R-82-07 Authorizing Letter of Credit Reduction for Covington Knolls Unit VIIVILLAGE OF LEMONT
RESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS - UNIT VII
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT ON
THIS 10TH DAY OF DECEMBER, 2007
PUBLISHED IN PAMPHLET FORM BY
AUTHORITY OF THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF
LEMONT, COOK, WILL AND DUPAGE COUNTIES,
ILLINOIS ON THIS 10TH DAY OF DECEMBER, 2007.
RESOLUTION NO.
7
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS - UNIT VII
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 Covington Knolls subdivision Unit VII, located on the north
side of 127th Street, on November 15, 2004, Irrevocable Documentary Credit No. S575367
issued by LaSalle National Bank in the amount of $2,077,900.00 was deposited with the
Village of Lemont to guarantee completion of public improvements in Covington Knolls -
Unit VII in the Village of Lemont; and
WHEREAS, on November 26, 2007, Terry Woolums, Vice - President of Gallagher & Henry
Construction, made application for reduction in said Letter of Credit; and
WHEREAS, Brian E. Wawczak, Engineer at Engineering Resources, Inc., has submitted
the Engineer's Original Cost Estimate for review; and
WHEREAS, James Cainkar, a duly authorized agent of the Village of Lemont, has
inspected certain portions of the improvement, found it acceptable, and has
recommended a reduction of $1,722,798.18 in the Letter of Credit to a balance of
$355,101.82, adjusting certain costs for inflation.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village
of Lemont that Irrevocable Documentary Credit No. S575367 is hereby reduced to
$355,101.82.
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 10th day of
December, 2007.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES
rr
Lr
v
NAYS PASSED ABSENT
APPROVED by me this 10th day of December, 2007.
JOHN . PIAllA, Village
dent
CHARLENE M. SMOLLEN, Village Clerk
M: COMMUNITYDEVELOPMENTDEPARTMENT /200 DEVELOPMENT /250 /CASE FILES /25.12 HOMEWERKS /COVINGTONKNOLLSUNITJ LOC REDUCTION.RTF
1
IA /
Civil Engineers/
Municipal Consultants
Frank Novotny & Associates, Inc.
825 Midway Thive G Willowbrook, IL 60527 Telephone :: (630) 887 -8640 Far: (630) 887 -0132
November 29, 2007
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Covington Knolls Unit VII
Letter of Credit Reduction No. 2
Dear Jim:
Attached please find correspondence from Gallagher & Henry, pertaining to a request for a
reduction in the Letter of Credit for the above - captioned Subdivision. 1 have reviewed the attached
and find it acceptable to lower the Letter of Credit amount to $355,101.82, as calculated below:
Remaining Work: $116,276.50 x *150 % = $172,414.75
Maintenance Balance Provision: $1,806,870.75 x 10% = $180,687.07
Total = $355,101.82
Should you have any questions concerning this matter, please do not hesitate to contact me.
Very truly yours,
FRANK TNY & ASSOCIATES, INC.
James L. Cainkar, P.E., P.L.S.
JLC /debi
Enclosure
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Mr. Peter A. Krumins, Planner, w /Enc.
Ms. Lynn Stratton - Cholewa, Community Devel., w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Project File No. 02123
*150% is used since unit prices are too low and outdated.
Gallagher and Henry
November 26, 2007
James L. Cainkar
Frank Novotony & Associates, Inc.
825 Midway Drive
Willowbrook, Illinois 60527
Re: Gallagher & Henry's Covington Knolls Unit 7
Reduction bank letter of credit
Dear Jim,
The letter of credit issued by LaSalle Bank to insure completion of the subject
subdivision is still outstanding in the full amount of $2,077,900.00. The letter of credit
amount was set at 115% of engineer's estimate of total subdivision improvement costs of
$1,806,870.75. Enclosed is an update of that estimate of cost prepared by Engineering
Resource Associates showing that the remaining improvements consist of surfacing the
streets, completing the remaining (roughly 30 %) of public sidewalks and parkway trees
and sod, and punch list items. Would you please recommend reduction of our bank letter
of credit to an amount consistent with the cost of the remaining subdivision
improvements? Thank you.
c. James A. Brown
Village of Lemont
Sincerely,
6280 joliet road • countryside, IL 60525 • ph. 708 482 8900 • fax 708 482 3048
builders • land developers • general contractors • www.gallagherandhenry.com
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Engineers, Scientists & Surveyors
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Consulting
INC.
501 W. State
Geneva, Illinois
St, Suite 203
1
phone 63a 262 8689
60134
fax 630.262.8698
COVINGTON KNOLLS
UNIT 7
Original Submittal: 4/1/2004
QUANTITIES
Letter of Credit Reduction #1: November 21, 2007
i
4/1/2004
11/21/2007
1112112007
ITEM
UNIT TOTAL
PERCENTAGE
COST
NO.
DESCRIPTION UNIT
TOTAL
COST COST
COMPLETE
REMAINING
EARTHWORK
1
TOPSOIL STRIPING
CU YD
10,000
51.75
$17,500.00
100
50.00
2
EXCAVATION .
CU YD
10,000
52.00
. $20,000.00
100
50.00
3
TOPSOIL RESPREAD
CU YD
4,000
$2.25
$9,000.00
100
50.00
4
SILT FENCE
FOOT
10,400
51.50
515,600.00
100
50.00
5
HAY BALES
EACH
432
510.00
54,320.00
10D
50.00
WATERMAIN
1
6
6" DIPWM
FOOT
4,542
$16.00
572,672.00
100 $0.00
7
10" DIPWM
FOOT
775
518.00
$13,950.00
100 $0.00
8
8" VALVE AND VAULT
EACH
11
5900.00
$9,900.00
100 $0.00
9
FIRE HYDRANT
EACH
19
51,700.00
$32,300.00
100' 50.00
10
TRENCH BACKFILL _ _
CU YD
2,422
$20.00
548,440.00
1001 $0.00
11
LONG WATER SERVICE
EACH
71
5970.00
$68,870.00
100+
50.00
12
SHORT WATER SERVICE
EACH
53
5550.00
$29,150.00
100
50.00
SANITARY SEWER
13
8" PVC SDR26
FOOT
4,880
530.00
$146,400.00
100
50.00
14
4' DIA. MANHOLE
EACH
26
51,900.00
549,400.00
100
50.00
15
CONNECT TO EX. SAN. STUB
EACH
6
5100.00
$600.00
100
50.00
15
TRENCH BACKFILL
CU YD
3,031
520.00
560,620.00
100
$0.00
17
LONG SANITARY SERVICE
EACH
54
5900.00
548,600.00
100
50.00
18
SHORT SANITARY SERVICE
EACH
70
5600.00
$42,000.00
100
50.00
STORM SEWER
19
12" RCP _
FOOT
2,875
519.00
$54,625.00 100
$0.00
20
15" RCP
FOOT
1,108
$20.00
522,160.00
100
50.00
21
18" RCP
FOOT
1,000
$22.00
522,000.00
100
50.00
22
21" RCP
FOOT
955
524.50
523,397.50
100
50.00
23
24" RCP
FOOT
185
527.00
54,455.00
100
$0.00
24
27" RCP
FOOT
817
$36.00
529,412,00
100
50.00
25
30" RCP
FOOT
4,117
$40.00
$164,680.00
100
50.00
26
12" PERFORATED DRAIN
FOOT
60
$10.00
5600.00
100
50.00
27
CB, TYPE C - 2'
EACH
48
5600.00
$28,800.00
100
50.00
28
CB, TYPE A- 4' WITH CONE
EACH
13
51,000.00
513,000.00
100
50.00
29
CB, TYPE A - 4' WITH FLAT TOP
EACH
7
$1,100.00
57,700.00
100
50.00
30
MH, TYPE A- 4' WITH CONE
EACH
4
51,000.00
$4,000.00
100
$0.00
31
CB, TYPE A - 5' WITH FLAT TOP
EACH
7
51,500.00
510,500.00
100
50.00
32
CB, TYPE A - 5' WITH CONE
EACH
32
$1,600.00
$51,200.00
100
50.00
33
30" SLOPE BOX
EACH
1
$1,200.00
51,200.00
100
50.00
34
CONNECT TO EXISTING
EACH
10
$250.00
52,500.00
100
$0.00
35
TRENCH BACKFILL
CU YD
350
520.00
$7,000.00
100
50.00 '
PAVING
36
CURB AND GUTTER W/ 4" BASE CSE
FOOT
10,403
$10.00
5104,030.00
100
$0.00
37
BITUMINOUS BASE COURSE
SQ YD
18,788
59.50
$159,470.17
100
50.00
38
BITUMINOUS BINDER COURSE
SO YD
16,786
53.50
$58,752.17
100
50.00
39
BITUMINOUS PAVEMENT SURFACE
SQ YD
16,786
$3.00
$50,359.00
0
$50,359.00
40
ROAD FABRIC (NON - WOVEN, 8oz, geo)
SQ YD
16,786
51.25
520,952.92
100
50.00
41
LIGHT POLES
EACH
19
$3,000.00
557,000.00
100
50.00
42
SODDING
SQ YD
10,000
52.50
525,000.00
70
57,500.00
43
STREET TREES CO 40' SPACING EACH
250
$250.00
562,500.00
70
$18,750.00
44
5' PCC SIDEWALK w/ 2" SUBBASE SQ FT
52,890
$2.50
5132,225.00
70
539,667.50
TOTAL
$1,806,870.75
$116,276.50
TOTAL COST * 115%
52,077,900.00
5133,718.00
11-21-2007 Cost Remaining:
5133,718.00
�± A
G' �Ri • '
11 -21 -3007 Letter of Credit Refund:
51,944,182.00
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