R-60-99 Authorizing Release of Letter of Credit for Gallagher Henry Town Homes, Phase IRESOLUTION NO.
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT
FOR GALLAGHER HENRY TOWN HOMES, PHASE I
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 Gallagher Henry Town Homes, Phase I, located north of 127th
Street in Lemont, Illinois, an Irrevocable Letter of Credit #92000002169, LaSalle National Bank, in
the amount of $559,310.00 was deposited with the Village of Lemont on August 11, 1995 to cover
the required public improvements; and
WHEREAS, Gallagher & Henry, has made application for release of the Irrevocable Letter
of Credit #S5015558 (formerly #92000002169); 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 $28,000.00 has been submitted to
guarantee the installation of the public improvements for a period of one (1) year.
NOW, THEREFORE, 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 #55015558 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit #S5015558 is hereby released.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit #S5015558 for Covington Knolls Town
Homes, Phase I is hereby released.
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 o7376/ day of 1999.
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
AYES NAYS PASSED ABSENT
V
1.1 1L 1. 1/ /I/h //4 .ter
ENE M. SMOL N, Village Clerk
Approved by me this day o
Attest:
1999.
CHARLENE M. SMOLLEN, Village Clerk
ASNES — Village President
MAINTENANCE BOND TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
Hartford, CT 06183
BOND NO. 8 5B 103183515 BCM
KNOW ALL MEN BY THESE PRESENTS:
That GALLAGHER & HENRY, 6280 JOLIET, ROAD, COUNTRYSIDE, IL 60525 as Principal,
hereinafter called Contractor, and TRAVELERS CASUALTY AND SURETY COMPANY, a Connecticut
Corporation, as Surety, hereinafter called Surety, are held and firmly bound unto VILLAGE OF
LEMONT, IL as Obligee, hereinafter called Owner, in the penal sum of $28,000.00 , for the
payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators,
successors, and assigns, jointly and severally, firmly by these presents.
WHEREAS, Contractor has by written agreement entered into a contract with Owner for the Covington
Knolls Townhomes Unit 1, Lemont, IL for Public Improvements including but not limited to all
sanitary sewer, water lines, storm sewer lines, streets and street improvement, curbing,
sidewalks, street lights, signs and parkway trees.
in accordance with the General Conditions, the Drawings and Specifications, which contract is by
reference incorporated herein, and made a part hereof, and is referred to as the Contract.
NOW, THEREFORE, the condition of this obligation is such that, if Contractor shall remedy any
defects due to faulty materials or workmanship which shall appear within a period of one (1) year
from the date of substantial completion of the work provided for in the Contract, then this obligation
to be void; otherwise to remain in full force and effect.
PROVIDED, HOWEVER, that Owner shall give Contractor and Surety notice of observed defects with
reasonable promptness.
SIGNED and sealed this 5th day of May, A.D., 1999 ,
IN THE PRESENCE OF :
GALLAGHER & HENRY
prin •a�
By:
Type name & title
TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
EVONNE BROWN, Attorney -in -Fact
BY:
LETTER OF CREDIT APPROVAL FORM
The Letter of Credit
Reduction in the amount of $ , leaving $
Release
is approved for
Ca o 1,4`i" K‘.111 ?'w^ L,K, C^,t-t Subdivision
� 1 frQi!i'
gngineering
730
Date
s//705
Date
Administration Date
If reduction/release is okay, please sign and return to the Community Development Department.
If reduction/release is not approved, please note concerns/issues in right margin and return to
Community Development Department by S7 ZN / 7 7
LETTER OF CREDIT APPROVAL FORM
The Letter of Credit
Reduction in the amount of $ , leaving $
Release
is approved for
Ca vt ny40^ }C��iI T' •• Lim/ •t t. Subdivision
Engineering Date
Public Works Date
S //7 /y5
Date
l
Dat
If reduction/release is okay, please sign and return to the Community Development Department.
If reduction/release is not approved, please note concerns/issues in right margin and return to
Community Development Department by SiZ' /75
BUILDERS • LAND DEVELOPERS • GENERAL CONTRACTORS
6280 JOLIET ROAD •
Joanna S.Littrell
Village of Lemont
418 Main Street
Lemont, Illinois 60439 -3788
Dear Joanne,
COUNTRYSIDE. ILLINOIS 60525
(7a).& e (7ai1-(4fP ,fags
July 1, 1999
Re: Covington Knolls Townhomes Unit 1
Amber Drive and 127th Street
Enclosed is the May 28, 1999 memorandum from your public works director listing
several "punch list" items in the subject development. Please note all items have been
corrected as indicated by our notes on the memo. The main valve under the sidewalk at
127t Street and Amber Drive, however, was installed by others in connection with the
Keepataw Trails development. It was not installed by Gallagher & Henry. We will very
much appreciate your assistance with arranging Village acceptance of the subdivision
improvements and returning our bank letter of credit. Thank you.
Sincerely,
Terry L. Woolums
cc. Scott Buening
CORPO