R-92-98 Authorizing letter of credit reduction for Oak Tree subdivisionRESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR OAK TREE 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 Oak Tree Subdivision, located at the northwest corner of Archer
Avenue and Parker Road, an Irrevocable Letter of Credit #60/87, Southwest Federal Savings, in the
amount of $1,152,713.75 was deposited with the Village of Lemont on April 5, 1996; and
WHEREAS Ranquist Home Builders has made application for a sixth reduction of the
Irrevocable Letter of Credit #60/87 in the amount of $53,877.56; 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 the Irrevocable Letter of Credit No. 60/87 for Oak Tree Subdivision is hereby
reduced to $136,226.78.
PASSED AND APPROVED BY THE 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.
AYES NAYS PASSED ABSENT
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Approved by me this 26th
Attest:
10
1
f//
ENE M. SMOLLEN, Village Clerk
/ .kb 1'%
LENS M. SMOLLEN, Village C erk
Prepared by:
Planning Department
Village of Lemont
418 Main Street
Lemont, 11 60439
doc.id.oaktree.loc
bid 141=12.121:0T 866T S0 1-30
NESKI, Village Preside=
8S60 £bZ 0£9 '0N BNOHd : NOad
Mayor '
Richard A. Kwasneski
Village Clerk
Charlene M. Smollen
Administrator
Steven A. Jones
LEMONT
Village of Faith
418 Main Street • Lemont, IL 60439 -3788
(630) 257 -1550
Fax (630) 257 -1598
email: vlemont @aol.com
Memorandum To: Scott Buening
Community Development
Memorandum From: Joanna Littrell
Village Engineer
Date: October 1, 1998
Reference:
Oak Tree Subdivision
Letter of Credit - Reduction No. 6
Trustees
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
On September 18, 1998, I received a request from Ranquist Home Builders for a
reduction in their Letter of Credit for Oak Tree Subdivision. Public Works and myself
conducted a site inspection for the items requested and recommend only the generator
building, sidewalk and partial release of retainage for water and sanitary. The following
is a breakdown of the request:
Present Letter of Credit: $190,104.34
Work Completed: $ 29,370.41
10% Retainage: $ 2,937.03
W/S Retainage Release (50 %) $ 27,444.18
Total Release: $ 53,877.56
Remaining Letter of Credit: $136,226.78
I recommend that Letter of Credit be reduced in the amount of $53,877.56.
September 18, 1998
Joanna S. Littrell, P.E.
Village Engineer
Village Of Lemont
418 Main Street
Lemont, IL 60439 -3788
Dear Joanna,
BUILDER
DEVELOPER
On the following page is a breakdown of the remaining Letter of Credit balance and our draw
request.
Twelve sidewalks of twenty -one have been completed.
As we agreed previously, the funds held relating to the Water & Sewer System (including
retention) will be released to us after turning over this system to the Village. Are we at the point
where we can draw on these funds? My calculation of the Water & Sewer System as a
percentage of all letter of credit items (excluding the LC fee) comes out to just over 50 %.
How soon will you be able to process this Letter of Credit reduction? Let me know if you need
anymore information from me.
Thank you for your attention to this matter.
Sincerely,
Peter J. Karavas
Vice President
cc. Scott Buening, AICP, Village Planner
1 - 158th Place, Calumet City, Illinois 60409 708 -201 -7250 FAX: 708- 201 -7251
RCRJOAK TREE ASSOCIATES, INC.
LETTER OF CREDIT FUNDS REMAINING
IN OAK TREE PROJECT
•
DETAIL DRAW #10
BALANCE BALANCE REQUEST
Sanitary Sewer
Gemerator Building (Linden) 7,000.00 7,000. ✓
Restoration 6,500.00 6,500.00,/
Total Sanitary Sewer 13,500.00
Roadway
1.5" Bit. Surface Course 18,444.00
Sidewalk (12 of 21 complete) 32,333.65
Total Roadway
Earthwork
Soil Erosion / Storm Control
50,777.65
2,240.00 2,240.00 ==
2,240.00
Construction Totals 66,517.85
Retention Held (Release port
7 t o c_ut Sewer & Water Sxstem
atter of Credit Fee for RCR! Oak Tree Assoc.,
sating to 92,022.28
ai Remaining In Letter of Credit
■∎6 J 0,J
, < 5 \ Total Draw Request
31,564.41 12,992.00 1\;0
190,104.34
91,239.47
\.
LETTER OF CREDIT
PROJECT: Oak Tree
LAST UPDATE: September 29, 1998
REDUCTION NUMBER: 6
CATEGORY
QUANTITY
COST
ITEM
UNIT
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
UNIT
COST
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
SANITARY SEWER
_
8" PVC (6' - 12' deep)
LF
1452
1452
0
0
0
$13.00
$18,876.00
$18,876.00
$0.00
$0.00
$0.00
8" PVC (13' - 20' deep)
LF
908
908
0
0
0
$15.00
$13,620.00
$13,620.00
$0.00
$0.00
$0.00
6" PVC Service
LF
1634
1634
0
0
0
$11.00
$17,974.00
$17,974.00
$0.00
$0.00
$0.00
6" PVC Force Main
LF
3246
3246
0
0
0
$13.00
$42,198.00
$42,198.00
$0.00
$0.00
$0.00
48" Dia. MH (6' - 12')
EA
7
7
0
0
0
$1,270.00
$8,890.00
$8,890.00
$0.00
$0.00
$0.00
48" Dia. MH (13' - 20')
EA
3
3
0
0
0
$1,500.00
$4,500.00
$4,500.00
$0.00
$0.00
$0.00
Lift Station and Generator
LS
1
1
0
0
0
$71,000.00
$71,000.00
$71,000.00
$0.00
$0.00
$0.00
Generator Building (Linden)
LS
1
0.5
0.5
0
0.5
$14,000.00
$14,000.00
$7,000.00
$7,000.00
$7,000.00
$0.00
Electrical
LS
1
1
0
0
0
$3,200.00
$3,200.00
$3,200.00
$0.00
$0.00
$0.00
Air Release VV
EA
1
1
0
0
0
$1,700.00
$1,700.00
$1,700.00
$0.00
$0.00
$0.00
72" Drop Manhole
EA
1
1
0
0
0
$2,000.00
$2,000.00
$2,000.00
$0.00
$0.00
$0.00
Trench Backfill - Main Line
LF
228
228
0
0
0
$30.00
$6,840.00
$6,840.00
$0.00
$0.00
$0.00
Trench Backfill - Services
LF
749
749
0
0
0
$15.00
$11,235.00
$11,235.00
$0.00
$0.00
$0.00
Televise
LF
2360
2360
0
0
0
$1.00
$2,360.00
$2,360.00
$0.00
$0.00
$0.00
Restoration
LS
1
0
1
0
1
$6,500.00
$6,500.00
$0.00
$6,500.00
$0.00
$6,500.00
SUBTOTAL
$224,893.00
$211,393.00
$13,500.00
$7,000.00
$6,500.00
STORM SEWER
12" RCP
LF
964
964
0
0
0
$13.00
$12,532.00
$12,532.00
$0.00
$0.00
$0.00
12" RCP w/ 0-Ring
LF
329
329
0
0
0
$14.30
$4,704.70
$4,704.70
$0.00
$0.00
$0.00
15" RCP
LF
70
70
0
0
0
$15.00
$1,050.00
$1,050.00
$0.00
$0.00
$0.00
15" RCP w/ 0-Ring
LF
371
371
0
0
0
$16.00
$5,936.00
$5,936.00
$0.00
$0.00
$0.00
18" RCP
LF
664
664.032
0
0
0
$17.15
$11,388.15
$11,388.15
$0.00
$0.00
$0.00
18" RCP w/ 0-Ring
LF
145
145
0
0
0
$17.15
$2,486.75
$2,486.75
$0.00
$0.00
$0.00
18" RCP Removal
LF
891
891
0
0
0
$2.00
$1,782.00
$1,782.00
$0.00
$0.00
$0.00
18" PVC Pressure Pipe
LF
775
775
0
0
0
$30.00
$23,250.00
$23,250.00
$0.00
$0.00
$0.00
21" RCP
LF
150
150
0
0
0
$18.00
$2,700.00
$2,700.00
$0.00
$0.00
$0.00
12" ADS
LF
349
349
0
0
0
$11.75
$4,100.75
$4,100.75
$0.00
$0.00
$0.00
21" ADS
LF
110
110
0
0
0
$17.00
$1,870.00
$1,870.00
$0.00
$0.00
$0.00
24" ADS
LF
576
576
0
0
0
$19.50
$11,232.00
$11,232.00
$0.00
$0.00
$0.00
4" PVC Conduit
LF
40
40
0
0
0
$10.00
$400.00
$400.00
$0.00
$0.00
$0.00
Page 1
LETTER OF CREDIT
PROJECT: Oak Tree
LAST UPDATE: September 29, 1998
REDUCTION NUMBER: 6
CATEGORY
QUANTITY
COST
ITEM
UNIT
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
UNIT
COST
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
12" RCP FEES
EA
4
4
0
0
0
$325.00
$1,300.00
$1,300.00
$0.00
$0.00
$0.00
15" RCP FEES
EA
2
2
0
0
0
$345.00
$690.00
$690.00
$0.00
$0.00
$0.00
18" RCP FEES
EA
2
2
0
0
0
$380.00
$760.00
$760.00
$0.00
$0.00
$0.00
24" RCP FEES
EA
1
1
0
0
0
$400.00
$400.00
$400.00
$0.00
$0.00
$0.00
Remove Existing Manhole
EA
2
2
0
0
0
$300.00
$600.00
$600.00
$0.00
$0.00
$0.00
Adjust Existing Manhole
EA
1
1
0
0
0
$100.00
$100.00
$100.00
$0.00
$0.00
$0.00
48" CB
EA
17
17
0
0
0
$850.00
$14,450.00
$14,450.00
$0.00
$0.00
$0.00
24" Inlet
EA
10
10
0
0
0
$420.00
$4,200.00
$4,200.00
$0.00
$0.00
$0.00
48" Manhole
EA
14
14
0
0
0
$850.00
$11,900.00
$11,900.00
$0.00
$0.00
$0.00
R and R 18" FEES
EA
1
1
0
0
0
$220.00
$220.00
$220.00
$0.00
$0.00
$0.00
Trench Backfill
LF
575
575
0
0
0
$11.00
$6,325.00
$6,325.00
$0.00
$0.00
$0.00
Cog Hill Offsite
LS
1
1
0
0
0
$10,270.65
$10,270.65
$10,270.65
$0.00
$0.00
$0.00
Off Site TBF
TON
3372
3372
0
0
0
$6.75
$22,761.00
$22,761.00
$0.00
$0.00
$0.00
SUBTOTAL
$157,409.00
$157,409.00
$0.00
$0.00
$0.00
WATER MAIN
6" DIP
LF
30
30
0
0
0
$13.00
$390.00
$390.00
$0.00
$0.00
$0.00
8" DIP
LF
1600
1600
0
0
0
$14.00
$22,400.00
$22,400.00
$0.00
$0.00
$0.00
12" DIP
LF
3894
3894
0
0
0
$21.00
$81,774.00
$81,774.00
$0.00
$0.00
$0.00
16" DIP
LF
945
945
0
0
0
$32.00
$30,240.00
$30,240.00
$0.00
$0.00
$0.00
8" Valve and Vault
EA
3
3
0
0
0
$1,100.00
$3,300.00
$3,300.00
$0.00
$0.00
$0.00
12" Valve and Box
EA
3
3
0
0
0
$1,700.00
$5,100.00
$5,100.00
$0.00
$0.00
$0.00
Fire Hydrant
EA
23
23
0
0
0
$1,450.00
$33,350.00
$33,350.00
$0.00
$0.00
$0.00
B -Box Valve and Conn.
EA
41
41
0
0
0
$50.00
$2,050.00
$2,050.00
$0.00
$0.00
$0.00
1" Service
LF
1658
1658
0
0
0
$9.00
$14,922.00
$14,922.00
$0.00
$0.00
$0.00
T. Backfill - Main Line
LF
770
770
0
0
0
$10.00
$7,700.00
$7,700.00
$0.00
$0.00
$0.00
T. Backfill - Services
LF
811
811
0
0
0
$8.00
$6,488.00
$6,488.00
$0.00
$0.00
$0.00
Restoration
LS
1
0
1
1
0
$6,500.00
$6,500.00
$6,500.00
$0.00
$0.00
$0.00
SUBTOTAL
$214,214.00
$214,214.00
$0.00
$0.00
$0.00
Page 2
LETTER OF CREDIT
PROJECT: Oak Tree
LAST UPDATE: September 29, 1998
REDUCTION NUMBER: 6
CATEGORY
QUANTITY
COST
ITEM
UNIT
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
UNIT
COST
ORIGINAL'
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
ROADWAY
Curb and Gutter (M3.12)
LF
5018
5018
0
0
0
$7.25
$36,380.50
$36,380.50
$0.00
$0.00
$0.00
Curb and Gutter (B6.12)
LF
219
219
0
0
0
$9.00
$1,971.00
$1,971.00
$0.00
$0.00
$0.00
1.5" Bit. Surface Course
TON
696
0
696
0
696
$26.50
$18,444.00
$0.00
$18,444.00
$0.00
$18,444.00
1.5" Bit. Binder Course
TON
696
696
0
0
0
$26.00
$18,096.00
$18,096.00
$0.00
$0.00
$0.00
10" Agg. Base Course
SY
7924
7924
0
0
0
$5.50
$43,582.00
$43,582.00
$0.00
$0.00
$0.00
Prime Coat
GAL
4401
4401
0
0
0
$0.50
$2,200.50
$2,200.50
$0.00
$0.00
$0.00
2" Bit. Surface Course
TON
172
172
0
0
0
$45.00
$7,740.00
$7,740.00
$0.00
$0.00
$0.00
10" BAM
SY
3069
3069
0
0
0
$15.00
$46,035.00
$46,035.00
$0.00
$0.00
$0.00
4" Agg. Base Course
SY
3069
3069
0
0
0
$2.65
$8,132.85
$8,132.85
$0.00
$0.00
$0.00
Agg. Shoulder
TON
609
609
0
0
0
$15.00
$9,135.00
$9,135.00
$0.00
$0.00
$0.00
R and R B6.24
EA
1
1
0
0
0
$600.00
$600.00
$600.00
$0.00
$0.00
$0.00
2" Curb Base
SY
1454
1454
0
0
0
$0.50
$727.00
$727.00
$0.00
$0.00
$0.00
Saw Cut Existing
LF
2940
2940
0
0
0
$1.85
$5,439.00
$5,439.00
$0.00
$0.00
$0.00
12" Thermoplast
LF
801
801
0
0
0
$2.00
$1,602.00
$1,602.00
$0.00
$0.00
$0.00
4" Thermoplast
LF
8292
8292
0
0
0
$0.75
$6,219.00
$6,219.00
$0.00
$0.00
$0.00
6" Thermoplast
LF
273
273
0
0
0
$1.30
$354.90
$354.90
$0.00
$0.00
$0.00
R & R Sign Assembly
EA
4
4
0
0
0
$200.00
$800.00
$800.00
$0.00
$0.00
$0.00
Remove Posts
EA
2
2
0
0
0
$100.00
$200.00
$200.00
$0.00
$0.00
$0.00
Power Pole Relocation
LF
1
1
0
0
0
$2,767.00
$2,767.00
$2,767.00
$0.00
$0.00
$0.00
Install Stop Sign
EA
1
0
1
1
0
$150.00
$150.00
$150.00
$0.00
$0.00
$0.00
Bituminous Driveway
SY
123
123
0
0
0
$25.50
$3,136.50
$3,136.50
$0.00
$0.00
$0.00
Traffic Control
LF
1
1
0
0
0
$10,000.00
$10,000.00
$10,000.00
$0.00
$0.00
$0.00
Sidewalk
SY
15725
0
15725
1966
13759
$2.35
$36,953.75
$4,620.10
$32,333.65
$16,496.33
$15,837.32
Street Lights
EA
9
0
9
9
0
$2,000.00
$18,000.00
$18,000.00
$0.00
$0.00
$0.00
Off site Driveways
SY
335
335
- 0
0
0
$12.00
$4,020.00
$4,020.00
$0.00
$0.00
$0.00
SUBTOTAL
$282,686.00
$231,908.35
$50,777.65
$16,496.33
$34,281.32
EARTHWORK
Topsoil Strip and Stockpile
CY
580
580
0
0
0
$2.00
$1,160.00
$1,160.00
$0.00
$0.00
$0.00
Page 3
LETTER OF CREDIT
PROJECT: Oak Tree
LAST UPDATE: September 29, 1998
REDUCTION NUMBER: 6
CATEGORY
QUANTITY
COST
ITEM
UNIT
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
UNIT
COST
ORIGINAL
RELEASE
TO DATE
PRESENT
THIS
REQUEST
REMAINING
Fine Grade Archer Ave.
CY
3069
3069
0
0
0
$1.00
$3,069.00
$3,069.00
$0.00
$0.00
$0.00
Backfill Curbs (Archer)
CY
580
580
0
0
0
$3.00
$1,740.00
$1,740.00
$0.00
$0.00
$0.00
Material Haul Off
CY
2740
2740
0
0
0
$8.00
$21,920.00
$21,920.00
$0.00
$0.00
$0.00
Mulch Archer Ave.
AC
1.1
0
1.1
1.1
0
$1,000.00
$1,100.00
$1,100.00
$0.00
$0.00
$0.00
Seeding Archer Ave.
AC
1.1
0
1.1
1.1
0
$1,500.00
$1,650.00
$1,650.00
$0.00
$0.00
$0.00
Replace Fence
LF
780
780
0
0
0
$10.00
$7,800.00
$7,800.00
$0.00
$0.00
$0.00
Straw Bale and Maintain
LF
20
10
10
10
0
$2.50
$50.00
$50.00
$0.00
$0.00
$0.00
Soil Erosion /Storm Control
LF
4480
2240
2240
0
2240
$1.00
$4,480.00
$2,240.00
$2,240.00
$0.00
$2,240.00
SUBTOTAL
$42,969.00
$40,729.00
$2,240.00
$0.00
$2,240.00
ITEM TOTALS
SANITARY SEWER $224,893.00 $211,393.00 $13,500.00 $7,000.00 $6,500.00
STORM SEWER $157,409.00 $157,409.00 $0.00 $0.00 $0.00
WATER MAIN $214,214.00 $214,214.00 $0.00 $0.00 $0.00
ROADWAY $282,686.00 $231,908.35 $50,777.65 $16,496.33 $34,281.32
EARTH WORK $42,969.00 $40,729.00 $2,240.00 $0.00 $2,240.00
CONSTRUCTION COST TOTALS $922,171.00 $855,653.35 $66,517.65 $23,496.33 $43,021.32
Page 4
SUMMARY
ORIGINAL LETTER OF CREDIT
RELEASE REQUEST TO DATE
RETAINAGE TO DATE
PRESENT LETTER OF CREDIT
THIS REQUEST
PREVIOUS RETAINAGE
RETAINAGE RELEASED
TOTAL RELEASE
REMAINING LETTER OF CREDIT
TOTAL RETAINAGE
COST OF CONSTRUCTION
$922,171.00
$855,653.35
$152,082.98
$23,496.33
$2,349.63
$43,102.05
$21,955.35
$43,102.05
$108,980.93
$65, 959.61
ESTABLISHED LETTER
OF CREDIT
$1,152,713.75
$106,566.69
$1,069,566.69
$190,104.34
$29,370.41
$2,937.03
$27,444.18
$53,877.56
$136,226.78
$82,449.51
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