R-45-99 Authorizing Release of Letter of Credit for Carriage Subdivision, Unit IVRESOLUTION NO. �� c-9()
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT
FOR CARRIAGE RIDGE SUBDIVISION, UNIT IV
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 Carriage Ridge Subdivision, Unit IV, located on Carriage Ridge
Drive and Senon Drive in Lemont, Illinois, an Irrevocable Letter of Credit 96 -500, State Bank of
Countryside, in the amount of $152,264.81 was deposited with the Village of Lemont on October
24, 1996 to cover the required public improvements; and
WHEREAS, 7anas Construction Company has made application for release of the Irrevocable
Letter of Credit 96 -500; 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 $7,613.24 will be submitted to
guarantee the installation of the public improvements for a period of one (1) year prior to release of
this letter of credit.
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 96 -500 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit 96 -500 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 96 -500 for Carriage Ridge Subdivision, Unit
IV is hereby released.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUS FMS OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS, on
this OW' day of `il L,1 1999.
U
AYES NAYS PASSED ABSENT
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this l `u" day of
Attest:
v
M. SMO
1999.
Village Clerk
NESKI, Village President
APPROVED AS TO FORM:
STATE BANK OF COUNTRYSIDE
IRREVOCABLE LETTER OF CREDIT NO. 99 -643
Issue Date: May 26, 1999
Applicant: Joseph Janas d /b /a
Janas Construction
Beneficiary:
Amount:
Expiration:
Gentlemen:
Village of Lemont
418 Main Street
Lemont, IL 60439
$7,613.24
June 1, 2000
We hereby establish in your favor our Irrevocable Letter of Credit no. 99 -643
which is available for payment of your drafts at sight, drawn on State Bank of
Countryside, Countryside, Illinois, being the clause "DRAWN UNDER STATE BANK
OF COUNTRYSIDE, COUNTRYSIDE, ILLINOIS CREDIT NO. 99 -643" and
accompanied by:
A Statement of one purporting to be the Village Administrator and one
purporting to be the Engineer or one purporting to be a duly authorized official of the
Village of Lemont certifying that Janas Construction Co. and /or the developer and
owner have failed to perform all duties and obligations assumed by them in the
Subdivision, including but not limited to all subdivision improvements required by the
Village Engineer and the Subdivision Ordinance. The purpose of this Letter of Credit
is for the maintenance bond of Carriage Ridge IV Subdivision.
You may draw hereunder on or prior to the relevant expiration date, up to the
full amount then available hereunder against your sight draft(s) on us, bearing the
number of this Letter of Credit. Partial drawings are allowed.
We hereby engage and agree with you and will all endorsers and bonafide
holders of all drafts drawn under and in compliance with the terms of this credit that
your drawings in conformity with the terms of the Letter of Credit will be duly
honored upon presentation.
6734 Joliet Road
Countryside, IL 60525
(708) 485-3100
(708) 485-3106 - fax
• 6053 W. 79th Street
Burbank, FL 60459
(708) 599-9860
(708) 599-9884 - fax
• 16 W 445 S. Frontage Rd.
Burr Ridge, IL 60521
(630) 655-3113
(630) 655-3159 - fax
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
• 16250 S. LaGrange Road
Orland Park, IL 60462
(708) 873-1485
(708) 873-1508 - fax
May 26, 1999
Irrevocable Letter of Credit no. 99 -643
Page Two
This documentary credit is subject to the "Uniform Customs and Practice for
Documentary Credits" (1974 Revision) International Chamber of Commerce
publication no. 290.
STATE BANK OF COUNTRYSIDE
Memorandum To: Scott Buening, CD Director
Memorandum From: Joanna Littrell, Village Engineer
Date: May 21, 1999
Reference: Carriage Ridge IV
Acceptance of Public Improvements
Attached is a letter from Strand Associates recognizing that all the public improvements
for Carriage Ridge IV are completed. I recommend that the Letter of Credit for this
subdivision be released and that a 5% Maintenance Bond be submitted.
I believe that you had one outstanding issue regarding replenishing the escrow account.
STRAND
ASSOCIATES. INC.
2400 Glenwood Avenue
Suite 226
Joliet, Illinois 60435
Phone: (815) 744 -4200
Fax: (815) 744 -4215
May 14, 1999
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention: Ms. Joanna Littrell - Village Engineer
Re: Carriage Ridge Unit 4 - Final Punch List
Dear Joanna:
MAY 19 1999
ENGINEERING DEPARTMc!l
We reviewed the site with respect to the last punch list issued November 20, 1998, and the Public Works
punch list issued December 29, 1999. All items have been addressed. Building permits have been or
are pending for Lots 6 and 7. These will complete all of the sidewalks in the subdivision.
If you have any questions or require additional information, please call.
Sincerely,
STRAND ASSOCIATES, INC.
Michael R. Waldron, P.E.
I- 424.774/MRW:DE
cc: Steve Jones, Dan Fielding, Scott Buening, Jim Perry, John Antonopoulos - Village of Lemont
Joe Janas, Sr. - Janas Construction Co.
Jerry Miskovic - Laser Consulting Engineers
EXCELLENCE IN ENGINEERING SINCE 1948
Madison, WI • Louisville, KY • PEN - Lexington, KY