R-38-99 Authorizing Letter of Credit Reduction for Rolling Meadows Subdivision Phase IRESOLUTION NO. p" 3E1 9
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ROLLING MEADOWS SUBDIVISION PHASE 1
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 Rolling Meadows Subdivision Phase I, located south on 127th
Street, an Irrevocable Letter of Credit #192, Hinsbrook Bank & Trust, in the amount of $621,558.56
was deposited with the Village of Lemont on April 24, 1997; and
WHEREAS, Jurinek & Riskus, Inc. has made application for a reduction of the Irrevocable
Letter of Credit #192 in the amount of $409,673.64; 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 #192 is hereby reduced to $211,884.92.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit #192 for Rolling Meadows Subdivision Phase
I is hereby reduced to $211,884.92.
MAY 25 '99 O4:32PM ANTONOPCULCS
•PR.DMI ; PHONE '11 : 630 243 095B
0
P./
May. 25 1999 era: 2 P2
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSittS OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS, on
this l 'N" day of . ^ ' 1999.
AXES NAYS PASS) ABSENT
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick R mbo
Mary Studebaker
Approved by me this I! day of
1999.
ASNESKI, Village Pr.si
--l. 'I/1, is
M. SMO
Village Clerk
aeorzor1
s
STRAND
ASSOCIATES. INC.
a rl •� P1 c c n S
2400 Glenwood Avenue
Suite 226
Joliet, Illinois 60435
Phone: (815) 744 -4200
Fax: (815) 744 -4215
May 10, 1999
Ms. Joanna Littrell, Village Engineer
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Rolling Meadows Phase I - Letter of Credit Reduction No. 1
Dear Joanna:
We have reviewed the request from Intech Consultants, Inc. on behalf of the developer, Jurinek and
Riskus, for reduction of the Letter of Credit for Phase I of the subject development. Based upon work
completed to date, we recommend that the Village reduce the Phase I letter of credit to the amount
shown below.
Present Letter of Credit
Work Completed
10% Retainage
Letter of Credit Release
Remaining Letter of Credit
Letter of Credit
$621,558.56
$455,192.94
$45,519.29
$409,673.64
$211,884.92
If you have any questions or comments, please feel free to call.
Sincerely,
STRAND ASSOCIATES, INC.
7
Michael R. Waldron, P.E. . Plut
424- 727/MRW:DE
cc: Steve Jones, Scott Buening, Dan Fielding, John Antonopoulos - Village of Lemont
John Jurinek. - Developer
Scott Schreiner - Intech Consultants, Inc.
EXCELLENCE IN ENGINEERING SINCE 1848
Madison, WI • Louisville, KY • PEH - Lexington, KY