R-17-26 Authorizing a Reduction of a Letter of Credit for Route 83 Properties (Donegal Services)418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Jason Berry, Community Development
THROUGH: George Schafer, Village Administrator
SUBJECT: A Resolution Authorizing a Reduction of a Letter of Credit for Route 83
Properties (Donegal Services)
DATE: March 9, 2026
SUMMARY/BACKGROUND
Route 83 Properties / Donegal Services has requested a reduction in the Letter of Credit
associated with the Route 83 Properties development located east of Route 83 and Grant
Road in Lemont.
Irrevocable Letter of Credit No. 397, issued by Cornerstone National Bank & Trust Company,
was originally provided in the amount of $1,315,531.00 to guarantee completion of the
required improvements for the project. Following review of the developer's request and
updated Engineer's Opinion of Probable Cost, the Village Engineer has determined that the
remaining improvements require a Letter of Credit balance of $407,402.57.
ANALYSIS
The requested reduction reflects completed improvements and retains sufficient security to
guarantee the remaining work associated with the development.
Consistency with Village Policy
STAFF RECOMMENDATION
Motion to approve the resolution.
BOARD ACTION REQUESTED
A Resolution Authorizing a Reduction.
ATTACHMENTS
A Resolution Authorizing a Reduction of a Letter of Credit for Route 83 Properties
VILLAGE OF LEMONT
RESOLUTION
NUMBER R-ij-26
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR ROUTE 83 PROPERTIES (Donegal Services)
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 --3---2026
RESOLUTION NO. R- { I -26
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF
CREDIT FOR ROUTE 83 PROPERTIES (Donegal Services)
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 Route 83 Properties, located east of Route 83 and Grant Road
in Lemont, Illinois, Cornerstone National Bank & Trust Company issued Irrevocable Letter of Credit
No. 397 in the amount of $1,315,531.00, which was deposited with the Village of Lemont to
guarantee completion of the required improvements; and
WHEREAS, Route 83 Properties / Donegal Services, the developer of the project, has
completed certain improvements and requested a reduction in the aforementioned Letter of Credit;
and
WHEREAS, Bruce A. Hill, P.E., of HR Green, Inc., on behalf of the Village, has reviewed
the request from Mackie Consultants, LLC. and concurs with the reduction of the Letter of Credit to
reflect the remaining improvements required for the project.
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
The above recitals and legislative findings are found to be true and correct and are hereby
incorporated herein as though fully set forth.
SECTION 2: LETTER OF CREDIT REDUCTION
Irrevocable Letter of Credit No. 397, issued by Cornerstone National Bank & Trust
Company, is hereby reduced to a balance of $407,402.57.
ADOPTED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
LEMONT, COUNTIES OF COOK, WILL, AND DUPAGE, ILLINOIS, ON THIS C— DAY OF
2026.
VILLAGE PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES:: NAYS:
Samuel J. Forzley V
Janelle Kittridge ✓
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
Attest:
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ABSENT: ABSTAIN:
Approved:
John Egofske, Village President