL 60451
Main 815.462.9324 + Fax 713.965.0044
►HKGREEN.COM
October 17, 2023
Mr. Jason Berry, CEcD, AICP
Economic & Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Covington Knolls — Phase 8
Letter of Credit Reduction #1
Dear Jason:
This letter is to certify that I have reviewed the request from Farmingdale Development Company, dated
10/12/23, requesting a new letter of credit value for the LOC shown below and concur with such request.
The backup information submitted by Farmingdale Development Company is attached with this letter.
- LOC #6590137938 reduced to $248,278.99.
This development has still not reached the maintenance phase yet.
Should you have any questions concerning this matter, please do not hesitate to contact me.
Sincerely,
HR GREEN, INC.
Bruce A. Hill, P.E.
Enclosure
cc: Mr. George Schafer, Village Administrator, w/Enc.
Mr. Ralph Pukula, Director of Public Works, w/Enc.
Mr. Jim Begy, P.E., LEED AP BD+C, Building Commissioner, w/ Enc.
Ms. Jamie Tate, AICP, Consulting Planner, w/ Enc.
Ms. Darshana Prakash, Finance Director, w/ Enc.
File No. 2303616
\\hrgreen.coin\HRG\Data\2023\2303616\Construction\LOCs\Reduction t41\Itr_101623_2303616_LOC Reduction N1.docx
Farmingdale Development Company
LAND DEVELOPERS
6280 JOLIET ROAD COUNTRYSIDE. ILLINOIS 60525
708.482.8900
October 17, 2023
Village of Lemont
Mr Jason Berry
Mr. Bruce Hill
418 Main Street
Lemont, IL 60439
Re: Letter of Credit #6590137938
Heartland Bank
Covington Knolls Unit 8
Gentlemen,
Since we have completed the majority of the improvements in Covington Knolls, Unit 8, we would
like to request the reduction of the above letter of credit from $1,078,141.34, to $248,278.99.
Upon approval, please contact Dan Nagle, Sr Vice President, DCNagle@hbtbank.com, 708-246-
3284 Office or 708-227-4622 Cell at Heartland Bank and Trust to make arrangements for the
reduction of the LOC. Please let us know if you need any further information.
Sincerely,
FARMINGDALE DEVELOPMENT COMPANY
JDG:Ifs
LETTER OF CREDIT REDUCTIO REQUEST
PROJECT: Covington Knolls (Phase 8) [Parking Lots]
LOCATION: Warrenville, IL
PROJECT #: 243
ITEM NO. DESCRIPTION
UNIT QUANTITY
REVISED:
UNIT COST
BY: PJW
DATE: 10-13-23
TOTAL COST
STATUS - C = COMPLETED
EARTHWORK
TOPSOIL STRIPING
CU YD
6,200
$3.45
$ 21,390.00
C
2 CLAY EXCAVATION
CU YD
9,500
$3.85
$ 35,598.75
C
3 TOPSOIL RESPREAD
CU YD
407
$8.05
$ 3,276.35
C
4 SILT FENCE
FOOT
4,846
$3.45
$ 16,718.70
C
5 MOBILIZATION
LUMP
1 $11,500.00
$ 11,500.00
C
6 CONSTRUCTION
LUMP
1 $8050.00
$ 8,050.00
ENTRANCE
SUBTOTAL=
96,533.80
BASIN EXCAVATION/BI OSWALE MATERIALS
7
Mobilization EACH
1
$5,750.00
$ 5,760.00
C
8
4" Perforated PVC LF
937
$17.25
$ 16.163.25
C
9
24" FES EACH
3
$920.00
$ 2,760.00
C
10
Earth Excavation CU.YD
730
$13.80
$ 10,074.00
C
11
Sand (Engineered Soil) CU.YD
250
$16.10
$ 4,025.00
C
12
Mulch/Compost(Engineered Soil) CU.YD
150
$16.10
$ 2.415.00
C
13
CA-7 Stone CU.YD
675
$23.00
$ 15,525.00
C
14
Sod (Basin Bottom) SY
3350
$4.60
$ 16,330.00 $
1.,840.00 *1
SUBTOTAL =
$ 73,042.25
WATERMAIN
15
8"DIPWM
FOOT
1434
$37.55
$53,846.70
C
16
8" VALVE AND VAULT
EACH
3
$2,294.25
$6.882.75
C
17
CONNECT TO EX. WATERMAIN
EACH
2
$2,294.25
$4,588.50
C
18
FIRE HYDRANT w/ AUX VALVE
EACH
5
$2,587.50
$12,937.60
C
19
TRENCH BACKFILL
CU YD
380
$36.80
$13,984.00
C.
20
LONG WTR SERVICE w/ TAP SADDLE
EACH
10
$1,610.00
$16.100.00
C
21
SHORT WTR SERVICE wl TAP SADDLE
EACH
14
$920.00
$12.880.00
C
22
PRESSURE TEST
LUMP
1
1725
$1,725.00
C
SUBTOTAL=
$122,944.45
SANITARY SEWER
23
8" PVC SDR26
FOOT
948
S29 90
$28,345.20
C
24
4' DIA. MANHOLE w/ CHIMNEY SEAL
EACH
5
$2,702.50
$13,512.50
C
25
CONNECT TO EX. SAN. SEWER
EACH
1
$575.00
$575.00
C
26
TRENCH BACKFILL
CU YD
785
$36.80
$28.888.00
C
27
LONG SANITARY SERVICE
EACH
12
$1,150.00
$13,800.00
C
28
SHORT SANITARY SERVICE
EACH
12
$805.00
$9.660.00
C
29
TV INSPECTION
FOOT
948
$3.45
$3 270.60
C
SUBTOTAL=
$98.051.30
STORM SEWER
30
12" RCP
FOOT
452
$28.75
$12,995.00
C
31
15" RCP
FOOT
350
$31.05
$10,867.50
C
32
18" RCP
FOOT
150
$33.36
$6,002.50
C
33
21" RCP
FOOT
145
$35.65
$5,169.25
C
34
24" RCP
FOOT
1344
$39.10
$52,550.40
C
35
27" RCP
FOOT
154
$44.85
$6,906.90
C
36
REMOVE EX. STORM SEWER
FOOT
296
$8.63
$2,553.00
C
37
PLUG 8 SEAL EX STRUCTURES
EACH
4
$287.50
$1,150.00
C
38
CB, TYPE C - 24"
EACH
2
$1,380.00
$2,760.00
C
39
CB, TYPE A - 48"
EACH
19
$2,530.00
$48,070.00
C
40
MH, TYPE A-48"
EACH
2
$2,300.00
$4,600.00
C
41
CB, TYPE A - 60"
EACH
2
$2,780 00
$5.520.00
C
42
MH, TYPE A-60"
EACH
7
$41:i3000
$17,710.00
C
43
CONNECT TO EXISTING
EACH
5
$690.00
$3,450.00
C
44
TRENCH BACKFILL
CU YD
215
$36.80
$7,912.00
C
38
TV INSPECTION
FOOT
8120
$3.45
$28,014.00
C
SUBTOTAL=
215.230.55
WST1. A C-ASSOCIATES
PROJECT: Covington Knolls (Phase 8) [Parking Lots) BY: DATE: REVISED: P,1 W
LOCATION: Warrenville, IL 10-13-23
PROJECT#: 243
ITEM NO. DESCRIPTION UNIT QUANTITIY UNIT COST TOTAL COST
PAVING & MISCELLANEOUS
39
CURB AND GUTTER WI 4" BASE CSE
FOOT
1996
$23.00
$45,908.00
C
40
BITUMINOUS BASE COURSE
SQ YO
3279
$25.30
$84958.70
C
41
BITUMINOUS BINDER COURSE
SQ YD
3279
$7.76
$25,463.24
C
42
BITUMINOUS SURFACE COURSE
SQ YD
3279
$7.48
$24,510.53
$
24,510,00
43
BASE COURSE FINE GRADING
SQ YD
3279
$0.98
$3,205.22
C
44
ROAD FABRIC (NON -WOVEN, 8-, geo)
SO YD
3279
$1.44
$4,713.56
C
45
LIGHT POLES
EACH
5
$3,450.00
$17,250.00
$
17,250.00
46
SODDING (PARKWAYS)
SO YD
2391
$3.45
$8,248.95
$
8,248.95
47
STREET TREES @ 40' SPACI NG
EACH
50
$460.00
$23,000.00
$
23,000.00
48
TPCC SIDEWALK w/X'SUBBASE
SOFT
11502
$518
$59,522.85
$
59,522.85
49
GRASS PAVER -BLOCK ACCESS WAY
SQ FT
3907
$9.20
$35,944.40
C
SUBTOTAL=
$330,715.45
$
134,371.80
1'
15% CONTINGENCY = $140,627.13
PROJECT TOTAL= $1,078,141.34
15%CONTINGENCY
ORIGINAL 10 % BOND
ORIGINAL LETTER OF CREDIT AMOUNT
AMOUNT OF REDUCTION REQUESTED
*1 400 yards remaining in west basins
TOTAL = $937,514.21
$ 20,155.77
$ 93,751.42
$ 248,278.99
$1,078,141.34
$ 829,862.35