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R-66-06 09/11/2006RESOLUTION NO. September 11, 2006 RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR MAYFAIR 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 Mayfair Estates Subdivision, located east of Rolling Meadows Subdivision, Irrevocable Letter of Credit #2003 -955 was issued by State Bank of Countryside in the amount of $1,822,591.89 and was deposited with the Village of Lemont in March of 2003, to guarantee installation of public improvements to said subdivision; and WHEREAS, following requests from DesignTek Engineering, on August 25, 2003 the Village Board of Trustees granted a reduction in Irrevocable Letter of Credit #2003 -955 via resolution R -59 -03 to a balance of $1,059,050.59, and subsequently granted a second reduction on October 6, 2003 via resolution R- 74 -03, to a current balance of $569,245.18; and WHEREAS, on August 24, 2006, DesignTek Engineering, on behalf of Evans Development, requested a third reduction in the Irrevocable Letter of Credit #2003 -955; and WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain portions of the improvement and has recommended a reduction of $337,245.18 in Irrevocable Letter of Credit #2003 -955, bringing the balance to $232,000.00 and NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that Irrevocable Letter of Credit #2003 -955 is hereby reduced to $232,000.00. 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 1 lth day of September, 2006. Debby Blatzer Peter Coules Clifford Miklos Brian Reaves Ron Stapleton Jeanette Virgilio ATTEST: AYES v NAYS PASSED ABSENT APPROVED by me this 1 lth day of September, 2006. JOH F. PIAZZA, Vi lage ARLENE M. SMOLLEN, Village Clerk G: \COMMUNITY DEVELOPMENT DEPT200 - DEVELOPMENT CASE FILES S 2002\22 -29 MayfairWes -LOC Reduce Mayfa nwpd sident DESIGNTEK ENGINEERING, INC. CONSULTING AND SITE DESIGN ENGINEERS August 24, 2006 Job No. 01 -176 Mr. James Brown Community Development Director Village of Lemont 418 Main Street Lemont, Illinois 60439 Re: Mayfair Estates LOC Reduction Request #3 Lemont, Illinois Dear Mr. Brown, On behalf of our client, Evans Development, Inc., we are submitting, supporting documents regarding a request for a reduction in the Letter of Credit (LOC) for the subject project. In summary, we are requesting a reduction in the LOC in the amount of $431,897.55 from the remaining LOC of $569,245.18. With the approval of this reduction, $137,347.63 will remain in the LOC. The reduction request represents new work completed, in the amount of $240,656.05 and a 25% contingency reduction on the new work completed to date, in the amount of $60,164.01 (total of $300,820.06). An additional $131,077.49 is being requested to be reduced to bring the remaining LOC in line with the engineer's estimates and costs based on the amount of work to be completed. Previous reduction requests apparently were not granted in the full amounts that were requested. Based on the outstanding LOC being held by the bank of $569,245.18, and outstanding work with 25% contingencies being $137,347.63, the actual reduction being requested is $431,897.55. Finally, per a phone conversation with the Village Engineer, we are unable to reduce the LOC below an amount equal to the outstanding work + 15% of the outstanding work + 5% of the original Estimate of Construction Costs. This total comes to $131,957.85. I have attached a calculation sheet outlining this total. The actual LOC that will remain after this request is approved is in excess of this minimum figure. Should you require any additional information or would like to discuss this information, please do not hesitate to contact me at your earliest convenience. Sincerely, DESIGNTEK ENG ERING, INC. Scott D. Schreiner, PE Director of Engineering SDS:sds cc: Ken Meadows — Evans Development, Inc. File L: `.200: Protects \01 - 176 \Letters\James Brown LOC Reduction Request 43.doc 9500 BORMET, SUITE 304, MOKENA, ILLINOIS 60448 PHONE: (708) 326 -4961 FAx: (708) 326 -4962 LOC AND LOC REDUCTION ESTIMATE Mayfair Estates Lemont, Illinois 0. m W y 2 J 0 w • o. 12 2 a a 0 W o a y Q 6 4 0 g 0 0 W Y K ❑ W W m M W W 0 O z LETTER OF CREDIT AND REDUCTION REQUEST 2 7 W 8 N 0 8 O O M w 8 n N M 0 N M u 8 8 8 N 8 a 2 8 8 O 0 0 O p8 N 8 8 N 8 N M 8 n O 0 0 8 a M 8 n 8 8 8 8 8 0 U 0 N LL 0 12 12 4, 0 0 W fG w 0 W 12 Q D 2 y 4. N O 0 d c O m O n 8 w 0 8 O O O 12 8 O 8 8 Ni 0 0 0 0 0 8 5 W 2 0 O 12 A N N W W J TOTAL STREET LIGHTING 12 a ry 3 3 8 N 12 W m a N 8 8 8 3 N e N N i 00 M N 12 N N 8 N J) :. 0 8 0 Om M 04 n 8 8 A N N m m N 8 O 8 N N b pO 8 M O a O 8 O N 0 8 T N 8 8 M 8 N ti N r 8 N O N 12 8 8 8 w w 8 8 0 0 0 M 0 8 M 8 8 N N 8 a N N 0 O 8 N 8 N A N 8 8 8 'a 0 0 8 n 8 8 8 8 8 8 00 N 8 8 3 n 0' N 8 N N 8 N O 12 T 0 8 8 8 ea el 8 0 J J J J 5 a W uif W W 0 8 12 TOTAL SANITARY SEWER 12 C 0 0 N 2 0 2 V Trend Sac4I41 Malaria Trench Sacklill Malarial m m m LETTER OF CREDIT AND REDUCTION REQUEST 00 n8 8 0 N N n 'a 40 00 O 88 ad K3 as M 0 7 M o404 N N M N C00 N O W N O O 0 N 40 tri O N 40 N N h 0 N fY N 00 O 0 f0 0 0 O S 0 O 8 N 0 O 8 N W 0 N 0 N N N N O N 8 P qq8 40 N O 40 N m CY 5 @4040 Y 0 8 M N N 0 0 4m M N N 8 N 00 40 0 N 40 0. 8 N 40 N 0 40 (4 N s w 40 i i 40 8 a N 8 ON 3 8 4 8 .i 3 w S N O 8 N O n A 40 40 0. W W W W U 6 TOTAL WATER MAIN E 3 0 3 3F 00 oa b.m s 3 O 40 W 40 a m 3 a N • m O w m CC0 yL 8 3 3 4 8 9 7 40 1 3 a ¢e m 40 1- 4, 0 0. 40 0 40 U 0 I, 0 04 0 4 N 0 O 40 N N8 N • OSpN °e N M 40 00 00 &R 0440 ad 38 a 0 0 N S 40 40 40 $fig �M Y -'I N 3a n w 1 4 N A $1,946,196.41 g E 0 $Q0 4 X t O J 3 n40 a 40 N 82,10.529.36 0 0 s 26% CONT. ON C 1.1,314.424.20 TOTAL REDUCTI O 1 e O 40 F < a N O N 0 m a M 0 W 6 0 3 REDUCTION REQUEST = 37,809211039 N 40 N 40 N a M 40 a 40 w w 40 40 M 2 f 6 w 40 888 6 54.600.00 828,420.00 520.060.00 510,920.00 52 700.00 S1 250.00 060400 529.00 322.00 520.00 317.50" 516.50 51 706.00 52300.00 5910.00 51,180.00 5520.00 5900.00 5625.00 536.00 535,467.00 S23.672.00 521,120.00 512.075.00 554,400.50 11,700.00 54.60000 526,420.00 520,06000 510120.07) 5270000 51.25000. 50.00 iiiiiiiiiiiilliiiiii NMI VII 009889 00'092 l9 OD 000 08 00'028'015 00'090'006 0002 /3M eo 005't9 00'OOCl9 05001451 008[0'215 00021/26 000.09'805 00'.09 /'505 0111114111101 1 5550.00 I ER 24" Dia. RCP 21" Dia. RCP 16" Diu. RCP 15" Dia. RCP 12" Dia. RCP 60" Dia. Manhole tot Frame & Lid 60" Dia. Catch Basin wl Frame & Lid 46" Dia. Manhole w/ Frame A Lid 40" Dia. Catch Basin wlframe 6 Lb 24" Dia. Inlet wl Frame 3 Lb 115" CwiGFlared End Sedian. wiEnd Block 6 IGale. Steel Grate 12" Conc.Flared Erb Samba. w /End Black 6 Gale. Steel Grate Slone Rip -Rap (6" l0 8" Dia.0(12"TOlck Trench Bede Malarial Shaw Bel0s. Slaked Conned to Eaixl. Manhole Resbclol Plate w OP000(9 4 N 0 O 40 N N8 N • OSpN °e N M 40 00 00 &R 0440 ad 38 a 0 0 N S 40 40 40 $fig �M Y -'I N 3a n w 1 4 N A $1,946,196.41 g E 0 $Q0 4 X t O J 3 n40 a 40 N 82,10.529.36 0 0 s 26% CONT. ON C 1.1,314.424.20 TOTAL REDUCTI O 1 e O 40 F < a N O N 0 m a M 0 W 6 0 3 REDUCTION REQUEST = 37,809211039 N 40 N 40 N a M 40 a 40 w w 40 40 M 2 f 6 w 40 ``i. /i v /rt SvrcrAc.E TiZ_ d1.N 2. ToTAI- Rob 15P6 /\) u) rL /0 c..? —Vet A m NroF OP1 &riifL. &6T i, re 0-RA/1)3 7;TiriL -2'22 oopoot 70000,00 01;6, lartat)GP_ 64r4) zi SDOat -75700 0 , 0C :1.1,5)‹ sys6 7.106 t0" 40,s4964/747 v C., 2 jTh , C) � �S r 0 i5& 073. g1 )(ArGe 57 /95;8023J SP !3`7)3 rTtiC /-t om 1-. C &-oucr .aii' fH €e T) RErnRifuJitu6 LOC L° ,2 13t=15E,0 c'&'J jrilulz tt'.li .r& L6' L6©JCTt4 :EQu &5r O ( +r� AP\Pc as- A panY..i+ 1 t; •p/� f 4T3/J.a4ef'/ r ;)7,% 113 L eg7 -5 55 XC oP 7 tikewirt \uriN PAZ