R-50-99 Authorizing Release of Letter of Credit for Chestnut Crossing SubdivisionRESOLUTION NO
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT
FOR CHESTNUT CROSSING 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 Chestnut Crossing Subdivision located at 127th Street and
Chestnut Crossing Drive in Lemont, Illinois, an Irrevocable Letter of Credit #459, Holland Trust &
Savings Bank, in the amount of $1,200,000.00 was deposited with the Village of Lemont on May 19,
1994 to cover the required public improvements; and
WHEREAS, Combined Management, Inc., has made application for release of the
Irrevocable Letter of Credit #459; 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 $60,000.00 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 #459 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit #459 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 #459 for Chestnut Crossing Subdivision is
hereby released.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, C • UNTIES OF COOK, DUPAGE AND WILL, ILLINOIS,
ON THIS L,L "DAY OF II' 0. 1999.
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this .o`^ day
AYES
NAYS PASSED ABSENT
CHARLENE SMO , Village Clerk
CHARLENE SMOLLEN, Village Clerk
Planning Department
Village of Lemont
418 Main Street
Lemont, Illinois 60439
1 999.
KWASNESKI, Village President
BANK ONE, ILLINOIS, N.A. -1717 MAIN STREET, 11TH FLOOR, DALLAS, TEXAS 75201
TELEPHONE: 1- 800 - 924 -5435
IRREVOCABLE STANDBY LETTER OF CREDIT NO. STI13657
PLACE AND DATE OF ISSUE:
DALLAS, TEXAS 06/01/1999
APPLICANT:
COMBINED MANAGEMENT, INC.
63 PINE TREE LN.
BURR RIDGE, IL 60521
BENEFICIARY:
VILLAGE OF LEMONT
418 MAIN STREET
LEMONT, IL 60439
DATE AND PLACE OF EXPIRY:
05/19/2000 IN DALLAS, TEXAS
ADVISING BANK:
NOT APPLICABLE
AMOUNT: USD60,000.00
SIXTY THOUSAND AND NO /100
U.S. DOLLARS
GENTLEMEN,
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR
THE ACCOUNT OF COMBINED MANAGEMENT, INC., 63 PINE TREE LN., BURR RIDGE, IL 60521, IN
THE AGGREGATE AMOUNT OF U.S. 560,000.00 AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT AND
MARKED "DRAWN UNDER BANK ONE, ILLINOIS, N.A. LETTER OF CREDIT NUMBER STI13657,
DATED JUNE 1, 1999" AND ACCOMPANIED BY THE FOLLOWING DOCUMENT:
A SIGNED STATEMENT BY THE ADMINISTRATOR OR ENGINEER OF THE VILLAGE OF
LEMONT CERTIFYING THAT ANY PORTION OF THE IMPROVEMENTS ON THE CHESTNUT
CROSSING SUBDIVISION, AS SPECIFIED IN THE PLANS AND SPECIFICATIONS FOR THE
SUBDIVISION KNOWN AS CHESTNUT CROSSING, APPROVED BY THE VILLAGE ENGINEER,
HAVE NOT BEEN COMPLIED IN ACCORDANCE WITH SAID PLANS AND SPECIFICATIONS.
IF SAID IMPROVEMENTS HAVE NOT BEEN INSTALLED IN CONFORMITY WITH APPROVED PLANS
AND VILLAGE ORDINANCES, THE VILLAGE IS HEREBY GRANTED AUTHORITY TO DRAW ON THIS
IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING SAID IMPROVEMENTS, IN
ACCORDANCE WITH THE PROVISIONS HEREIN AND ABOVE SET FORTH. THIS IRREVOCABLE
LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE INSTALLATION OF ALL IMPROVEMENTS
REQUIRED UNDER THE SUBDIVISION CONTROL ORDINANCE OF THE VILLAGE OF LEMONT. THIS
IRREVOCABLE LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION ON THE OBLIGATION
OF COMBINED MANAGEMENT, INC. TO INSTALL ALL IMPROVEMENTS REQUIRED BY THE
VILLAGE OF LEMONT.
THE PRINCIPLE AMOUNT OF THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT BE REDUCED
FOR ANY IMPROVEMENTS INSTALLED UNLESS SUCH REDUCTION IS APPROVED BY THE VILLAGE
BOARD. THE VILLAGE MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN AND ABOVE PROVIDED
WITHOUT THE CONSENT OF COMBINED MANAGEMENT, INC. OR ANY OTHER PARTY. IF WITHIN
TEN (10) DAYS OF THE DATE SUCH DRAFT IS PRESENTED IN CONFORMANCE WITH THE TERMS OF
THIS IRREVOCABLE LETTER OF CREDIT. WE FAIL TO HONOR SAME, WE AGREE TO PAY ALL
ATTORNEYS' FEES. COURT COSTS, AND OTHER EXPENSES INCURRED BY THE VILLAGE
ENT'ORCING THE TERMS HEREOF.
atalog * 08806 (1/98)
;ANK�ONE
PAGE TWO WHICH FORMS AN INTEGRAL PART OF LETTER OF CREDIT NO. STI13657.
WE HEREBY AGREE THAT THIS IRREVOCABLE LETTER OF CREDIT SHALL EXPIRE ON MAY 19,
2000, AS STATED HEREINABOVE PROVIDED, HOWEVER THAT WE SHALL NOTIFY THE VILLAGE
ADMINISTRATOR AND VILLAGE ENGINEER BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
AT LEAST NINETY (90) DAYS PRIOR TO SAID EXPIRATION DATE THAT SAID LETTER OF CREDIT IS
ABOUT TO EXPIRE. IN NO EVENT SHALL THIS IRREVOCABLE LETTER OF CREDIT OR THE
OBLIGATIONS CONTAINED HEREIN EXPIRE EXCEPT UPON PRIOR WRITTEN NOTICE, IT BEING
EXPRESSLY AGREED THAT THE ABOVE EXPIRATION DATE SHALL BE EXTENDED AS SHALL BE
REQUIRED TO COMPLY WITH THIS NOTICE PROVISION
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH
ALL THE TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED IF DRAWN AND
PRESENTED FOR PAYMENT TO BANK ONE, ILLINOIS, N.A. C/O BANK ONE, TEXAS, N.A. NATIONAL
STANDBY LETTER OF CREDIT DEPARTMENT, AT 1717 MAIN STREET, 11TH FLOOR, DALLAS, TEXAS
75201 ON OR BEFORE THE EXPIRATION OF THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500.
TERESA H. REYES
MY COMMISSION EXPIRES
February 19, 2001
talog * 08806 (1/98)
LETTER OF CREDIT APPROVAL FORM
The Letter of Credit
Reduction in the amount of $ , leaving $
)(Releases /1itFL,cv.0 ��..�/ 'sn ��.� -.r �F �o 000 —
is approved for .e.r , 11, 2'oo
CL «a-
i;s.t ti.,
Subdivision
� l
neering Date
Public Works Date
6/7
Date
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 Tr 17, 15 95
LETTER OF CREDIT APPROVAL FORM
The Letter of Credit
Reduction in the amount of $ , leaving $
Release. . Maty. ¢,1 ' A rt, ate, -�r siF 1(o 000 J'ito,,t;t�-
is approved for ,eep,rcr &wool, ft.\ 11, 2000
L t+pio f ,-1• - L-44
C'- «d- mss;, Subdivision
Engineering Date
Public Works Date
Community De pment
Date
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 J✓ ^� 17, 0
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