R-55-08 Resolution LOC Reduction Ashbury WoodsVILLAGE OF LEMONT
RESOLUTION NO. • - 4
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ASHBURY WOODS III SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 22nd day of September, 2008.
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 22 "d day of September, 2008.
RESOLUTION NO. -55"' O
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ASHBURY WOODS III SUBDIVISION
WHEREAS, pursuant to the Subdivision Regulations, 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 such improvements; and
WHEREAS, in the matter of Ashbury Woods III subdivision, located west of Ashbury
Woods Subdivision, an Irrevocable Letter of Credit #SBY/07/30414 from First American Bank
in the amount of $976,253.54 was deposited with the Village of Lemont on September 10, 2007;
and
WHEREAS, by Resolution R- 04 -08, the Village Board of Trustees reduced the amount
of Irrevocable Letter of Credit #SBY/07/30414 to $365,767.18; and
WHEREAS, Don Stevens, President of Donven Homes, has made application for a
reduction of the Irrevocable Letter of Credit #SBY/07/30414; and
WHEREAS, the Village Engineer has inspected certain portions of the improvement and
has found these portions to have been satisfactorily installed, resulting in his recommendation of
a reduction of $165,767.18 to a balance of $200,000.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Letter of Credit #SBY/07/30414, for Ashbury Woods III Subdivision,
is hereby reduced to $200,000.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE,
ILLINOIS, on this 22nd day of September, 2008.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
v
APPROVED by me this 22nd day of September, 2008.
JOHN . PIAZZA, Villa
CHARLENE M. SMOLLEN, Village Clerk
aril Engineers/
Municipal Consultants
Frank Novotny & Associates, Inc.
825 Midway Drive • Willowbroo$ IL • 60527 • Telephone; (630) 887 -8640 • Fax: (630) 887-0132
September 10, 2008
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Ashbury Woods / Unit III
Letter of Credit Reduction
Dear Jim:
Attached please find correspondence from Donven Homes, Inc., pertaining to a request for
a reduction in the Letter of Credit for the above - captioned Subdivision. I have reviewed the
attached and find it acceptable to lower the Letter of Credit amount to $200,000.00 (not
$176,211.53), due to increases in paving costs necessary to complete this development.
Should you have any questions concerning this matter, please do not hesitate to contact
me.
• Very truly yours,
FRANK NOVOTNY & ASSOCIATES, INC.
James L. Cainkar, P.E., P.L.S.
JLC /debi
Enclosure
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Ms. Charity Jones, Planner, w /Enc.
Mr. Steve Keenan, Comm. Development Intern, w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Project File No. 06232
06232 LOC Letter 091008.doc
900/Z00 'd
&sticuut' WOODS DEVELOPMENT, LLC
September 3, 2008
James Brown, Director
Community Development Director
Village of Lemont
418 Main Street
Lemont, IL 60439
RE: Letter of Credit Reduction — Ashbury Woods Unit 3
Dear Jim:
Regarding our Letter of Credit renewal for Ashbury Woods Unit 3, I am enclosing a
copy of the Engineer's Estimate that the original Letter of Credit is based on, marked up to
indicate the amounts for site work still remaining to be done_ The unfinished work consists of
final surface course paving, parkway trees, and public sidewalks.
With only the above site improvements remaining to be completed, we are requesting
that the Letter of Credit be amended to reduce the current amount of $365,767.18 to a new
amount of $176,211.53.
A copy of this letter as well as the estimate reduction prepared by our engineer (IG
Consulting) is also being sent to Jim Cainkar and Lynn Stratton.
By copy of this letter we ask that our request for an amended reduced Letter of Credit
be placed on the Village Board agenda at their September 8, 2008 meeting. The current
Letter of Credit for Ashbury Woods Unit 3 expires at the end of this month.
Please let me know if you have any questions or need additional information. Thank
you for your cooperation.
Very truly yours,
Ashbury Woods Development, LLC
Donald A. Stevens, Member
cc: Jim Cainkar, Village Engineer
Kevin Lewis, IG Consulting
Lynn Stratton;'Community Development
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