R-25-98 04/27/98RESOLUTION NO.Y -A.c -C
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT FOR
ASPI ( Jewel/Osco) 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 ASPI Subdivision, located west of State Street and south of
127th Street in Lemont, Illinois, an Irrevocable Letter of Credit #908220, Nations Bank, in the
amount of $1,152,205.00 was deposited with the Village of Lemont on May 2, 1996 to cover the
required public improvements; and
WHEREAS Theresa Pelletier of American Stores Properties, Inc., has made application for
release of the Irrevocable Letter of Credit #908220; 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;
WHEREAS a 5% maintenance bond in the amount of $57,610.25 has been submitted to
guarantee the installation of the public improvements for a perior of one (1) year.
NOW,'1'HI:REFORE, BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that:
SECTION 1: Site work covered under Letter of Credit #908220 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit #908220 is hereby released.
NOW,'1HEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit #908220 for ASPI Subdivision is hereby
released.
PASSED AND APPROVED BY 'I HE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this 27th day of April 1998.
AYES NAYS PASSED ABSENT
Barbara Buschman 1/
Keith Latz
Connie Markiewicz
Rick Rimbo /
Ralph Schobert `/
Mary Studebaker ✓/
Approved by me this 27th
CHARLENE M. SMOLL N, Village Clerk
1998.
SNESKI, Village President