R-68-06 09/11/2006RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR AMBERWOOD 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 Amberwood Subdivision, located off of the southwest
comer of Walker and McCarthy Roads, Letter of Credit # 4668 in the amount of $1,500,000.00
issued by Cole- Taylor Bank was deposited with the Village of Lemont on April 1, 2003; and
WHEREAS, on February 23, 2004, Steve Dignan received approval via resolution R -10-
04 of a reduction of Letter of Credit #4668 in the amount of $1,150,000.00, bringing the balance
to current $350,000.00; and
WHEREAS, Mr. Dignan has again requested a reduction in Letter of Credit #4668 to a
balance of $117,250.00; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has found those 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 #4668 for Amberwood Subdivision is
hereby reduced to $ 117.250.00.
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 1 lth day of September, 2006.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
V
v
APPROVED by me this 11th day of September, 2006.
JOHN . PIAZZA, Village P ident
CHARLENE M. SMOLLEN, Village Clerk
G'.1COMMUNITY DEVELOPMENT DEPT1200 - DEVEL.OPMENTICASE FILES 12002122.01 Amberwood\ OC Reduc Amberwood.wpd
0 DIGNAN DEVELOPMENT, LLC
PO Box 456
Lemont, IL 60439
630 -243 -1414 ° Fax 630- 243 -1494
August 28, 2006
James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
RE: Amberwood Letter of Credit Reduction
Dear Jim:
1 hereby request the formal acceptance by the Village Board of the public improvements installed in the
Amberwood PUD. Enclosed is a letter from the Design Engineer verifying the completion of the
improvements. We are prepared to post the maintenance letter of credit for $117,250.00 (10% of the
original engineer's estimate (rev date 05/21/03))
If you have any questions or need more information please call me.
Yours Truly,
Stephen P. Dignan
Member
Copy: Tim Schloneger, Assistant Village Administrator
Jim Cainkar, Acting Village Engineer
Our new address: 14710 Aster Lane, Houser Glen, IL 60491 /phone 708 -301 -4747
WEBSTER, MCGRATH & AHLBERG LTD.
VVIVIA
LAND SURVEYING - CIVIL ENGINEERING
LANDSCAPE ARCHITECTURE
To: James Brown, Community Development Director
Village of Lemont
Date: August 28, 2006
From: S. Mark Richards, P.E.
Director of Engineering
Re: Amberwood Townhomes
Letter of Credit Reduction
GARY AHLBERG
DANIEL SYTSMA
BENEDICT M. BUSSMAN
CLINTON L. LINDSEY
MARK A. LUEDTKE
S. MARK RICHARDS
.JOEL VIETTI
I do hereby certify that all improvements for Amberwood Townhomes have been completed as shown in the
attached report. Accordingly, the Letter of Credit can be reduced by the remaining amount of $323,938.79. If
you have any questions, you can reach me at (630) 668 -7619.
Respectfully.
/4//2/1 /<421-474
S. Mark Richards, P.E.
Director of Engineering
c. Steve Dignan
r't)(124)5155
REGMTERIM
Pf?t)FMSI0P)N..
207 S. Naperville Rd. Wheaton, IL 60187
(630) 668 -7603 fax: (630) 682 -1760
WEBSTER, MCGRATH & AHLBERG LTD.
WIViek
LAND SURVEYING - CIVIL ENGINEERING
LANDSCAPE ARCHITECTURE
AMBERWOOD TOWNHOMES
AMBERWOOD DEVELOPMENT
SWC McCARTHY RD & WALKER RD
LEMONT. ILLINOIS
1 TOTAL SANITARY SEWERS
2 TOTAL WATER MAINS
3 TOTAL STORM SEWERS
4 TOTAL EARTHWORK
5 TOTAL EROSION CONTROL
6 TOTAL PAVING
7 TOTAL CURBS
8 TOTAL PARKWAY LANDSCAPING & SIDEWALKS
9 TOTAL STREET LIGHTS
TOTAL IMPROVEMENT COSTS
ALL WORK HAS NOW BEEN COMPLETED.
GARY AHLBERG
DANIEL SYTSMA
BENEDICT M. BUSSMAN
CLINTON L. LINDSEY
MARK A. LUEDTKE
S. MARK RICHARDS
JOEL VIETTI
ENGINEER'S ESTIMATE
9/18/2002
Revised 10/11/2002
Revised 12 /19/2002
Revised 1/29/2003
Revised 4/24/2003
Revised 5/21/2003
Reduction #1 1/30/2004
Reduction #2 8/28/2008
115% REDUCTION #1 REDUCTION #2
116, 666.00 134,165.90 116, 666.00 17,499.90
124, 600.00 143, 290.00 124,600.00 18,690.00
193,679.00 222,730.85 193,679.00 29,051.85
257,287.50 295,880.63 257,287.50 38,593.13
12,034.00 13,839.10 12,034.00 1,805.10
210,809.60 242,431.04 183,353.60 59,077.44
53,566.50 61,601.48 53,566.50 8,034.98
164,116.10 188,733.52 43,509.62 145,223.90
39,750.00 45,712.50 39,750.00 5,962.50
BALANCE
0.00
0.00
1,172, 508.70 1, 348, 385.01 1,024,446.22
207 S. Naperville Rd. Wheaton, IL 60187
(630) 668 -7603 • fax: (630) 682 -1760
323,938.79
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00