R-89-24 Authorizing the Release of Letters of Credit for Kettering2EMOIVT
418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Jason Berry, Community Development
THROUGH:
SUBJECT: A Resolution Authorizing the Release of Letters of Credit for Kettering
DATE: November 25, 2024
SUMMARY/BACKGROUND
M/1 Homes of Chicago, LLC, has requested the final release of Letters of Credit (LOCs)
associated with the Kettering subdivision, specifically for Phase 1 Unit 2, and Phase 2 Units 6
and 7. These LOCs were issued by U.S. Bank to guarantee the completion of public
improvements within the subdivision.
The public improvements were previously accepted by the Village through Resolution No. R-
52-22 on September 12, 2022, and a two-year maintenance period was initiated at that time.
The maintenance period has now concluded with no deficiencies or further obligations
remaining.
The Village Engineer, Bruce A. Hill, P.E., has reviewed and approved the request, certifying
that all requirements have been met and the subdivision is ready for full turnover to the
Village.
The LOCs to be reduced to $0.00 and released are as follows:
• LOC #SLCLSTL10689 for Phase 1 Unit 2 in the amount of $161,531.96.
• LOC #SLCLSTL11192 for Phase 2 Unit 6 in the amount of $205,871.07.
• LOC #SLCLSTL11193 for Phase 2 Unit 7 in the amount of $72,027.32.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Staff recommends approval of the resolution authorizing the release of these Letters of Credit,
as all public improvements have been satisfactorily completed, and the subdivision is now fully
compliant with Village requirements.
BOARD ACTION REQUESTED
Motion to Approve.
ATTACHMENTS
A Resolution Authorizing the Release of Letters of Credit for Kettering
VILLAGE OF LEMONT
RESOLUTION
NUMBER R--24
A RESOLUTION AUTHORIZING THE RELEASE OF LETTERS OF
CREDIT FOR THE KETTERING SUBDIVISION
JOHN EGOFSKE, Village President
CHARLENE M. SMOLLEN, Clerk
JANELLE KITTRIDGE
DAVE 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 /Y - 2-2024
RESOLUTION NO. R- 24
A RESOLUTION AUTHORIZING THE RELEASE OF LETTERS OF
CREDIT FOR THE KETTERING SUBDIVISION
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, certain real property has been dedicated to the Village, as depicted on the
Kettering Subdivision Plat (attached hereto as Exhibit A), for the purpose of public infrastructure;
and
WHEREAS, in the matter of the Kettering subdivision, owned and developed by M/I
Homes of Chicago, LLC, located generally south of 131 st Street and west of Parker Road in the
Village of Lemont, the following Letters of Credit were deposited with the Village of Lemont to
guarantee completion of public improvements
• LOC #SLCLSTL10689 for Phase 1 Unit 2 in the amount of $161,531.96, issued
by U.S. Bank.
• LOC #SLCLSTL11192 for Phase 2 Unit 6 in the amount of $205,871.07, issued
by U.S. Bank.
• LOC #SLCLSTL 11193 for Phase 2 Unit 7 in the amount of $72,027.32, issued by
U.S. Bank; and
WHEREAS, the Village previously accepted the public improvements for the Kettering
subdivision through Resolution No. R-52-22, adopted September 12, 2022; and
WHEREAS, the two-year subdivision maintenance period mandated by the Lemont
UDO has expired with no further action required, thereby warranting a full reduction and release
of the aforementioned Letters of Credit.
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: RELEASE OF LETTERS OF CREDIT
The following Letters of Credit are hereby reduced to $0.00 (Zero) and released:
• LOC #SLCLSTL10689 in the amount of $161,531.96.
• LOC #SLCLSTL11 192 in the amount of $205,871.07.
• LOC #SLCLSTL 11193 in the amount of $72,027.32
ADOPTED this day off , 2024.
PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT, 1C UNT ESF COOK, WILL, AND
' �-
DUPAGE, ILLINOIS, ON THIS DAY OF 1� - �e- Nye, , 2024.
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS
Janelle Kittridge
Dave Maher
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
Attest:
r
Charlene M. Smollen,`Village Clerk
ABSENT: ABSTAIN:
Approved. -
John Egofske, Village President
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