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R-22-08 05/12/2008• VILLAGE OF LEMONT RESOLUTION NO. 12.22 -a 2, RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR SMITH FARMS SUBDIVISION ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT This 12_ th day of j'.4'/ , 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 t t th day of tAA- j , 2008. RESOLUTION NO. Q1. zZ -o 0 RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR SMITH FARMS 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 Smith Farms Subdivision, located west of Rolling Meadows Subdivision, an Irrevocable Letter of Credit #80610000 -3 from American Bank and Trust, in the amount of $568,217.00 was deposited with the Village of Lemont on July 5, 2005; and WHEREAS, Ralph Vavaida, President of Westside Construction, Inc., has made application for a reduction of the Irrevocable Letter of Credit #80610000 -3; and WHEREAS, Raymond E. Derbas & Associates, the Consulting Civil Engineers on the project, requested a reduction in the Letter of Credit, based upon the completion of the utility and roadway improvements in the project; 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 $368,217.00 to a balance of $200,000.00. NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that Letter of Credit #806100000 -3 for Smith Farms Subdivision, is hereby reduced to $200,000.00. 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 1"L th day of h t e.'/ , 2008. Debby Blatzer Peter Coules Clifford Miklos Brian Reaves Ron Stapleton Jeanette Virgilio AYES NAYS PASSED ABSENT APPROVED by me this 1 . day of NtAM , 2008. JOHN F. IAZZA, Village Presid ATTEST: CHARLENE M. SMOLLEN, Village Clerk M: COMMUNITY DEVELOPMENT DEPT /2001250- CaseFiles -23.18 Smith Farms/Res -Smith LOC Red 2 Village of Faith Mayor John F. Piazza Village Clerk Charlene M Smolien Trustees Debby Blatzer Peter Coules Clifford Miklos Brian Reaves Ronald Stapleton Jeanette Virgilio Administrator Gary C Holmes Administration phone (630) 257-1590 fax (630) 243 -0958 Building Department phone (630) 257-1580 fax (630) 257 -1598 Community Development phone (630) 257 -1595 fax (630) 257 -1598 Engineering Department phone (630)257 -2532 fax (630)257 -3068 Finance Department phone (630) 257 -1550 fax (630) 257.1598 Police Department 416 Main Street phone (630) 257 -2229 fax (630) 257 -5087 Public Works 14574 127th Street phone (630) 257 -2532 fax (630) 257 -3068 www.Iemont,il�us Mr. James Brown Community Development Director Village of Lemont 418 Main Street Lemont, Illinois 60439 Re: Smith Farm Subdivision 1275 Smith Road Letter of Credit Dear Jim: Village of Lemont 418 Main Street • Lemont, Illinois 60439 May 11, 2007 Enclosed please find correspondence from Raymond E. Derbas & Associates, Inc., dated May 7, 2007, pertaining to the above - captioned project. Pursuant to the attached, please be advised that at this time I recommend a Letter of Credit draw down to the $200,000.00 level, which allows a provision for: • Completion of the Subdivision; • Payment of outstanding bills; • Allowance for maintenance bond; and • Possible recapture to Jurinek and Ruskus. Should you have any questions concerning this matter, please do not hesitate to contact me. Very truly ._ rs, VILL = OF LEMONT . Cainkar, P.E., P.L.S. Acting Village Engineer JLC /debi Enclosure cc: Mr. Dan Fielding, Director of Public Works, w /Enc. Ms. Lynn Statton - Cholewa, Adm. Assistant, w /Enc. Mr. Peter A. Krumins, Planner, w /Enc. Project File No. 03293 MRY —V8 -2007 08:12 RM WESTSIDE.CO "' ..c a,ap F rend E. Dario es 630 887 9160 .- 301 -0679 ARAYMOND E. DERBAS & ASSOCIATES CONSULTING CIVIL ENGINEERS 12845 PHEASANT COURT HOMER GLEN, ILLINOIS 60491 (708) 301-0578 May 7, 2007 Mr. James L. Cainkat Acting Village Engineer Village of Lemont 418 Main Street Lemont, IL 60439 RE: SMITH FARM SUBDIVISION 1275 Smith, Road Lemont, f$nois Dear Mr. Cainker, The purpose of this letter is to request a reduction in the Letter of Credit based upon the completion of tbe Utility and Roadway Improvements on the referenced project. The "Engineer's Estimate" of thetatal improvements was determined to be 5487,102.00 therefore the Letter of Credit was established at $608,877.50. All of the Improvements have been installed with the following exceptions: 1. Street Lights = S17,500.00 2 Final Perving = $17,000.00 3. bond (@ South Wall = S 6,000.00 Total Uncompleted Work = $40,500.00 The Letter of Credit can therefore be reduced to: A. Uncompleted Work of $40,100.00 x 12516 = $50,625.00 B. Completed Work of $446,602.00 x 10% = $44,66020 TOTAL = $95,285.20 It is therefore respectfully requested that the Letter of Credit for the referenced project be reduced to $95,285.20. Ifthere are any questions please do not hesitate to contact me at (708) 301 -0578. P.01 p.1 MAR -03 -2009 04 :01 PM WESTSIDECONST Westside Construction Co., Inc. General Contractors - Engineers Residential, Commerdal, Industrial P.0- Box 190, Hinsdale, Illinois 60521 630 887 9160 P.01 Hinsdale, IL {630? 887.9160 40 YEARS OF EXPERIENCE VILLAGE OF LEMONT MR. JAMES CAINKAR VILLAGE ENGINEER VIA PAX 887 7331 DEAR MR. CAINKAR, RE: LETTERS OF CREDIT 3 -3-08 SMITH FARM SUB. REDUCTION. 1 WE CURREN HAVE 2 LETTERS OF CREDIT POSTED WITH THE VILLAGE ONE IS FOR $631,467.00 AND THE OTHER IS FOR $62,000.00 WE HAVE ALL THE DOCS YOU REQUESTED AND I BELIEVE YOU HAVE THE VCR TAPES OF THE SEWERS FOR YOUR REVIEWW AT YOUR OFFICE. THE 1ST LC WAS FOR PRELIMANARY GRADINO THAT WAS DONE IN2004.AT THIS TIME IM REQUESTING THE REALESE, BY THE VILLAGE OF THE LETTERS OF CREDIT, MINUS THE HOLD BACKS OF $35,000 + AN ADDITIONAL 15 %. THIS IS FOR FINAL PAVING AND STREET LIGHTS.IF THIS MEETS WITH YOUR APPROVAL, PLEASE GUIDE ME AS WHAT TO DO TO COMPLETE THIS PROCEDURE. THANK YOU IN ADVANCE FOR YOUR ASSISTANCE WITH OUR PROJECT. WESTSIDE CONSTRUCTION. C.C. AMERICAN BANK MR. JOHN ORTLIEB V.P.