R-63-24 Authorizing a Reduction of Bonds for Gleneagles (Pulte)VILLAGE OF
VEMONT
418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Jamie Tate, Community Development
THROUGH: Jason Berry, CEcD, AICP, Economic & Community Development Director
SUBJECT: A Resolution Authorizing a Reduction of Bonds for Gleneagles (Pulte)
DATE: August 12, 2024
SUMMARY/BACKGROUND
V3 Engineering, on behalf of Pulte Homes, developer of the Gleneagles subdivision, has
completed certain improvements and requested a reduction in the bonds for the development.
ANALYSIS
The Village Engineer has reviewed the request and recommends approval of the reduction.
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
A Resolution Authorizing a Reduction of Bonds for Gleneagles (Pulte)
VILLAGE OF LEMONT
RESOLUTION
NUMBER R- 0 -24
A RESOLUTION AUTHORIZING A REDUCTION OF BONDS FOR
GLENEAGLES (PULTE)
JOHN EGOFSKE, Village President
CHARLENE M. SMOLLEN, Clerk
JANELLE KITTRIDGE
DA VE MAHER
KEN MCCLAFFERTY
KEVIN SHA UGHNESSY
RICK SNIEGOWSKI
RON STAPLETON
Trustees
Published in pamphlet form by authority of the Village President and Board of Trustees of the Village of Lemont on ✓ - 1 12024
RESOLUTION NO. R- 0-24
A RESOLUTION AUTHORIZING A REDUCTION OF BONDS FOR
GLENEAGLES (PULTE)
WHEREAS, pursuant to the Lemont Unified Development Ordinance of 2008 ("UDO"),
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 public improvements; and
WHEREAS, in the matter of the Gleneagles subdivision located west of Bell Road on
McCarthy Road in Lemont, Argonaut Insurance Company issued a Bond SUR0073390 in the
amount of $3,673,683.92 for mass grading, and Lexon Insurance Company issued a Bond
LICX1216472 in the amount of $8,381,648.76 for Phase IA Site Improvements and RLI
Insurance Company issued a Bond CMS354706 in the amount of $3,233,415.90 for Phase 2A
Site Improvements and were deposited with the Village of Lemont; and
WHEREAS, V3 Engineering, on behalf of Pulte Homes, the developer of the Gleneagles
subdivision, has completed certain improvements and has requested a reduction in the
aforementioned bonds; 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 Village President and Board of
Trustees of the Village of Lemont, Cook, Will, and DuPage Counties, Illinois, as follows:
SECTION 1: RECITALS
That the above recitals and legislative findings are found to be true and correct and are
hereby incorporated herein and made a part hereof, as if fully set forth in their entirety.
SECTION 2:
The bonds listed below are hereby adjusted to the specified balances:
1. Argonaut Insurance Company Bond (Bond No. SUR0073390) is hereby reduced to a
balance of $333,791.27; and
2. Lexon Insurance Company Bond (Bond No. LICX1216472) is hereby reduced to a
balance of $1,976,993.71; and
3. RLI Insurance Company Bond (Bond No. CMS354706) is hereby reduced to a
balance of $1,166,525.15.
ADOPTED this day of 1 , 2024.
PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT, OUNTIE OF COOK, WILL, AND
DUPAGE, ILLINOIS, ON THIS J -Z DAY OF lU , 2024.
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS:
Janelle Kittridge
Dave Maher
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski V
Ron Stapleton
Attest:
'I Olt
—Charlene M. Smollen, Villa geClerk
G� 0 F !F
o
SEAL
1Z[IN00
ABSENT: ABSTAIN:
V
Approved:
0..:5-
Min Egofske, Village President