Loading...
R-96-24 Authorizing the Release of Letter of Credit and Acceptance of418 Main Street I Lemont, IL 60439 TO: Village Board Meeting FROM: Jason Berry, Community Development THROUGH: SUBJECT: Resolution Authorizing the Release of Letter of Credit and Acceptance of Maintenance Bond for Copper Ridge Subdivision DATE: December 9, 2024 SUMMARY/BACKGROUND This resolution authorizes the release of the Irrevocable Letter of Credit No. 2022-1667, issued by Marquette Bank in the amount of $813,843.47, for the Copper Ridge subdivision, developed by Beechen & Dill (Teton Development, LLC). The public improvements have been completed and inspected by the Village Engineer, who recommends their acceptance. In an agreement with the developer, the Village will release the LOC upon receipt of a Maintenance Bond in the amount of $318,684.79, equivalent to 10% of the original LOC. The subdivision will officially enter the maintenance phase upon adoption of this resolution and receipt of the required bond. ANALYSIS Consistency with Village Policy STAFF RECOMMENDATION Adopt the Resolution. BOARD ACTION REQUESTED Motion to Adopt the Resolution. ATTACHMENTS Resolution Authorizing the Release of Letter of Credit and Acceptance of Maintenance Bond for Copper Ridge Subdivision VILLAGE OF LEMONT RESOLUTION NUMBER R--24 A RESOLUTION AUTHORIZING THE RELEASE OF THE LETTER OF CREDIT AND ACCEPTANCE OF A MAINTENANCE BOND FOR COPPER RIDGE SUBDIVISION (Beechen & Dill) JOHN EGOFSKE, Village President CHARLENE M. SMOLLEN, Clerk JANELLE KITTRIDGE DA VE MAHER KEN MCCLAFFER TY 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 � -2024 RESOLUTION NO. R-1-24 A RESOLUTION AUTHORIZING THE RELEASE OF THE LETTER OF CREDIT AND ACCEPTANCE OF A MAINTENANCE BOND FOR COPPER RIDGE SUBDIVISION (Beechen & Dill) WHEREAS, certain real property has been dedicated to the Village, as depicted on the Copper Ridge Subdivision Plat (attached hereto as Exhibit A), for the purpose of public infrastructure; and 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, Beechen & Dill (Teton Development, LLC), the developer of Copper Ridge subdivision, provided Irrevocable Letter of Credit No. 2022-1667 from Marquette Bank in the amount of $3,983,560.00 to guarantee the completion of subdivision improvements; and WHEREAS, the Letter of Credit was reduced to $813,843.47 upon satisfactory completion of a portion of the required public improvements; and WHEREAS, Scott D. Schreiner, PE, of Designtek Engineering, Inc., on behalf of Beechen & Dill (Teton Development, LLC), has requested the acceptance of public improvements in Copper Ridge subdivision and has provided a Bill of Sale for said improvements (attached hereto as Exhibit B); and WHEREAS, Village Engineer Bruce A. Hill, PE, has inspected the public improvements and has recommended acceptance of said completed public improvements located upon the dedicated property; and WHEREAS, the developer intends to post a Maintenance Bond in the amount of $318,684.79, equivalent to 10% of the original LOC, as required by Section 17.23.0201.3 of the UDO; and WHEREAS, pursuant to the UDO, the initiation of the two-year subdivision maintenance period shall commence upon the passage of this resolution. 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 frilly set forth in their entirety. SECTION 2: Irrevocable Letter of Credit No. 2022-1667, issued by Marquette Bank and currently in the amount of $813,843.47, is hereby released. SECTION 3: A Maintenance Bond in the amount of $318,684.79, submitted by Beechen & Dill (Teton Development, LLC), is hereby accepted to secure the required two-year maintenance period for the Copper Ridge subdivision. SECTION 2: The two-year maintenance period shall commence upon adoption of this resolution and will expire two years from the date of passage. ADOPTED this day of 'e1 , 2024. PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE PF LEMONT, , COUNTIES OF COOK, WILL, AND DUPAGE, ILLINOIS, ON THIS DAY OF C,M�ra/',2024. VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS: AYES: NAYS Janelle Kittridge Dave Maher Ken McClafferty l/ Kevin Shaughnessy Rick Sniegowski Ron Stapleton Attest: harlene M. Sm61len, V page Jerk ABSENT: ABSTAIN: Approved: -, xz�"; ��' " 4ohn Pgofske, Village President EXHIBIT A SNOIIIQNOO ONIISIX3 — 'Q'fl'd V IVld IVNl3 0£46—OZ6 (0£9) 6£ti09 11 '1NON31 iNnoO Vzn3 ZOWL 011'1N3NdOW30 N0131 I z _ 1 O ¢�$a�omm5�,a sS N be`kE J gib 'n 6-ssileea3 W 8 9 w ^� d�18 m4ad8a z w � I i ' _i"m anlaa axnaaewli I li io`o� Df \�j�_ \ Jy� o LVOd y \ \ � z U- €off O �R= a 0. i - aHN Z V m€w zm j3j3+!� .1 Z€ '�- a a —4— ze i xe a ' 11 '1NON3l WON N3dd0O NOJ '0'n'd V IVld 1VNLi obteoo-cei:-oN'on �o9d �� - z69v9zetaoa-mod �196b-NZ£I8N3„ dd Bb 0�3x0 i W •+ e N �'Jlln6 LS �u061 'MoE66 '3NI `9NItl33N19N3 J131N9153Q as \ J i 1-71t W E 'a I _ a3SOdO8d -nVd3A0 — 'cm'd V id -Id -I`dNl3 007- OVl.... Ln] ✓Bt-�N "�l _iavd ll Z694-9ZE f80U r�J lI '1NOW31 I�a7-sze,eor., 6£b09 ll 1NOW31 300121 213dd00 s :, e,is .osl moeee o lanoo vzn3 ao�£L HOJ � o $ o m N Oil 'IN3WdOUA30 N0131 �NI "�NItl33N19N3{H31NJI534 _ 'OYYd 7R 1Vld -IVNId / � g9 gal RN 2 e W Iw • �k V W dt g %k A � anzj5.5 ; s n'a s 'n'a tldp41340 3 tld5 N3d0 \ tll_n;; p H p _ tl 1plln0 -_01 OY mid L,J L'°o J ad A p o .o W °s6 < W €6C n Q O LU o asp � a a�E zk� pm w�a, 1 Nabo z0. V aw � moo vp . F'ib ,sm oam p 8 5o Sd 3 0 s a L ZmbARAaR - `Sz o 1i z�a qN Z J€ ao K W I I i 3Ha-0— on al3LL� ss 101 HiaON 03SOdOad—'a"n'd �? IVId IdNI. o£as—oas (o£s) Ln ll '1NOW3l £a0zs9vezelaou:.r°_ 6911 iNOW3l 30and 83dd00 avvo so: iu °w W _ o AnOO VZIl3 ZOl£t a0d s s iosi oese y 011 '1N3WdO13A30 N0131 '�NI'�Jwa33N19N33M31N•JIs3Q _ SNOISLA38 '0'fl'd 78 1Vld lVNid - 2 Q W fd Oo3o /A .o or --I �J U I M y' odaa Q I ' U 0 0 "• z6 - 4' 0B 8 a n 9 V G is y K IN oI V WS 0 z 06 zPo LL J O w F� CL Q li Q$W Z I �j zso9� n3e1 AK off, o .�,_ �d����„ �"r,•� '= ,z`\'---_-��ill--_Jo. m £ b 8rs � r ac°,'s;'�„ < oasioz,�t/�\ �\ro °+�i�''aa'°ale+r,�°•< a<o/aejo"°a>$�\�`"ar rzroor` <o `/ Pi off`?• \ .0 Iq<o y%/ E' 0o ii� `ra ob ai` z0'o'� s4 z LLa a li mfws $�a�m3�87 o■ III ag��Q ° m��J _ o Hinos o3SOdoad — '(i-n-d 2R IV Id -IVN 0£v6-Ol6 (0£9) ze9>ez a„a W �% 6£409 11 '1NOW3-1 ll '1N3dd -E gs.,_gz ©o flYV09510.�� i �;'v � 30o18 addoo 12IN 0 Vzn3 ZOl£l 803 Q d 011 '1N3NdOl3A3O N0131 •�NI'°NIa33w°N3r31N°I53a _ �SNOISLA3a3 O'fl'd ?P 1Vld lVNld h 0 �m^ �#tea gQW ct[r.azAls w 33-SNd° 5 n9�/�--��II� -��� ^Or` $wOP �d ♦Y� \$\\�srose 8 P.s [[e --no clo' J J" - "' --_j' F' ��— niav $ ;\`r dsoya _�./ 'zr.°ozs`sa"-i'°° sC➢�ya\� e `°��i i% /�i' ,.��a` pm, /�:e y� NaoLL "� ii r; Harz X W oo \�/�)/„� 41. �x r�'Sr• sir 3]bdS N3d0 loUl. VV� °//l r-°rg.Poeri Poy .Postsis °m3 wossr[ttr C' / ee° /ly,P, SP .\ R',°4 '�•P f— L.L XV- LU \ .•adz ��i/ t �z;ol lr n/ n�p�°zf; e'rs �`�\, z.�'°�OCai'" < / 4a�.,%' o"om i r _ I toz°m� s o�6: om - a' om z p, rR S -z— W "fir r m 'sRsl n m 9 `._ J J o r' u.� soa-s � o�-� �W z w adQo; w 'mem�pw° a o� ig :s Z m 0]�nWrn �asz II a'o `w's 2 u om5.4an�w a€ _o _ - _ ''a oi� T WR C Hod F cue a =_ SN011V01JLd30 — -u-n-d 2W 1V]d _1VN13 ObLE00 -bet '.oN ��"1' io4d .i OE46—OZ6 (0£9) Z69v9ZEW." 6£409 11 '1NOW31 11 '1NOW31 Sao-9zer©on 'g r R 30CIN 81dd00 °" ^ m o 1 noo VZI13 ZOIEI 803 s s oa nwees Q _ Ln 011 '1N3Wd013A30 NO131 'JNI "UNItl 33 NI9N3 M31N•JI53(] _ o yryrosr+ois�naa '0'fl'd r8 1Vld 1VNI3 - asa a�ios ob g: € Fgb °scx=_ `sx `a os E5; ,A _s€a bah S <» o kk Sa Hui ?5-a°� a�s2 _ SEE• H. = "_s „$o.ya3€i MOW! 3g ed aF asz a' gx ;sa gaa ':s °z wo _�f �a A^ wm o a ags g 'ao 51 �° mAl <je gE` un: a. 3$ e _ a5£ €oom°-€o ufr°°Y�aB�E _ 6CP- 6+ _ g3_ ,e3 :he's a;gBrE 3N alr - :: In °$„s bs_ a 's5 ag esaNN Osx :�c� - see € €ems 7a���a�5�¢ `s b°'ao c CSc °._6u� a i�35 �gS P�ag - "6 lea ds SSsQo: _"~i:"m� &� gdp°goh 3� - z 8N V sfr6gum! 1 HN ^i_$ ° ��g_ 1q ggyse$ ��fiE€B Y$a6 Ea_ geg _�S_ acE° fr; ;c so; a3-a _ � 'apo� Qrv�z mho �a - .RW _ oil x a£ no a 5,ga° wl H - -s$ lid `$ €b .101 gQ ¢Es � w�oC,€, a I - ;a�. ?aag �yS �.asa eoe -- g7� �=b ¢E � R 0 'afr IS�F �'a� _ zs go mrc �` a €:Ko =� - 9, 3 a `. -T�€g $:`• wiz s�ggbaew oda _ ws po 90°^- A5�3 3s ping ` iEx'.: Ni PH; s%. a m! -`°ia r$e sab !W a it '. S;y sgs, g; sa =s'as �g Asa �a.^Ss ��� zE•'6 garsF_ g E ° 3 €aa ao € 3s1s i° °a^ ° ic;-- s %o: ob a� �E€ g2e g€ YE o - §- s,§a'$""sa `.€ €En= a:e€ aaaw i;§ $aa a >€ ^ooroo°y €� "7€ mod« 8° '3 - _`$;��sr E a as eY; ss F - a gs= A�mm3mW=a s-8 °"s_a ° sip -- -s�- :aafrde58- • e fr$ 36° Pes3 •iba fi° ff�aa a. .5 '°S oaa�bA�NG nW3 oG� a _mg Q tl Q s�°= s fan � 8oE' 6a;� �'33 S�a"s a; a^c;, s$s := fi$i � F b€€''" z ' . � i•:Wa €� ' on -;$as�Sa - g oc,. "0�5 O S'as Y$ES '� - ��5 - a€ ��o•€°Yis^z�m u� z €�c m€ rco°' � € o • d SS a :S FS �° s a pC�` �"�'a d G 5 w a�„ �6'4 H stet' :�z $s °ss 3 ..� k m�waa _ €�� £� '.8�e ! 5 S-s °m `n�°a m - sk�Z 3°r 14 ' p gzRs�a: eJ `s ay5 o esas w=$';g-sg a` _,s$g _ _ sE<�abfa °"sea".''€g°s§ NN 863. uy s $=° :g 8 al g°4•° H; r N! �7�+g �g 3 - _ ° .r - ; €g a= °a 'sE is .;Sea r ¢ .',� �m€^<mg€ W `os , Sl�s p. € !W - u :mac€ fl_s �= a �ieq' 6s a=$ o � e � s�°sads �'3 os � �saEs oas N� ��eq� o�=' [iaa 'i" S�os%<`Qo�' s z as"s s. $ ,as sg_s imm OWN � <W - `€ _ a saE, _5a s _ _ W Ni"iE iz $- yy _ as z .gs w �" 04 E :.; rc >�< f_og _ $5 - Sb5 _ 6as' 3oa' 3 C ohwg 3����e.��"x r€off 5 ao§ � �°'Gae aAc Y.a 5G 3a a`aE ¢ 'dra s`e 3E•� ° � o � _ � U 'm"a i w^mz �rv�n €�5 €i pum Z z o "aaEa:E� •$_°: °,o sa: ' =€as o �:_�:€ - s§`$ e �p� :aaw�aa�. - z- ° � � a� € �sE; sg°� - .€, �a� a E � `€s; • s = d a �'� ;s-.p asLL z=p z� zs< � _ s W oa ��sas'o �o- _x Q O ■I °$ J Wtog ^ I.L li J a- �g Kim HIM p F wm i�im€az � Iwo Es ., 6o E8 j °ea / .L1 oyp�< wdW�:�S ° Ku Iw lImo, ° 11 1$sex 3$. s^=4aa w - _ qo __m °12�°o W o ap 4 _ '_'i .41 a \� uui f?i _ Rap i u a`P 2 Ma nag go g! ZAR NOR c ap LLa�a o_ l a 4aa=l ; o = m _ w ` s ° =a _�" j j a pi oKWa ( Eo v H W 8 o`g q w p & Saw; om° u i$ u - - O I iBay W f ��RRaR 3 to15 oWf a 0 ZFe \I Alms Sew _ =aom oI i - of j i N a I ( bn so EXHIBIT B