R-10-04 02/23/2004VILLAGE OF LEMONT
RESOLUTION NO.
A RESOLUTION AUTHORIZING A LETTER OF
CREDIT REDUCTION FOR AMBERWOOD PUD
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 23RD DAY OF FEBRUARY, 2004
Published in pamphlet for by
Authority of the President and
Board of Trustees of the
Villages of Lemont, Cook, DuPage
and Will Counties, Illinois this
23'd day of February, 2004.
RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR AMBERWOOD PUD
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 Amberwood PUD, generally located southwest of Walker
and McCarthy Roads, an Irrevocable Letter of Credit # 4668 Cole - Taylor Bank, in the amount of
$1,500,000.00 was deposited with the Village of Lemont on April 1, 2003; and
WHEREAS, Steve Dignan of Dignan Development LLC, has made application for a
reduction of the Irrevocable Letter of Credit #4668, in the amount of $ 1,150,000.00 or bringing
the balance to $323,938.79; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the required public improvements and has found these portions to have been
satisfactorily installed, and recommends that the letter of credit be reduced to not less than
$350,000.00; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Irrevocable Letter of Credit #4668 for Amberwood Subdivision is
hereby reduced to $ 350.000.00.
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 23rd day of February, 2004.
Debby Blatzer
Peter Coules
Brian Reeves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
APPROVED by me this 23id day of February, 2004.
JO
CHARLENE M. SMOLLEN, Village Clerk
AZZA, Village Pr si' ent
HARESOLU I 2004Amben+nodAeductionLOC.wyd
VILLAGE OF LEMONT
418 Main Street, Lemont, Illinois 60439 • Phone: 630/257 -2532 • Fax: 630/257 -1598
Memorandum
To: Timothy Teddy
Community Development Director
From: James L. Cainkar, P.E., P.L.S. CC: Project File No. 02147
Acting Village Engineer
Date: February 12, 2004
Re: Amberwood PUD Letter of Credit Reduction
Dear Tim:
I have reviewed the Letter of Credit (LOC) Reduction calculations submitted by Dignan
Development, dated February 3, 2004 and feel that a revised amount of $350,000.00 to
remain in the Letter of Credit is acceptable. The extra amount requested to remain in
the Letter of Credit ($350,000.00 vs. $323,938.79) is based on our estimation that
erosion control provisions still need to be provided in the LOC. Also, until the electrical
system is inspected by the Village electrical consultant, we prefer to leave a
contingency for the electrical work.
I recommend a balance of $350,000.00 to remain in the Letter of Credit, for a net
reduction of $1,150,000.00.
Should you have any questions concerning this matter, please do not hesitate to contact
me. -
Thank you.
Jim Cainkar
• Page 1
DIGNAN DEVELOPMENT, LLC
PO Box 456
Lemont, IL 60439
630 - 243 -1414 • Fax- 630-243-1.494
February 3, 2004
Timoth■ Teddy
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
RE: Amberwood Letter of Credit Reduction 649
Dear Tim:
l \L'3
cur L
- (z "Sfei tUt 3 .
1 hereby request a reduction in the Letter of Credit for Amberwood PU17 in the amount of $1.176,061.22.
The original Letter of Credit was for $1,500,000.00. This was over the required amount by $151.615.00
due to timing and final plat approval issues. Below is a breakdown of the work completed based on the
Engineer's Estimate.
1 SANITARY SEWERS
2 WATER MAINS
3 STORM SEWERS
4 EARTHWORK
5 EROSION CONTROL
6 PAVING
7 CURBS
8 PARKWAY LANDSCAPING & SIDEWALKS
9 STREET LIGHTS
TOTAL IMPROVEMENT COSTS
estimate
• 115%
reduction
balance
116:666.00
134,165.90
116, 666.00
17,499.90
124, 600.00
143, 290.00
124.600.00
18 ,690.00
193,679.00
222,730.85
193,679.00
29,051.85
257,287.50
295,880.63
257,287.50
38,593.13
12, 034.00
13, 839.10
12, 034.00
1,805.10
210,809.60
242,431.04
183,353.60
59,077.44
53,566.50
61,601.48
53,566.50
8,034.98
164,116.10
188,733.52
43,509.62
145,223.90
39,750.00
45,712.50
39,750.00
5,962.50
1,172,508.70
1,348,385.01
1,024,446.22
323,938.79
overage 151, 615.00
adjusted 1,176,061.22
balance 323,938.79
verified 1,500,000.00
Enclosed is a letter from the Design Engineer verifying the amount of the reduction less the adjustment
If you have any questions or need more information please call me.
Yours Truly.
pklefi P. Dignan
Member