R-53-05 Authorizing Letter Of Credit Reduction For Singer Landings SubdivisionVILLAGE OF LEMONT
RESOLUTION NO.
AUGUST 22, 2005
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR SINGER LANDINGS SUBDIVISION
ADOPTED BY THE
PRESIDENT AND THE BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
ON THIS 22ND DAY OF AUGUST, 2005
PUBLISHED IN PAMPHLET FORM BY
AUTHORITY OF THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF
LEMONT, COUNTIES OF COOK,
WILL AND DUPAGE, ILLINOIS,
THIS 22" DAY OF AUGUST, 2005
VILLAGE OF LEMONT
RESOLUTION NO. R • 53 .61-
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, located at Talcott Street and Grace
Street, Marquette Bank's Irrevocable Letter of Credit #2004 -1396 for an amount of $43,215.00
was deposited with the Village of Lemont on September 17, 2004; and
WHEREAS, September 17, 2004, the Letter of Credit was increased by $376,785
bringing the total to $420,000; and
WHEREAS, New Market Construction has made a request for a reduction of the
Irrevocable Letter of Credit; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has found portions totaling $328,000.00 to be satisfactory; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit for Singer Landings Subdivision is
hereby reduced to $92,000.00.
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 11 ' day of July, 2005.
Debby Blatzer
Peter Cowles
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
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APPROVED by me this 11`h day of July, 2005
JO i' F. PIAZ , illage '' ".ident
HARLENE M. SMOLLEN, Village Clerk
G:COMMUNITY DEVELOPMENT DEPT LETTERS of CREDIT Singer Lmdingx3.wpd