R-23-05 05 Authorizing Letter Credit Reduction Ashbury Woods II SubdivisionRESOLUTION NO. -
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ASHBURY WOODS II 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 Ashbury Woods II subdivision, located west of Ashbury
Woods Subdivision, an Irrevocable Letter of Credit #SBY/04/30247 from First American Bank in
the amount of $640,456.00 was deposited with the Village of Lemont on July 22, 2004; and
WHEREAS, Don Stevens, President of Donven Homes, has made application for a
reduction of the Irrevocable Letter of Credit #SBY/04/30247, in the amount of $443,348.00 to bring
the balance to $197,107.53; 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 #SBY/04/30247, Ashbury Woods II Subdivision,
is hereby reduced to $197,107.53.
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 May, 2005.
Debby Blatzer
Peter Cowles
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
AYES NAYS PASSED ABSENT
V
V
U
V
v
APPROVED by me this 23rd day of May, 2005.
JOHN . PIAZZA, Villa; •;'resident
ATTEST:
(/, �•e? ,7/42 - .�-
ARLENE M. SMOLLEN, Village Clerk
L: \COMMUNITY DEVELOPMENT DEPT\CASE FILES \2003\23.06 AshWoods Phase 111Ashburyll LOC Red.wpd
2