R-20-25 Authorizing a Reduction of a Letter of Credit for Lomas Subdivision418 Main Street ( Lemont, IL 60439
TO: Village Board Meeting
FROM: Jason Berry, Community Development
THROUGH:
SUBJECT: A Resolution Authorizing a Reduction of a Letter of Credit for Lomas
Subdivision
DATE: March 24, 2025
SUMMARY/BACKGROUND
The attached resolution authorizes a reduction in Irrevocable Letter of Credit No. 10001117,
originally issued by Crystal Lake Bank and Trust Company, N.A. in the amount of $84,835.00
for the Lomas Subdivision at 16622 W. 127th Street, Lemont, IL. The developer, Guillermo
Gonzalez, has completed certain public improvements, which have been inspected and
verified by the Village Engineer. Based on the engineer's assessment, the remaining work
requires a new LOC balance of $21,000.00. This resolution formalizes the reduction of the
LOC while ensuring adequate security for the completion of outstanding improvements.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Approval of the resolution reducing the Letter of Credit for Lomas Subdivision.
BOARD ACTION REQUESTED
Motion to approve the resolution reducing the Letter of Credit for Lomas Subdivision.
ATTACHMENTS
A Resolution Authorizing a Reduction of a Letter of Credit for Lomas Subdivision
VILLAGE OF LEMONT
RESOLUTION
NUMBER R-.70-25
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR LOMAS 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 pamphict form by authority of the Village President and Board of Trustees of the Village of Lemont on 3-3-4-2025
RESOLUTION NO. R-2D 25
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR LOMAS 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, in the matter of the Lomas Subdivision, located at 16622 W. 127th Street,
Lemont, IL, Crystal Lake Bank and Trust Company, N.A. issued Irrevocable Letter of Credit No.
10001117 in the amount of $84,835.00, which was deposited with the Village of Lemont to
guarantee completion of subdivision improvements; and
WHEREAS, Guillermo Gonzalez, the developer of Lomas Subdivision, 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.
WHEREAS, an amendment to Letter of Credit No. 10001117, dated March 13, 2025, has
decreased the credit amount by $63,835.00, leaving a new balance of $21,000.00, as per the
engineer's estimate of remaining work.
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:
Irrevocable Letter of Credit No. 10001117, issued by Crystal Lake Bank and Trust
Company, N.A., is hereby reduced to a balance of $21,000.00, as the remaining amount required
to secure the completion of outstanding public improvements.
APPROVED this -�-H day of / U' c , 2025.
PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE QF LEMONT, OUNTIES OF COOK, WILL, AND
DUPAGE, ILLINOIS, ON THIS DAY OF a � , 2025.
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS
Janelle Kittridge
Dave Maher
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton V
Attest:
Charlene M. Smollen, Village Clerk
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ABSENT: ABSTAIN:
Approved:
John Egofske, Village President