R-52-01 Authorizing letter of credit reduction for fire rock farm subdivisionRESOLUTION NO. -0/
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR FIRE ROCK FARM 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 Fire Rock Farm Subdivision, located at Walter and Weimer
Streets, in Lemont, Illinois, an Irrevocable Letter of Credit #00324718 , First National Bank of
Chicago, in the amount of $360,000.00 was deposited with the Village of Lemont on July 27, 1998;
and
WHEREAS, the developer, Dr. Barry Ladd, made application for reduction in the amount
of $307,519.16 on September 27, 1999, which was approved by the President and Board of Trustees;
and.
WHEREAS, a duly authorized agent of the Village of Lemont inspected certain portions of
the improvement and has found these portions to have been satisfactorily installed; and
WHEREAS, after September 27, 1999, the Irrevocable Letter of Credit #00324718 was on
deposit with the Village of Lemont in the reduced amount of $52,480.94; and
WHEREAS, the developer, Dr. Barry Ladd, made application on August 30, 2001, for a
second reduction of the Irrevocable Letter of Credit #00324718 in the amount of $34,480.94; and
WHEREAS a duly authorized agent of the Village of Lemont has inspected certain portions
of the improvement and has found these portions to have been satisfactorily installed;
NOW,'1HEREFORE, BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that:
SECTION 1: Approval pursuant to the Lemont Subdivision Control Ordinance is hereby
recommended for the improvements completed to date.
SECTION 2: The Irrevocable Letter of Credit #00324718 is hereby reduced by $34,480.94
to $18,000.00.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit No.00324718 for Fire Rock Farm Subdivision
is hereby reduced to $18,000.00.
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 /0/4' day oftr..erni:.e4✓ 2001.
John Benik
Debbie Blatzer
Peter Coules
Connie Markiewicz
Steven Rosendahl
Jeanette Virgilio
AYES NAYS PASSED ABSENT
V
1✓
Approved by me this 10th day of September, 2001.
JOHN '. PIAZ' A, Village Presi
Attest:
• RLENE M. SM • LLEN, Village Clerk
LWFSOLITIMEDF B IL LOC
BANK ONE
GLOBAL TRADE SERVICES
MAIL CODE IL 1-0236
CHICAGO, ILLINOIS 60670-0236 U.S.A.
Telex: ITT 4330253 FNBCUI Swift Address: FNBCUS44
TEL: (312) 954-1969 FAX: (312) 9544963
AMENDMENT DATE: AUGUST 30, 2001
MAIL
JLLAGE OF LEMONT DRAFTS DRAWN MUST BE MARKED:
t18 MAIN STREET 00324718
EMONT, IL 60439 OPENER'S REFERENCE NO:
00324718
/ENTLEMEN:
JE ARE INSTRUCTED BY :
)R. BARRY LADD
MB. JAYNE E. LADD
.100 WALTER STREET
_EMONT, IL 60439
13 AMEND CREDIT 00324718 AS ISSUED IN YOUR FAVOR.
lAIS AMENDMENT IS AN INTEGRAL PART OF THE ORIGINAL CREDIT.
ALL OTHER TERMS AND CONDITIONS OF THE LETTER OF CREDIT INCLUDING
T<EVIOUS AMENDMENTS REMAIN UNCHANGED.
AMENDED TERMS
AMOUNT DECREASED BY: US DOLLARS 34,480.94
:XPIRATlON DATE: SEPTEMBER 10, 2002
THE LETTER OF CREDIT AMOUNT HAS BEEN REDUCED WITH BENEFICIARY'S CONSENT
To A NEW AGGREGATE SUM OF U.S. $18,000.00 (EIGHTEEN THOUSAND DOLLARS
AND 00/100 ONLY).
HE PURPOSE OF THE BALANCE OF THIS CREDIT IS TO GUARANTEE MAINTENANCE
JF THE PUBLIC IMPROVEMENTS INSTALLED IN THE FIRE ROCK FARM SUBDIVISION
70R A PERIOD OF ONE YEAR FOLLOWING ACCEPTANCE OF THE PUBLIC
EMPROVEMENTS BY THE LEMONT VILLAGE BOARD.
THIS IS AMENDMENT NUMBER 5
YOURS RULY
FREPARE m IZED SIGNER
AUTHORIZED SIG