R-12-08 03/10/2008VILLAGE OF LEMONT
RESOLUTION NO. R I,L • De
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR OLD TOWN SQUARE OF LEMONT
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 10TH DAY OF MARCH, 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 10th day of March, 2008.
RESOLUTION NO. R IP- o $
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR OLD TOWN SQUARE OF LEMONT
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 Old Town Square of Lemont, located at 429 to 515
Talcott Street in Lemont, on March 22, 2005, Irrevocable Documentary Letter of Credit No.
05 -019 (LOC), issued by TCF Bank in the amount of $200,000.00 was deposited with the
Village of Lemont to guarantee public improvements; and
WHEREAS, Jerry Kulhanek, President of 515 Talcott, LLC, developer of Old Town
Square, has made application for the reduction of Letter of Credit No. 05 -019 to a balance of
$20,000.00; and
WHEREAS, the duly authorized agent of the Village of Lemont, Village Engineer Jim
Cainkar, has inspected portions of the public improvements and has found these portions
to have been satisfactorily installed;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont Letter of Credit No. 05 -019 is hereby reduced to $20,000.00.
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
10th day of March, 2008.
AYES NAYS PASSED ABSENT
Debby Blatzer V
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton V
Jeanette Virgilio
APPROVED by me this 10th day of March, 2008.
IOHN F PIAZZA, Village Pr s ' ent
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
M: \COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMENT \270 - Letters of Credit \2006 Resolutions -Board Memos-Letters \Old Town Square RESLOCRed.WPD
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