R-01-04 01/12/2004RESOLUTION NO. F-0/-
` - O/ - 0 ti
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR SOUTH POINTE 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 South Pointe Subdivision, located at approximately 132nd
Street Gordon Lane, directly east of the southern portion of Eaglecrest Subdivision, an
Irrevocable Letter of Credit #2003 -1375, Marquette Bank, in the amount of $760,200.00 was
deposited with the Village of Lemont on August 21, 2003; and
WHEREAS, Phil Cullen and William Brennan, d/b /a Eagle Ridge Enterprises, Inc.,
have made application for a reduction of the Irrevocable Letter of Credit #2003 -1375,
in the amount of $658,676.00 or bringing the balance to $101,524.00; 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,
and recommends a reduction of $600,695.59.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Irrevocable Letter of Credit #2003 -1375 for South Pointe Subdivision
is hereby reduced to $159,504.41.
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 of January, 2004.
AYES NAYS PASSED ABSENT
Debby Blatzer
Peter Coules
Brian Reeves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
APPROVED by me this 12t" day of January, 2004.
JOIN F. PIAZZA, Village Presi
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
H: \RESOLUTI \2003 \SouthpointeLOC. red, wpd
J .)8'2004 __. :;G 630 897 0:32
?RAN:c NOVCTNY AS" SCC:ATES
EAGLE RIDGE ENTERPRISES, INC
SOUTH POINTE SUBDIVISION
RENEWAL OF LETTER OF CREW' CALCULATIONS
WORK REMAINING TO BE COMPLETED
U. IT QUANTITY MO TOTAL
DEAPRIPT1ON
SURFACE COURSE PAVING SY 3635 $3.81 $13,849.35
SIDEWALKS SF 10.500 $2.50 $26,250.00
BOX cLLVERT HEADWALLS EA 2 $2,560.00 $5,120.00
EA 80 $250.00 $15,000,00
PAc�INVAYTRt:ES 12 �g0.40 5,3,000.00
CONSERVATION EASEMENT ENHANCEMENT (TREES) EA 1 $$250.00 $3,000'00
OFFSITE LANDSCAPE RESTORATION EA 5 $3,000.00 $15,00 00
STREET LIGHTING
$81,219.35
'_F3) 003;“;,4
TOTAL COST TO COMPLETE
ORIGINAL CONSTRUCTION COST
LESS IMPROVEMENTS TO SE COMPLETED
IMPROVEMENTS COMPLETED TO DATE
REDUCED LETTER OF CREDIT CALCULATIONS
IMPROVEMENTS TO SE COMPLETED
Time* 125%
LETTER OF CREDIT TO SE REDUCED TO:
L O C_ fMG v +�-
i cf1 a X VII 02-i, S"? = (0(5101. 1 G
11 c; % bill 1, , `134 b2,..S_
5661,021 .57
$81219.35
$579,802.22
$51,219.35
x12596
$101,524.18
Calculations by Pill Cullen
5- Dec-03
LJ., 11:5: J_Jr:
(RANK CTti. ?.0,,11/::;04
Village of Lemont
Engineering Department
418 Mein Street 7 Lemont, Mingle 60439 ❑ 6301257 -2532 t7 Fax: 6301257 -1598
FACSIMILE TRANSMISSION COVER SHEET
To; Timothy Teddy
Community Development Director
From: James L. Cainkar, P.E.
Re: LOC Reductions
cc: Mr. Gary Holmes, Administrator, w /Attachments
General File
Fax: 243 -0958
Phone: 257 -1550
Date: January 8, 2004
Pages: 4 (including Cover Sheet)
M Urgen'i
II' For Review & Comment
L' As Requested (J Please Reply
M For Your Information
Deer Tim:
The Letter of Credits for the subdivisions should be es follows:
Subdivision
• South Pointe:
Eagle Ridge Estates:
Rolling Meadows 3:
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
Briarcliff PUD: (Morris to call you with this information.
Joe Hammers' Pho a Number is 271 -0770, Ext. 300)
as
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Should you have any questions concerning this matter, please do not hesitate to contact me. t -gt ,e°t
/debi
Please call if all pages are not received.
Original will not be forwarded by mail.