R-74-99 Approving Draw #2 on the Castlewood Subdivision Letter of CreditRESOLUTION NO.
DATE OF APPROVAL: /-
RESOLUTION APPROVING DRAW #2 ON THE CASTLEWOOD
SUBDIVISION LETTER OF CREDIT
WHEREAS, Castlewood Estates Subdivision was approved by the Village Board by
Resolution 236 on October 26, 1992; and
WHEREAS, a Letter of Credit No. 639, First National Bank of Joliet, was submitted by
the developer on October 26, 1992, in the amount of $859,062.50; and
WHEREAS, the developer has failed to satisfactorily complete or carry out the work of the
installation and construction of the required public improvements; and
WHEREAS, the developer has been notified of this failure to complete the improvements
and has been given 30 days to correct the deficiencies; and
WHEREAS, the deficiencies have not been cured after the 30 day notification deadline; and
WHEREAS, a draw on the letter of credit in the amount of 52,602.55 is necessary to ensure
the completion of a portion of the public improvements and to pay for outstanding engineering
review bills.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont to request a draw on Letter of Credit No. 639 in the amount of 52,60255.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DuPAGE, ILLINOIS,
on this A104 day of Q,WJ JJ 1999.
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this a 7day o
Attest:
AYES NAYS PASSED ABSENT
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CHARLENE M. SMOLLEN, Village Clerk
1999.
HARLENE M. SMOLL Village Clerk
Planning Department
Village of Lemont
418 Main Street
Lemont, I1 60439
A. KWASNESKI, Village President
APPROVED AS TO FORM
DATE / f /
VILLAGE ATM
First National Bank
of Joliet
.Oe9E.q :C
TemRENCE P. HACKETT
VICE PRESIDENT
October 26, 1992
Village of Lemont
Lemont, Illinois
Re: Irrevocable Letter of Credit
No. 639, Castlewood Estates Si
$859,0662.50
'Expires: October 26, 1993
Gentlemen:
FIRST NATIONAL PLAZA
Chicago, vas 3Lren & hot' Streets
Joliet, Illircis 5C431
Telephore 315 725 -4371
,ibdivision
We hereby establish our Irrevocable Letter of Credit No. 639 in
favor of Prime Land Development, an Illinois Corporation or the
Village of Lemont (the municipality) in the amount of Eight Hundred
Fifty vine Thousand Sixty Two and 50 /100 Dollars (S859,062.50).
We understand that this Irrevocable Letter of Credit is to be used
to construct the following improvements in the residential
development known as Castlewood Estates to be constructed within
the Village of Lemont, Illinois.
Streets, sidewalks, street lights, the portion of
sanitary sewers, storm severs, and water mains to become
municipally owned; and any other improvements that may
be required under the subdivision rules and regulations.
The development is legally described as follows:
See Attached Exhibit "A"
We shall make payouts for this Irrevocable commitment as follows:
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terminate without such notice. If the work covered by this letter
of credit has not been completed within the time set forth in this
agreement, the municipality may at its option continue drawing
funds as otherwise provided for an additional period of twelve (12)
months. It is recognized that the municipality is according the
owner and /or developer the permission to proceed with the
development project upon the guarantee of the irrevocable nature
of the letter of credit. It is further acknowledged that the
consideration for the irrevocable letter of credit is provided by
agreements between this financial institution and the developer.
The sum of this credit shall be reduced in the amount of
disbursements made from time to time in accordance with the terms
under which the credit is extended as set out above.
FIRST NA1IONAL BANK OF %JOLIET
By: ceecee
errence P. Hackett
Vice President
FIRST NATIONAL PLAZA, JOLIET, ILLINOIS 60431
PINNER ELECTRIC, INCORPORATED
9525 SOUTHVIEW AVENUE
BROOKFIELD, ILLINOIS 60513
A Subsidiary of Lyons Electric Company
708 - 485 -7577
I N V O I C E
INVOICE NO: 9728
CUST CODE: A0844
DATE: 07/31/1999
LEMONT: ENGINEERING
418 MAIN STREET
LEMONT IL 60439-
INVOICE FOR ELECTRICAL WORK AS DETAILED ON ATTACHED WORK ORDERS
ROUTINE BILL:
EXTRA BILLING:
INVOICE TOTAL:
PLEASE MAKE CHECKS PAYABLE TO PINNER ELECTRIC INCORPORATED
** ALL INVOICES DUE 30 DAYS FROM DATE OF ISSUE **
0.00
680.00
680.00
C
U
S
T
0
M
E
R
VILLAGE OF LEMONT
418 MAIN ST
LEMONT IL 60439
A••••7 4c A31
395 + + DATE 07/31/99
( 1 PAGE 1
SUSINSKAS. RITA 1 S T A T E M E N T (
%CENTURY 21 PRIME (
14325 S BELL RD + +
LOCKPORT IL 60441 AGED THROUGH 07/99
Attn:
DATE INVOICE /DESC DEBIT CREDIT BALANCE
05/28/99 7897 DI 784.32 784.32
CASTLEW00D ESTATES
07/23/99 7940 DI 951.58 951.58
CASTLEWOOD ESTATES
CURRENT 30 DAYS 50 DAYS 90 DAYS 120 DAYS BALANCE
951.58 .00 784.32 .00 .00 1735.90
V
Village of Faith
Ntayor
Richard A. Kwasneski
Village Clerk
Charlene M. Smollen
Trustees
John Benik
Debby Blamer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Administrator
Steven .A. Jones
Community
Development
Scott Buening
Fax
630/243 -0953
? nail: vlemont@aoLcom
www.lemont.il.us
August 5, 1999
� lla a. of Lemont
COMMUNITY DEVELOPMENT
418 Main Street • Lemont. IL 60439
(630) 257-1595
Carl Holmquist
1st National Bank of Joliet
Van Buren and Scott Streets
Joliet, 11 60432
Re: Ruta Susinkas /Prime Land Development, Inc.
Castlewood Estates Letter of Credit Draw
Dear Mr. Holmquist:
The Village is in possession of Letter of Credit Number 639 for Castlewood
Estates Subdivision in Lemont, Illinois. Ruta Susinkas, Prime Land Development, Inc.
has failed, after having received several notices, to have street lights repaired. The
Village received a proposal from Pinner Electric, Inc. in the amount of $680.00 to
complete the work.
Therefore, we hereby asking for payment of $680.00 by August 31, 1999 or we
will draw on Letter of Credit No. 639 for Castlewood Estates Subdivision.
Sincerely,
Scott Buenin
Community Development Director
cc: Steven A. Jones. Administrator
John Antonopoulos, Attorney
Ruta Susinkas, Prime Land Development