R-73-99 Authorizing Letter of Credit Reduction for Firerock Farm Subdivision•
RESOLUTION NO. e 1 9 I
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR FIREROCK FARM 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 Firerock Farm Subdivision, located at Walter and Weimer
Streets, an Irrevocable Letter of Credit #00324718, First National Bank of Chicago, in the amount
of $360,000.00 was deposited with the Village of Lemont on July 27, 1998; and
WHEREAS, the developer, Dr. Barry Ladd has made application for a reduction of the
Irrevocable Letter of Credit #00324718 in the amount of $307,519.06; 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 #00324718 is hereby reduced to $ 52,480.94.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit No. 00324718 for Firerock Farm Subdivision
is hereby reduced to $52,480.94.
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 a 1'4" day of 42, , 1999.
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this .0 1 day of
Attest:
AYES NAYS PASSED ABSENT
V
v
CHARLENE M. SMOLLEN, Village Clerk
, 1999.
CHARLENE . SMOLLEN, Village Clerk
l`
ROVED AS TO FORM:
1 • HN ANTONO' OULOS, Village Attorney
KI, Village President
INTEROFFICE MEMO
DATE: 9/3/99
TO: SCOTT BUENING
CC: JIM CAINKAR
FROM: RICK YOUNG
RE: FIREROCK FARM SUBDIVISION — REDUCTION OF BOND
BACKGROUND/HISTORY
Significant improvements have been completed at Firerock Farms subdivision to include
water main, enclosed storm sewer, sanitary sewer installation, curb and gutter, sidewalk and
bituminous pavement. All required inspections have been completed and are satisfactory for
acceptance of this subdivision with regards to the capital improvements.
RECOMMENDATION
Approval of the reduction in bond amount to 352,480.94
9/3/99 Confidential
Au'g -26 -99 03:32P ruettiger & tonelli
ERRENCE P. RUETTIGER
I.S.
-NMS TONELLI
LI
)NALD HODGEN
L
:CHARD M. wfJT
...s.
:1RICI. ALEXA
E.
-EVEN ULT.S
..S
7NALD L REGER
E.
)SEPH P. BORIC)
YCHAEL SHEPPARD
CK K SLT LE
L.A.
"'NATHAN M. DILLER
7DNEY TONELLI
`.C.P.
=ORGE BURGESS
L.S.
▪ ONEIDA STREET
_L1ET, IL 60435
ONE 315 -744 -6600
315 -744 -0101
• rta 1. cone
815 744 0101 P.01
RUETTIGER, TONELLI & ASSOCIATES, INC.
avid Su s/LandscapeAratioas W.ISCosnottaatr
August 24, 1999
Revised August 26, 1999
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attn: Jim Cainkar
RE: Firerock Farm Subdivision
Our Project No. 971343.00
Dear Jim:
Significant improvements have been completed at Firerock Farm Subdivision and the developer
is requesting a reduction in the bond amount to 552,480.94. We have attached a summary sheet
depicting the work complete.
If you have any questions, please contact our office.
Sincerely,
Steve Turk
Ruettiger, Tonelli & Associates, Inc.
Enclosure
cc- Dr. Barry Ladd
ST/1m
971343trevised letter requesting reduction in bond
Aug -26 -99 03:33P
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Aulg -26 -99 03:34P ruettiger & tonelli
•
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P.02
— - --- P/REROGC PARM •_•• • c
■
JANUARY 21, 1994
(PULL 1470 TM STREETS ON JA YNE STREET ANO WA L TER STREET)
1 REVISED APRIL 29, 1991
_`I
' 1
WORK COMPLETE
ITEM DESCRIPTION
UNIT : QUANTITY UNIT PRICE!
—
TOTAL PRICE 'AS OF AUGUST 23, t999
F. MISCELLANEOUS
,
1. !STREET
SIGNS
2. 'STREET
'LUMP SUM 51,000.00!
S1.000,30i
TREES
3. i3 OII(4
!EA. ,200.00+
53.000.00•
,1.000.00
CLASS INCLUDING FINE GRADING
4.
;ACRE
i ACRE 0.71 32,000.00:
15,400.001
51,1100.00
1S0001NG ADJACENT TO POND
!ACRE 0.7! 57,000.00!
L/.f00,00i
3200.00
1
I
f�.300.00
!Subtotal
110.500.001
$1,100.00
.._
O. UDKTINO
1. STREET
l
UGNTS WIWIRING
EA. e! f2.500.00,
610,000.0o1
90.00
1 !Subtotal
110,000.001
50.00
TOTAL NfPROVEUENTS f
3297,124.731
•
T
• •
!TOTAL WORK COMPLETE 1
i
I
S245,140.00
BOND AMOUNT WITH VILLAGE OF LEMONT
1
5340 000 00
!TOTAL WORK REMAINING :
341, 9!.1.15
PLUS 125% CONTINGENCY!
510,499.19
■ REQUESTED NEW LETTER OF CREDIT AMOUNT
552.440.54
"42..r t,YUr.r2.4e4,14,1
RUETTIGER. TONELU AND A33OCIATI
22174 ONEVA
JOUET. ILL'NO■