R-04-04 01/12/2004RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ROLLING MEADOWS III 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 Rolling Meadows III subdivision, located at approximately
south of 127th Street and east of Smith Road, between the subdivisions of Smith Farms and
Mayfair Estates, an Irrevocable Letter of Credit #355, Hinsbrook Bank, in the amount of
$1,106,317.00 was deposited with the Village of Lemont on December 9, 2003; and
WHEREAS, Pat and John Jurinek, d/b /a Horizon Homes, have made application for a
reduction of the Irrevocable Letter of Credit #355, in the amount of $921,293.87 or bringing the
balance to $281,225.19; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement 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 that Irrevocable Letter of Credit #355 for Rolling Meadows III
Subdivision is hereby reduced to $281,225.19.
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 12th day ofJanuary, 2004.
AYES NAYS PASSED ABSENT
Debby Blatzer
Peter Coules
Brian Reeves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
APPROVED by me this 12th day ofJanuary, 2004.
JO F. P ZZA, Village Preside
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
H:\RESOLUTI \2003\RollMead3L OC.red. wpd
Do!;:. d
7C,0 L66
Village of Lemont
Engineering Department
418 Main Street CI Lemont, Illinois 60439 ❑ 630/257 -2532 0 Fax: 630/257 -1598
FACSIMILE TRANSMISSION COVER SHEET
To: Timothy Teddy
Community Development Director
From:
Re:
cc:
James L, Cainkar, P.E.
LOC Reductions
Mr. Gary Hofrnes, Administrator, w /Attachments
General File
0
Urgent
Fax: 243 -0958
Phone: 257 -1550
Date: January 8, 2004
Pages:
4 (including Cover Sheet)
1= For Review R Comment
Deer Tim:
E. As Requested 1 Please Reply
M For Your information
The Letter of Credits for the subdivisions should be as follows:
Subdivision
South Pointe:
Eagle Ridge Estates:
Rolling Meadows 3:
Briarcliff PUD:
Should you have any questions
/debi
Current LOC
$760,200.00
246,446.37
1,202, 519.06
LOC Reduction
$600,695.59
140,541.37
921,293.87
LOC Balance
$159,504.41
$105,905.00
$281,225.19
(Morris to calf you with this information.
Joe Hammers' Phorie Number is 271 -0770, Ext. 300) eQS
A 2,600 WA>. g5oceeb.. 4 185opos, 3070jo.3 \ �s
concerning this matter, please do not hesitate to contact me. t - /,e�{
Please call if all pages are not received.
Original will not be forwarded by mail.