R-102-00 11/13/00RESOLUTION NO.
(ba- U0
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR FORDHAM HILL ESTATES 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 Fordham Hill Estates Subdivision, between Main Street and
McCarthy Road, an Irrevocable Letter of Credit #294 in the amount of $3,500,000 was deposited
with the Village of Lemont on August 14, 2000; and
WHEREAS, Wal Rebenson, has made application for a reduction of the Irrevocable
Letter of Credit #294 in the amount of $1,227,000; 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:
SECTION 1: Preliminary approval pursuant to the Lemont Subdivision Control
Ordinance is hereby granted for the improvements identified in Attachment A and attached hereto.
SECTION 2: The Irrevocable Letter of Credit #294 is hereby reduced to $2,273,000.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit #294 for Fordham Hill Estates Subdivision
is hereby reduced to $2,273,000.
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* day of ),v v✓' -4.Ux)' 2000.
AYES NAYS PASSED ABSENT
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this 143* day
v
HARLENE M. SMOLLEN, Village Clerk
1 11 ■ a.k •
''srf wA. W 7SNESKI, Village President
2000.
Interoffice Memorandum
Date: November 10, 2000
To: Andy Fitz
Village Planner
From: Stephen May
Village Engineer
RE: Fordham Hills Estates
I have a revised LOC reduction request as submitted by the developer today. Request includes
completed work relating to earth work and pavement improvements. Sewer and water main work
has been removed from this request until the required testing can be completed.
Work has been visually inspected by the Engineering Department and is acceptable insofar as the
amount of the request ($1,227,000. Reduction).
11%09.2000 THU 03:23 FAX
441% THE FOREMAN! COMPANY
East Heron S`-rcci
21eFkxr
Ch edge
ill nois- 60611
2.5A 7.090C
Fax 227-63C
November 9, 2000
Tim Teddy
Steve May
Village of Lemont
413 Main Street
Lemont, Illitiois 60439-3788
Re: Fordharn Hill Estates- Reduction in the $3,500,000 Letter of Credit
Gentlemen:
Per your comments on our request to reduce the letter of credit, attached is a
breakdown of the request for a reduction in the Letter of Credit by $1,227,000. We.
here ^y certify the work relating to the re uested $1,227,000 mil:. :icn reduction in the
Letter ,of Credit has been completed per the plans and specifications approved by the
Village.
As you are aware all the Water, sanitary and storm lines will be completed over the
next two weeks and f.:lly inspected and tested, in addition, we will also complete the
remainin_ curl- and gutter raver the hex. three weeks.
If you have :my questions or need additional information, please do not hesitate to
cal:. It is very important to our financial structure to receive this reduction at the
November 13. 2000 Village Board meeting.
Regards,
Waiter A. Rebenson
Executive Vice President
CC: Robert G. ITiggins
Jerry VIi skovic
Virgil Fisher
002.011
11/10/2000 10:45 6308507213
LSE LASER
LASER CONST PAGE 02
cflfsULTIflG Er1GIT1EER5 OF Z1.LIT1DI5
November 9, 2000 Job # 78899
Fordham Company
15 E. Huron
Chicago, Illinois 60611
Attn: Walter Rebenson
Re: Fordham Hill Estates
Lemont, Illinois
Letter of Credit Reduction
Dear Walt,
As requested I have checked the construction being done in Fordham Hill Estates by the
following contractors:
Dresden Land Improvments — excavation, roadway, curb and gutter
All Line Electric — light poles
Dresden Land Improvements
Earthwork has been completed, both detention ponds are constructed, roadway cut to
grade along with lot grading as required. Their contract was for $500,000.00 which can
be reduced by $500,000.00 for completed work.
Roadway stone and curb and gutter have been installed from Main Street to Carley Court.
Their contract for roadway is $1,050,000.00 and is (50) fifty percent complete, therefore
reducing this part of their contract by $525,000.00, leaving $525,000.00 in the letter of
credit.
All Line Electric
Electrical contractor has delivered the light poles for installation, their contract price for
completion is $85,000.00 material cost is $27,000.00 of this price which is being
requested for reduction of the letter of credit, leaving $58,000.00 for completion (32%
material price of the contract).
16 W. 064 Jeans Rd., Suite 201 Lemont, Illinois 60439 Phone (630) 850 -7475
1111012000 10:45 6308507213
Page #2
LASER CONST PAGE 03
This is as follows:
Dresden Land Improvements:
Earthwork $500,000.00
Roadway $525,000.00
All Line Electric:
Material 52700.00
$1,052,000.00
$175.000.00
Amount Requested for Reduction (35.06% of letter of credit) $1,227,000.00
Hopefully this amount is acceptable to the Village of Lemont and the original letter of
credit of $3,500,000.00 can be reduced by $1,227,000.00 leaving a letter of credit for
completion of construction at $2,273,000.00. Please contact me if there are questions.
25% Contingency 700,000.00 (25 %)
Thank You,
11/09;2000 THU 02:53 FAX
FORDHAM HILL ESTATES, LEMONT, ILLINOIS
IMPROVEMENT LETTER OF CREDIT BREAKDOWN
003/003
REMAINING
LETTER OF PERCENT NET LETTER OF
CREDIT COMPLETE REDUCTION CREDIT
EXCAVATION S 520,000 100.00% $ 500,000 $ 20,000
SANITARY SEWER 259,900 95.00% 259,900
WATERMAIN 289,800 95.00% 289.800
STORM SEWER 306,100 90.00% 306,100
ROADWAY (INCL. CURB /GUTTER) 1,050,000 50.00% 525,000 525,000
STREET LIGHTS 85,000 31.75% 27,000 58,000
MAIN STREET 60,000 0.00% 60,000
4TH 5T. TO MCCARTHY R. 40,000 0.00% 40,000
SIDEWALKS 45,000 0.00% 45,000
LANDSCAPING/RETENTION WA.LS 144,200 0.00% - 144,200
SUBTOTAL 2,800,000 1,052,000 1,748,000
ADD 25% CONTINGENCY 700,000 25.00% 175,000 525,000 .
TOTAL IMPROVEMENT LETTER OF CREDIT $ 3,300,000 Limas $ 2,273,000
% REDUCTION IN LC 15,06 %Q
11/09i2000