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R-41-04 06/14/2004RESOLUTION NO. - qi- O `i RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR ASHBURY WOODS 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 Subdivision, located south of 127th Street and west of Chestnut Crossing Subdivision, an Irrevocable Letter of Credit #SBY /02/30152, First American Bank, in the amount of $1,378,674.00 was deposited with the Village of Lemont on August 20, 2002; and WHEREAS, in July of 2003, on behalf of Ashbury Woods Subdivision, Joseph A. Schudt & Associates applied for a reduction of the Irrevocable Letter of Credit to a balance of $465,064.45, which was granted by the Village Board of Trustees; and WHEREAS, Joseph A. Schudt & Associates has requested a second reduction of the Irrevocable Letter of Credit #SBY /02/30152 in the amount of $285,054.45, bringing the total to $180,000.00. WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain portions of the improvement and has found portions totaling $285,054.45 to have been satisfactorily installed; and NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that the Irrevocable Letter of Credit, Ashbury Woods Subdivision is hereby reduced to $180,000.00. 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 14'h day of June, 2004. Debby Blatzer Peter Cowles Brian Reaves Steven Rosendahl Ron Stapleton Jeanette Virgilio ATTEST: AYES NAYS PASSED ABSENT V APPROVED by me this 14"' day of June, 2004 PIAZZA, Vill HARLENE M. SMOLLEN, Village Clerk AshburyreduclionSccondloc.wpd Village of Faith Mayor John F Piazza Village Clerk Charlene M. Smollen Trustees Debby Blatzer Peter Cowles Brian Reaves Steven Rosendahl 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.lemont.11.us Mr. Timothy Teddy Community Development Director Village of Lemont 418 Main Street Lemont, Illinois 60439 Re: Ashbury Woods Subdivision Letter of Credit Dear Tim: Village of Lemont 418 Main Street • Lemont, Illinois 60439 June 3, 2004 I have reviewed the Letter of Credit (LOC) Reduction calculations submitted by Ashbury Woods Development, LLC, dated May 27, 2004 and feel that the amount of $180,000.00 to remain for the Letter of Credit is acceptable. Should you have any questions concerning this matter, please do not hesitate to contact me. Very truly yours, VIL A ainkar, P.E., P.L.S. A ting Village Engineer JLC /debi Enclosure cc: Mr. David Orrico, Planner, w /Enc. Project File No. 02114 A►SH1PUry WCCGS DEVELCGME■iT, LLC May 27, 2004 Mr. Tim Teddy Community Development Director Village of Lemont 418 Main Street Lemont IL 60439 • 4Noci C 0\40L vs 'l)S 1 Ls- - Re: Reduction in Letter of Credit ` ,,tiV- Ashbury Woods Dear Tim; Regarding our Letter of Credit renewal for Ashbury Woods, I am submitting the following: Copy of the original Engineer's Estimate on which the reduced Letter of Credit was based, which has been marked up to indicate the amounts for site work still remaining to be done. The unfinished work consists primarily of surface course paving, some paving work on 129th Street, parkway trees and the remaining subdivision sidewalk. With the above site Improvements remaining to be completed, the new Letter of Credit Should be reduced from $465,064.45 to a new amount of $180,000.00, calculated as shown below. 1. Balance of Work Remaining as of 6/1/04 per marked up Engineer's Estimate is $80,647.00. $80,647.00 © 115% = $92,744.00 2. Minimum Balance for reduced Letter of Credit $1,198,846.35 © 15% = $179,826.95 Please review at your earliest convenience in order for us to authorize the appropriate reduction In our Letter of Credit from First American Bank. The current letter expires August 20, 2004. We would expect to have all the Improvements accepted later this year when our 2 year maintenance period will start. Thank you for your cooperation. Very truly yours, Ashbury Woods Development, LLC Donald A. Stevens, Member cc. 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