R-06-26 Authorizing a Reduction of a Letter of Credit for the Hoffman ResubdivisionVILLAGE OF _0�—,7(v
JN� MON. 418 Main Street I 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 the Hoffman
Resubdivision
DATE: February 9, 2026
SUMMARY/BACKGROUND
The Hoffman Resubdivision is subject to a required Letter of Credit (LOC) to guarantee
completion of public improvements in accordance with the Lemont Unified Development
Ordinance. Hinsdale Bank and Trust issued Irrevocable Letter of Credit No. 2898909777 in the
original amount of $66,671.25.
The developer has completed a portion of the required public improvements and submitted a
request for a reduction in the LOC. The Village Engineer has reviewed the request, inspected
the completed improvements, and concurs with the proposed reduction. The remaining LOC
balance reflects outstanding restoration work and required security.
The subdivision is not eligible to transition to the two-year maintenance period at this time, as
only one of the four proposed homes has been constructed.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Approval of a resolution
BOARD ACTION REQUESTED
Motion to approve a resolution
ATTACHMENTS
A Resolution Authorizing a Reduction of a Letter of Credit for the Hoffman Resubdivision
VILLAGE OF LEMONT
RESOLUTION
NUMBER R- N "Ap
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR THE HOFFMAN RESUBDIVISION
JOHN EGOFSKE, Village President
CHARLENE M. SMOLLEN, Clerk
SAMUEL J. FORZLEY
JANELLE KITTRIDGE
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
RESOLUTION NO. R- tab —Z-�
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR THE HOFFMAN RESUBDIVISION
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 Hoffman Resubdivision, Hinsdale Bank and Trust issued
Irrevocable Letter of Credit No. 2898909777 in the original amount of $66,671.25, which was
deposited with the Village of Lemont to guarantee completion of subdivision improvements; and
WHEREAS, Rich Hoffman, the developer of the Hoffman Resubdivision, has completed
certain public improvements and has requested a reduction in the aforementioned letter of credit;
and
WHEREAS, the Village Engineer has reviewed the request for a letter of credit reduction,
has inspected the applicable improvements, and has found the completed improvements to have
been satisfactorily installed, and has recommended a reduction of the letter of credit to a
remaining balance of $9,380.55.
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. 2898909777 issued by Hinsdale Bank and Trust is hereby
reduced to a balance of $9,380.55.
APPROVED this day of r� 6PKWx , �..
PASSED AND APPROVED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONY, qOUNTIES OF COOK, WILL, AND
DUPAGE, ILLINOIS, ON THIS DAY OF �_, 2021.�9
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES:
NAYS
Samuel J. Forzley V
Janelle Kittridge
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
Attest:
Charlene M. Smollen, Village Clerk
,OF LFM
Oy
AM d%!'
ABSENT: ABSTAIN:
Approved:
John Egofske, Village President