R-08-99 Authorizing Release of Letter of Credit for Timberline Units II & III Subdivision, Phases 1-3RESOLUTION NO. -(F 6 /v/
RESOLUTION AUTHORIZING RELEASE
OF LETTER OF CREDIT FOR
TIMBERLINE UNITS II & III SUBDIVISION, PHASES 1 -3
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 Timberline Units II & III Subdivision, Phases 1 -3, located off
127th Street and Timberline Drive in Lemont, Illinois, Irrevocable Letter of Credit #1993001 in the
amount of $1,168,750.00, Irrevocable Letter of Credit #1993005 in the amount of $1,228,125.00 and
Irrevocable Letter of Credit #1994005 in the amount of $444,435.00, Financial Federal Trust &
Savings Bank, were deposited with the Village of Lemont; and
WHEREAS Donald F. Stelter of Financial Properties, Inc., formerly known as F.I.D.C.,
has made application for release of Irrevocable Letter of Credit #1993001, Letter of Credit
#1993005 and Letter of Credit #1994005; and
WHEREAS the Village Engineer has inspected the public improvements and has found them
to have been satisfactorily installed; and
WHEREAS a 5% maintenance letter of credit in the amount of $142,065.50 has been
submitted to guarantee the installation of the public improvements for a period of one (1) year.
NOW, '173EREFORE, 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 #1993001, Letter of Credit
41993005 and Letter of Credit 41994005 has been satisfactorily completed.
SECTION 2: The Irrevocable Letter of Credit #1993001, Letter of Credit #1993005 and
#1994005 is hereby released.
PASSED AND APPROVED BY 111L PRESIDENT AND BOARD OF TRUSTEES OF
'1HI VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DuPAGE, ILLINOIS,
on this Z2-r" day of -e-1}A....../11,/ , 1999.
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Approved by me this ,,J1
Attest:
AYES NAYS PASSED ABSENT
Mai
CHARLENE M. SMOL EN, Village Clerk
, 1999.
Le 1 +1„..1-11
am.RLE NE M. SMOLLVill
Planning Department
Village of Lemont
418 Main Street
Lemont, Il 60439
(630)257 -1595
age Clerk
rk
A. KWASNESKI, Village President
PASSED AND APPROVED BY 1HE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this 26th day of October 1998.
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
AYES NAYS PASSED ABSENT
/
CHARLENE M. SM
/l ,0iic,'s
LLEN, Village Clerk
Approved by me this 26th day of October , 1998.
Attest:
.2 :
•
RICHARD A. KWASNESKI, Village President
//lifirAK
ENE M. SMOLL ,� illage Clerk
Prepared by:
Planning Department
Village of Lemont
418 Main Street
Lemont, I160439
doc.id.timberl.rel
FINANCIAL FEDERAL
Trust & Savings Bank
21110 S. Western Ave., Olympia Fields, IL 60461
IRREVOCABLE LETTER OF CREDIT
IRREVOCABLE DOCUMENTARY CREDIT NUMBER: 199803
FOR: TIMBERLINE II & III
ONE YEAR MAINTENANCE OF PUBLIC IMPROVEMENTS
ISSUE DATE: SEPTEMBER 28, 1998
APPLICANT: FINANCIAL PROPERTIES, INC.
16406 S. LATHROP AVENUE
HARVEY, IL 60426
BENEFICIARY: VILLAGE OF LEMONT
418 MAIN STREET
LEMONT, IL 60439
AMOUNT: $142,065.50
EXPIRATION: OCTOBER 1, 1999
Gentlemen:
We hereby establish in your favor our Irrevocable Letter of Credit Number 199803 which is
available for payment of your drafts at sight, drawn on Financial Federal Trust and Savings Bank,
Olympia Fields, Illinois, bearing the clause "DRAWN UNDER FINANCIAL FEDERAL TRUST
AND SAVINGS BANK, CREDIT NUMBER 199803 " accompanied by:
A statement of one purporting to be the Village Administrator and one purporting to be the
Village Engineer or one purporting to be a duly authorized official of the Village of Lemont,
certifying that Financial Properties, Inc. has failed to maintain the public improvements depicted
and described in the engineering plans approved by the Village Engineer for the TIMBERLINE II
& III PHASE 3 subdivision. In that event, you may draw 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 with all endorsees and bona fide holders of all drafts
drawn under and in compliance with the terms of this credit that your drawings in conformity with
the terms of this Letter of Credit will be duly honored on presentation.
This documentary credit is subject to the "Uniform Customs and Practice for Documentary
Credits" (1974 revision) International Chamber of Commerce (Publication No. 290).
FINANCIAL FEDERAL TRUST AND SAVINGS BANK
By
F. Morgan Gasior, President
ATTEST:
anette M. Funchion, Sr. Vice President
FINANCIAL PROPERTIES
16406 S. Lathrop Ave., Harvey, IL 60426
(708) 331 -1100, Fax (708) 614 -5999
August 25, 1998
Ms. Joanna S. Littrell, Village Engineer
Village of Lemont
418 Main Street
Lemont, Illinois 60439 -3788
Sent Via Fax No. (630) 257 -1598
Re: Timberline Subdivision
Dear Ms. Littrell:
This letter is to advise you that we have completed all of the punch list items provided by the Village in regard to
the above subdivision. We would like to final out the subdivision and obtain a release of our bond. Please
contact me at your earliest convenience so that we can finalize this matter.
Very truly /
yours,
J i/
Kimberly M. Kash
Associate General Counsel
cc: Mr. Rick Sokolinski, Project Manager
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