R-51-07 Res. Authoizing Letters Credit Reduction for Glens of ConnemaraRESOLUTION NO.
June 25, 2007
RESOLUTION AUTHORIZING LETTERS OF CREDIT REDUCTION
FOR THE GLENS OF CONNEMARA
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 The Glens of Connemara Subdivision, located on the
north side of 1315' street, just west of Bell Road, Letter of Credit (LOC) #05 -10 -27 -401 -01 was
issued by Midwest Bank and Trust in the amount of $811,102.00 and was deposited with the
Village on October 27, 2005 for mass grading, and on May 15, 2006, LOC #06 -05 -15 -401 -01
was issued by Midwest Bank and Trust in the amount of $4,141,926.86 to guarantee site
development; and
WHEREAS, in September, 2006, HomeWerks Development Company requested
reductions in both Letters of Credit to balances of $82,743.00 in LOC #05- 10 -27- 401 -01 for
mass grading, and $2,159,622.06 for LOC #06 -05 -15 -401 -01 for on -site improvements; and
WHEREAS, on September 11, 2006, the requested reductions were approved by the
Village of Lemont Board of Trustees via Resolution #R- 69 -06; and
WHEREAS, on June 1, 2007, HomeWerks Development Company requested a
second reduction in LOC #06- 05 -15- 401 -01 for on -site improvements to a new balance of
$1,081,000.00, and requested release LOC #05- 10 -27- 401 -01 for mass grading purposes at
its expin in October, 2007; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has recommended the reduction and release as
requested; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that Letter of Credit #06- 05 -15- 401 -01 is hereby reduced to a balance
of $1,081,000.00, and Letter of Credit #05 -10 -27 -401 -01 will be released upon its expiration
in October, 2007.
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 25th day of June,
2007.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reeves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
V
APPROVED by me this 25Th day of June, 2007.
c
JOHN . PIAllA, Village resi
CHARLENE M. SMOLLEN, Village Clerk
M: \COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMENT \250- CASE FILES \2005 \25 -12 Glens of Connemara \Ordinances and Recorded Documents \LOC
Reduction 2•Res.wpd
Civil Engineers/
Municipal Consultants
.Hank- Novotny & Associates, Inc.
825 Midway Drive 4- Willowbrook JL . 60527 4 Telephone: (630)887-8610 4 Fax: (630)887-0132
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Glens of Connemara
Letter of Credit Reduction No. 2
Dear Jim:
June 4, 2007
Attached please find correspondence from HomeWerks Development Company, pertaining to a
request for a reduction in the Letter of Credit for the above - captioned Subdivision. I have reviewed
the attached, and provide the following revised calculations:
Remaining Work:
Paving (Surface Course) $ 160,000.00
Sidewalks 325,000.00
Pathway 70,000.00
Street Lights 125,000.00
Trees 180,000.00
Miscellaneous 80,000.00
Sub -Total $940,000.00
Requested Letter of Credit Balance:
$940,000.00 x 115% = $1,081,000.00
Should you have any questions concerning this matter, please do not hesitate to contact me.
Very truly yours,
FRAN; VOTNY & ASSOCIATES, INC.
JLC /debi
Enclosure
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Ms. Lynn Statton - Cholewa, Adm. Assistant, w /Enc.
Mr. Peter A. Krumins, Planner, w /Enc.
Mr. Angelo Palumbo, c/o HomeWerks, Inc., w /Enc.
Project File No. 05382
es L. Cainkar, P.E., P.L.S.
36/04/2007 11:13 6305051600 PAGE 02
June 1, 2007
Village of Lemont
418 Main Street
Lemont, IL 60439
Attention:
Re:
HomeWerks
D E V E L O P M E N T
James Brown
Community Development Director
Letter of Credit
406- 05 -15- 401 -01
Dear Mr. Brown,
C O M P A N Y
HomcWerks is requesting the following reduction in our current Letter of Credit, regarding on -site work at
the Glens of Connemara.
Item
Pavement
Watermain
Storm Sewer
Sanitary Sewer
Miscellaneous
Orig. Amount Rsluetion
$1,255,058.23
510,815.70
654,580.60
662,417.00
518,804.00
Reduction
10/16/06 This Reduction
-0- $692,660.00
$406,475.70 -0-
654,580.60 -0-
662,417.00 -0-
-0- -0-
$442,398.00
104,340.00
-0-
-0-
-0-
$3,601,675.53 $1,723,473.30 $692,660.00 $546,738.00
Reduced Letter pf credit amount $638,804.23 x 1 15% _ 3734,624.86,
Should you have any questions, please feel free to call me at your convenience.
sincerely,
Angel Palumbo
Presid nt
AP /cmc
Cc: Mike Cook
Mary Henthorn,
Jim Cainkar
Revised Total
$120,000.23
-0-
-0
-0-
5 1 8,804.00
$638,804.23
700 East Diehl Road • Suite 130 • Naperville, IL 60563 • Phone (630) 505-2600 • Fax (630) 505 -1600