R-95-00 10/23/00VILLAGE OF LEMONT
RESOLUTION NO. R. q5-1 DD
DATE OF APPROVAL ; o -00-0 -0 0
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR LONG RUN MARKETPLACE (TARGET/KOHL'S)
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 Long Run Marketplace, located on the northwest corner of
135th Street and Archer Avenue in Lemont, Illinois, the Resource Trust Company issued
Irrevocable Letter of Credit #528 to Ryan Companies, US, Inc., in the amount of $1,096,492.00
and deposited same with the Village of Lemont on August 9, 1999.
WHEREAS Ryan Companies US, Inc. has made application for a reduction of the
Irrevocable Letter of Credit #528 in the amount of $877,173.00; and
WHEREAS a duly authorized agent of the Village of Lemont has inspected the
improvements and has found these to have been substantially satisfactorily completed;
NOW, THEREFORE, 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 substantially completed.
SECTION 2: The Irrevocable Letter of Credit 528 is hereby reduced to $219.298.00.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit No.528 for the Ryan Company US,
Inc. is hereby reduced to $219,298.00.
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 a3'°9 day of Ceinhil47 2000.
John Benik
Debbie Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
AYES NAYS PASSED ABSENT
CV"-
' • 'i- ENE M. SMOLLEN, Village Clerk
Approved by me this 4,1 r day of ®c /b 12.e,✓
Attest:
2000.
SKI, Village President
Ryan Companies US, Inc.
RYAN701) International Centre
900 Second .Av enlle SOIIt�l
Minneapolis_ AE\ ,55402-33ST
lil?,3:36- 1 _I)f) L ornorate
61' :3:37-553' F:L\
September 20. 2000
Mr. Timothy Teddy
Community Development Director
Village of Lemont
418 Main Street
Lemont. IL 60439
RE: Lemont Retail Center (Long Run Marketplace)
Request for Partial Reduction of Irrevocable Letter of Credit No. 528
Dear Tim:
Building Lasting Relationships
The purpose of this letter is to formally request a partial reduction in Irrevocable Letter of Credit No. 528 dated
August 9, 1999. As taken from Schedule 'A' of the Letter of Credit, we request the full reduction for the
following items.
1. Storm water by -pass. $ 308,300
2. Sanitary sewer — State Street. $ 111,588
3. Sanitary sewer — Force Main. $ 159,420
4. Water main — Archer Avenue. $ 214,040
5. Water main — State Street. $ 83,845
The above reduction totals $ 877,193. This will leave $ 219,298 (25 %) as insurance that all punchlist items
will be corrected. The above work has been substantially completed since February 2000 and all final
inspections completed in July 2000.
Should the Village of Lemont be in agreement with the above, please provide Ryan Companies with a written
statement executed by you, the Village Engineer, or the Village Administrator agreeing to the above reductions.
If you have any concerns regarding this request, please contact me at (612) 336 -9773.
Sincerely,
RYAN COMPANIES US, INC.
7Jc.
2 7,
Brian A. Rathke
Project Manager
Enclosure
cc: James Cainkar. P.E. — Village of Lemont
Lawrence A. Brust - Resource Trust Company
Timothy M. Gray - Ryan Companies US, Inc.
Printed on Recycled Paper
Design Build • Real Estate Development • Property Management
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