R-26-07 02/26/2007VILLAGE OF LEMONT
RESOLUTION NO. R16 -011
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS — UNIT 6 -B
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 26th DAY OF FEBRUARY, 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 26th day of February, 2007.
RESOLUTION NO. ,ate 07
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS — UNIT 6 -B
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 6 -B, located on the north
side of 127th Street just east of the Lithuanian Word Center, on October 2, 2002, Irrevocable
Documentary Credit No. S544027 issued by LaSalle National Bank in the amount of $1,475,003.80
was deposited with the Village of Lemont to guarantee completion of public improvements in
Covington Knolls — Unit 6 in the Village of Lemont; and
WHEREAS, Terry Woolhams, Vice - President of Gallagher & Henry Construction, made
application for the release of said Letter of Credit; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain portions
of the improvement and has found some portions unacceptable due to utility line problems and
therefore has recommended a reduction in the Letter of Credit until such time as those portions are
approved;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that Irrevocable Documentary Credit No. S54027 is hereby reduced to twenty
percent of the engineer's original estimate of cost, or $295,000.75.
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 26th day of February, 2007.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
AYES Y/ES
V
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NAYS PASSED ABSENT
APPROVED by me this 26th day of February, 2007.
JOH F. PIAZZA, Vil
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
President
M:ICOMMUNITY DEVELOPMENT DEPT200 - DEVELOPMEN \270 - Letters of Credit \2007 Resolutions -Board Memos- Letters \Limestone LOC Red RES.WPD
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