The URL can be used to link to this page

R-40-01 Authorizing letter of credit reduction for buffet harbor subdivisionRESOLUTION E- '10 o RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR BUFFET HARBOR SUBDIVISION WHEREAS, pursuant to Ordinance 426, as amended, the Lemont 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 public improvements; and WHEREAS, in the matter of Buffet Harbor Subdivision, located south of Peiffer Road, east of Edgewood Court, an Irrevocable Letter of Credit #1136 issued by the First National Bank of Joliet in the amount of $293,656.25 was deposited with the Village of Lemont on November 10, 2000; and WHEREAS, Kenneth Baldwin, on behalf of the applicant, Manatee Property, Ltd., has requested a reduction of the Irrevocable Letter of Credit; 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 THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that the Irrevocable Letter of Credit #1136 for Buffet Harbor Subdivision is hereby reduced to $73,128.75. 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 9th day of July . 2001. John Benik Debby Blatzer Peter Coules Connie Markiewicz Steven Rosendahl Jeanette Virgilio Approved by me this 9th day of July Attest: AYES NAYS PASSED ABSENT of CHARLENE SMOLLEN, Village Clerk , 2001. JOHN . PI • ' ZA, Village Presi CHARLENE SMOLLEN, Village CIer I®oo ju Tek Am000sit®e ono, ENGINEERING AND REAL ESTATE DEVELOPMENT 301 White Street, Suite D Frankfort, IL 60423 Phone (815) 464 -0003 Fax (815) 464 -8829 May 29, 2001 Mr. Tim Teddy Director of Community Development Village of Lemont 418 Main Street Lemont, II 60439 Subject: Reduction Request: Letter of Credit, Buffett Harbor, Lemont, Illinois Dear Mr. Teddy, Enclosed please find a "Request For Letter of Credit Reduction" dated May 24, 2001. In summary, we have requested a reduction of $222,035, which would leave a balance of $71,621. The letter of credit is detailed as follows: Original Estimate of Cost (October 18, 2000) $234,925.00 Work Completed to Date 196,422.00 Balance to Complete 38,503.00 Required L.O.C. @ 125% 48,128.75 Required Retention @ 10% of orig. cost 23,492.50 Net Letter of Credit Remaining 71,621.25 Authorized Reduction $222,035.00 As you are aware, the improvements installed to date have been inspected by the Village, and all required testing of the sewer system, water system and roadway has been completed and submitted to the Village. Please process the enclosed request for reduction, and send a copy of the Village Board action to my attention, in order that we file the approved reduction with the bank. Thank you for your attention to this matter. Very Truly Yours, Kenneth J. Baldwin President Request #1 for Letter of Credit Reduction BUFFETT HARBOR LEMONT, ILLINOIS Letter of Credit Reduction CONrRACr A : UNDERGROUND ITEM ESTIMATED QUANTITY UNIT PRICE COST Quantity Completed to Date Total Cost to Date Balance to Complete SECTION A: SANITARY SEWER 8" P.V.C. SDR 26 392 L.F. $24.35 $9,545.20 392 $9,545.20 $0.00 48" SAN. M.H. TYPE A W/ FRAME & GRATE 3 EA. $1,435.00 $4,305.00 3 $4,305.00 $0.00 6" P.V.C. SDR26 SERVICE 42 SHORT 5 EA. $635.00 $3,175.00 5 $3,175.00 80.00 6" P.V.C. SDR26 SERVICE a LONG W/ TBF 3 EA. $1,475.00 $4,425.00 3 $4,425.00 $0.00 8" X 6" SERVICE WYE 8 EA. $57.00 $456.00 8 $456.00 $0.00 CONNECTION TO EXISTING 1 EA. $3,150.00 $3,150.00 1 $3,150.00 $0.00_ $0.00 TRENCH BACKFILL 138 L.F. $24.30 $3,353.40 138 $3,353.40 SUBTOTAL 828,409.60 828,409.60 80.00 SECTION B: WATERMAIN 8" D.I.W.M. CL52 870 L.F. $20.55 $17,878.50 870 $17,878.50 $0.00 FIRE HYDRANT ASSEMBLY 2 EA. $1,645.00 $3,290.00 2 $3,290.00 $0.00 AGGREGATE TRENCH BACKFILL 150 L.F. $12.20 $1,830.00 150 $1,830.00 $0.00 FITTING'S: 2 EA. $177.00 $354.00 2 $354.00 $0.00 BEND 2 L.S. $170.00 $340.00 2 $340.00 80.00 1 " TAP,CORP,VALVE &BOX© SHORT, LONG 8 EA. $523.00 $4,184.00 8 $4,184.00 $0.00 24" Augered Casing 45 LF $210.00 $9,450.00 45 $9,450.00 $0.00 8X8 PRESSURE TAP 2 EA. $4,550.00 $9,100.00 2 $9,100.00 $0.00 SUBTOTAL 846,426.60 846,426.50 $0.00 Design rek Associates Inc. Page 1 May 24, 2001 Request #1 for Letter of Credit Reduction BUFFETT HARBOR LEMONT, ILLINOIS SECTION C: STORM SEWER 12" HDPE 55 L.F. $15.20 $836.00 55 $836.00 $0.00 12" R.C.P. 503 L.F. $17.35 $8,727.05 503 $8,727.05 $0.00 15" R.C.P. 94 L.F. $24.40 $2,293.60 94 $2,293.60 $0.00 66" RCP 105 L.F. $123.00 112,915.00 105 $12,915.00 $0.00 12" RCP FES 1 EA. $945.00 $945.00 1 $945.00 $0.00 66" RCP FES 1 EA. $4,500.00 $4,500.00 1 $4,500.00 $0.00 24" CATCH BASIN TYPE C W/FRAME &GRATE 1 EA. $520.00 $520.00 1 $520.00 $0.00 24" INLET TYPE A W /FRAME 1 EA. $410.00 $410.00 1 $410.00 $0.00 48" MANHOLE TYPE A W/FRAME 2 EA. 91,235.00 $2,470.00 2 $2,470.00 $0.00 48' CATCH BASIN TYPE A W/FRAME &GRATE 3 EA. $1,180.00 $3,540.00 3 $3,540.00 $0.00 84" MANHOLE TYPE A W/FRAME 1 EA. $4,000.00 14,000.00 1 $4,000.00 $0.00 AGGREGATE TRENCH BACKFILL 120 L.F. $5.00 $600.00 120 $600.00 $0.00 $0.00 SUBTOTAL $41,766.65 141,756.66 10.00 SECTION D: UTILITY CONDUIT 4" PVC SDR 26 68 L.F. $11.35 $771.80 68 $771.80 10.00 TOTAL 1117,364.66 1117,364.65 50.00 CONTRACT B: PAVING/CURB'S REM ESTIMATED QUANTITY UNIT PRICE COST Quantity Completed to Date Total Cost to Date PAVING/CURBS 2 " IDOT CL1 BINDER 1400 S.Y. $6.51 $9,114.00 1400 $9,114.00 $0.00 1.5" IDOT CL1 MIX -D SURFACE 1400 S.Y. 15.40 $7,560.00 $0.00 $7,560.00 M-C 30 PRIME 350 GAL $0.90 $315.00 350 $315.00 $0.00 SWEEP & TACK 1400 S.Y. 10.35 $490.00 $0.00 $490.00 M2.12 CURB 787 L.F. $9.75 $7,673.25 787 $7,673.25 $0.00 12" AGGREGATE BASE TYPE B 1373 S.V. $8.15 911,189.95 1373 $11,189.95 $0.00 FINE GRADING R.O.W. 1373 S.Y. $1.75 $2,402.75 1373 $2,402.75 $0.00 4' PUBLIC SIDEWALK 3480 S.F. $2.50 $8,700.00 $0.00 $8,700.00 TOTAL 947,444.96 130,694.95 116,760.00 DesignTek Associates Inc. Page 2 May 24, 2001 Request #1 for Letter of Credit Reduction BUFFETT HARBOR LEMONT, ILLINOIS DesignTek Associates Inc. Page 3 May 24, 2001 CONTRACT C: EARTHWORK ITEM ESTIMATED QUANTITY UNIT PRICE COST Quantity Completed to Date Total Cost to Date EARTHWORK R.O.W. TOPSOIL STRIPPING SITE 1' AVERAGE DEPTH 5000 S.Y. $0.75 $3,750.00 5000 $3,750.00 $0.00 CLAY EXCAVATION 6200 C.Y. $2.25 $13,950.00 6200 $13,950.00 $0.00 CURB BACKFILL 775 L.F. $1.50 $1,162.50 775 $1,162.50 $0.00 TOTAL S18,862.60 S18,862.60 $0.00 CONTRACT D. ELECTRICAL. ITEM ESTIMATED QUANTITY UNIT PRICE COST Quantity Completed to Date Total Cost to Date STREETUGHTING POLE ASSEMBLY - 30' MH 2 EA. $3,000.00 $6,000.00 0 $0.00 $6,000.00 TOTAL $6,000.00 $0.00 $6,000.00 DesignTek Associates Inc. Page 3 May 24, 2001 Request #1 for Letter of Credit Reduction BUFFETT HARBOR LEMONT, ILLINOIS DesignTek Associates Inc. Page 4 May 24, 2001 CONTRACT E: CLEARING REM ESTIMATED QUANTITY UNIT PRICE COST Quantity Completed to Date Total Cost to Date TREE CLEARING 1 L.S. $9,500.00 $9,500.00 1 $9,500.00 $0.00 TOTAL $9,600.00 $9,600.00 $0.00 CONTRACT F: LANDSCAPING ITEM ESTIMATED QUANTITY UNR PRICE COST Quantity Completed to Date Total Cost to Date KEYSTONE RETAINING WALL 1 L.S. $28,000.00 $28,000.00 Partial $20,000.00 $8,000.00 POND,TOPSOIL & HYDROSEED 7620 S.F. $0.65 $4,953.00 STREET TREES 16 E.A. $175.00 $2,800.00 TOTAL $36,763.00 $20,000.00 *16,763.00 DIVISION COST COST Completed to Date Total Coat to Date CONTRACT A: UNDERGROUND *117,364.65 *117,364.66 *0.00 CONTRACT B: PAVING/CURBS $47,444.96 $30,694.95 $16,760.00 CONTRACT C: EARTHWORK *18,862.60 *18,862.60 *0.00 CONTRACT D: ELECTRICAL *6,000.00 *0.00 *6,000.00 CONTRACT E: CLEARING $9,600.00 *9,600.00 *0.00 CONTRACT F: LANDSCAPING 536,763.00 $20,000.00 *16,763.00 CONTRACT TOTALS *234,926.00 *196,422.00 *38,503.00 DesignTek Associates Inc. Page 4 May 24, 2001