R-91-05 Authorizing Letter Of Credit Reducation For Singer Landings SubdivisionVILLAGE OF LE ONT
RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR SINGER LANDINGS 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 Singer Landings at Talcott Street and Grace Street, on
September 17, 2004, Marquette Bank's Irrevocable Letter of Credit #2004 -1396 in the amount of
$43,215.00 was deposited with the Village of Lemont; and
WHEREAS, on September 17, 2004, the Letter of Credit was increased by $376,785.00,
bringing the total to $420,000.00; and
WHEREAS, on August 22, 2005, the request for a reduction of Irrevocable Letter of
Credit to the amount of $92,000.00 was granted by the Village Board of Trustees via Resolution
#R- 53 -05; and
WHEREAS, New Market Development has requested a Letter of Credit reduction for
Singer Landing PUD; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has found portions totaling $46,268.77 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 #2004 -1396 established for Singer
Landings Subdivision is hereby reduced to $45,731.23.
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 19th day of December, 2005.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
AYES NAYS PASSED ABSENT
V
v
APPROVED by me this 191h day of December, 2005
JOHN F PIAZZA, Vill : ge Pre
ATTEST:
HARLENE M. SMOLLEN, Village Clerk
G:\COMMUNITY DEVELOPMENT DEPT \LETTERS of CREDIT\ Singer Land Reduce2 LOC.wpd
Village of Faith
Mayor
John F. Piazza
Village Clerk
Charlene M. Smollen
Trustees
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
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.il.us
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Village of Lemont
418 Main Street • Lemont, Illinois 60439
December 9, 2005
Re: Singer Landing PUD
Letter of Credit Reduction No. 2
Dear Jim:
New Market Development has requested a Letter of Credit reduction for Singer
Landing PUD (see attached letter).
Basically, only the surface course of the street is left to be installed. The railroad
crossing signal relocation work is to be performed by the Canadian National
Railroad. I, therefore, compute the remaining LOC value to be as follows:
Bituminous Surface Course Installation (x 115 %)
Contingency for Supplemental Railroad Work
Contingency for Maintenance Bond ($520,927.00 - $46,250.00) x 5%
LETTER OF CREDIT REQUIRED
$11,997.38
10,000.00
23,733.85
$45,731.23
I have included the maintenance bond value in the above calculation since we
cannot let the Letter Of Credit go below this value, plus the value of outstanding
work. The railroad contingency is listed since we do not have a full railroad signoff
and since there is some work to be performed by the Developer as part of the
previously executed Railroad Agreement.
Should you have any questions concerning this matter, please do not hesitate to
contact me.
Sincerely,
VIL = OF MONT
Cainkar, P.E., P.L.S.
Acting Village Engineer
JLC /debi
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Project File No. 04263