R-20-99 Authorizing Letter of Credit Reduction for Covington Knolls Single Family Subdivision, Phase I./ w
RESOLUTION NO. k - L) ,(6
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS SINGLE FAMILY SUBDIVISION, 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 Covington Knolls Subdivision, located at north of 127th Street,
an Irrevocable Letter of Credit #9200000747, LaSalle National Bank, in the amount of $2,770,000.00
was deposited with the Village of Lemont on October 21, 1994; and
WHEREAS Orchard Hill Building Company has made application for a second reduction of
the Irrevocable Letter of Credit #9200000747 in the amount of $297,135.57; 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 itentified in Attachment A and attached hereto.
SECTION 2: The Irrevocable Letter of Credit #9200000747 is hereby reduced to $
582,670.57.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit No. 9200000747 for Covington Knolls
Subdivision is hereby reduced to $ 582,670.57.
PFCNE No. : 630 243 0352 Aar. 05 2999 01:02PM P4
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE 'VILLAGE OF LEmONT, COUNTIES OF COOK, WILL, AND DU PAGE, LLLThJOIS, on
t /a. day of __,,.,1999.
Barbera Rodman
Keith Luz
Connie Markaewicz
Rick Rintbo
Ralph Schobert
Mary Studebaker
Approved by nu dais / -1-4' day of
Rag Wsm
1:77
SMOLLENI illa=C Clerk
CLeAA -t , 1999.
Village President
wAS:�sx�
u. sMOLLEN, village Clerk
sc nc,io.o1.:-NC .,deb:;? _6, S0 ddb
Memorandum To: Scott Buening, CD Director
Memorandum From: Joanna Littrell, Village Engineer
Date: February 4, 1999
Revised: February 11, 1999
Reference: Covington Knolls SF Phase I
Letter of Credit Reduction
cc: Dan Fielding, Public Works
Per your request, I have reviewed the request for a reduction of the Letter of Credit for Covington
Knolls Single Family Phase I. Terry Woolums of Gallagher & Henry made the request to reduce
the letter of Credit by $463,456.44 which would leave a remaining balance of $416,349.70.
There is two (2) items that Public Works and Engineering disagree with: (1) Paving, Curbs. This
work is not 100% complete since the final surface layer (and curb /gutter and pavement repairs)
have not been completed. I would recommend that only 75 % of the work is completed and (2)
Water Main. There are approximately 20 existing b -boxes which need to be adjusted/fixed
including restoration. Therefore, the revised reduction calculation would be:
Paving, Curb -
Water Main -
Parkway Work -
75% complete $112,590.75
90% complete $ 32,036.10
34% complete $124,080.00
Subtotal: $268,706.85
125% LOC: $335,883.56
10% of Complete: $246,787.01
LOC Required: $582,670.59
LOC as of 2/4/99: $879,806.14
Recommended Reduction: $297,135.57
Remaining LOC: $582,670.4-
In summary, I would recommend a reduction of the Letter of Credit in the amount of $297,135.57
which would leave a remaining balance of $582,670.59.