R-20-06 03/13/2006VILLAGE OF LEMONT /
RESOLUTION NO. 6
- O
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR MAEGAN MEADOWS SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 13T11 DAY OF MARCH, 2006
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village
of Lemont, Cook, DuPage, and Will
Counties, Illinois this 136 day of
March, 2006.
RESOLUTION NO. R_0,062
March 13, 2006
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR MAEGAN MEADOWS 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 Maegan Meadows Subdivision, located west of Walter
Street and North of Roberta Street, Irrevocable Letter of Credit #342 was issued by Prairie Bank
in the amount of $47,419.00 and was deposited with the Village of Lemont on December 14,
2004 for grading purposes, and Irrevocable Letter of Credit #241 was issued by Heritage Bank in
the amount of $214,501.00 on April 27, 2005 to guarantee installation of all other public
improvements to said subdivision; and
WHEREAS, Ironwood Development LLC, has requested a release of Irrevocable Letter
of Credit #342, and a reduction of Irrevocable Letter of Credit #241; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has recommended a release of Irrevocable Letter of Credit
#342, and a reduction of $159,879.59 of Irrevocable Letter of Credit #241, bringing the balance
to $54,621.41; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that Irrevocable Letter of Credit #342 for the grading of Maegan
Meadows Subdivision is hereby released, and Irrevocable Letter of Credit #241 is hereby
reduced to $54,621.41.
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 13th day of March, 2006.
Debby Blatzer
Peter Cowles
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
APPROVED by me this 13th day of March, 2006.
JOHN . PIAZZA, Village Pr
CHARLENE M. SMOLLEN, Village Clerk
ent
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