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R-77-98 Authorizing letter of credit reduction for Keepataw Trails subdivision
RESOLUTION NO. RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR KEEPATAW TRAILS 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 Keepataw Trails Subdivision, located on 127th Street west of Archer Avenue in Lemont, Illinois, an Irrevocable Letter of Credit #96 -462, State Bank of Countryside, in the amount of $2,312,706.30 was deposited with the Village of Lemont on March 4, 1996; and WHEREAS Keepataw Trails Group, L.L.C. has made application for a second reduction of the Irrevocable Letter of Credit #96 -462 in the amount of $659,328.46; 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: Approval pursuant to the Lemont Subdivision Control Ordinance is hereby recommended for the improvements completed to date. SECTION 2: The Irrevocable Letter of Credit #96 -462 is hereby reduced to $649,006.22. NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the Village of Lemont that the Irrevocable Letter of Credit No.96 -462 for Keepataw Trails Subdivision is hereby reduced to $649,006.22. 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 24th day of August 1998. Barbara Buschman Keith Latz Connie Markiewicz Rick Rimbo Ralph Schobert Mary Studebaker AYES NAYS PASSED ABSENT ENE M. SMOLLEN, Village Clerk Approved by me this 24th day of 1998. illage President Memorandum To: Scott Buening Community Development Memorandum From: Joanna Littrell Village Engineer Date: Reference: February 26, 1998 Keepataw Trails Subdivision Letter of Credit Reduction No. 2 We have received a request by Mr. Pete Coules, attorney for Glenside Builders, on February 19, 1998, to reduce their Letter of Credit. I have reviewed the outstanding items (see attached breakdown) and associated costs. Current Letter of Credit: This Request: 10% Retainage: Total Release #2: Remaining LOC: $1,308.334.68 $ 732,587.18 $ 73,258.72 $ 659,328.46 $ 649,006.23 I would recommend a release of their Letter of Credit in the amount of $659,328.46 LETTER OF CREDIT CATEGORY PROJECT: KEEPATAW TRAILS LAST UPDATE: FEBRUARY 27, 1998 Reduction #2 QUANTITY ITEM UNITS ORIGINAL RELEASE TO DATE PRESENT THIS REQUEST REMAINING UNIT COST ORIGINAL RELEASE TO DATE I,VJI PRESENT THIS REQUEST REMAINING SANITARY SEWER LF 8" PVC 8" DIP LF LF 4415 4415 0 0 $20.00 $88,300.00 088,300.00 $0.00 $0.00 $0.00 6" DIP 30 30 0 0 $18.00 $540.00 $540.00 $0.00 $0.00 $0.00 10" ABS Truss LF LF 760 0 760 760 0 $16.00 012,160.00 $0.00 $12,160.00 $12,160.00 $0.00 6" PVC Short Service EA 829 0 829 829 0 $22.00 $18,238.00 $0.00 $18,238.00 $18,238.00 $0.00 46 46 0 0 $300.00 $13,800.00 $13,800.00 $0.00 $0.00 6" PVC Long Service 16" Steel Casing - Augered EA LF 52 52 0 0 $700.00 $36,400.00 $36,400.00 $0.00 $0.00 $000 $0.00 Manhole Type -A EA 70 70 0 0 0170.00 011,900.00 $11,900.00 00.00 $0.00 $0.00 Manhole 6' Dia. - LS V. V EA 42 42 0 0 01,800.00 $75,600.00 $75,600.00 $0.00 $0.00 $0.00 Manhole 7' Dia. - Lift Sta. EA 1 0 1 1 0 $2,200.00 $2,200.00 $0.00 $2,200.00 $2,200.00 $0.00 1 0 1 1 0 $3,500.00 03,500.00 $0.00 03,500.00 $3,500.00 Trench Backfill - Main line Trench Backfill - Services CY CY 548 548 0 0 020.00 $10,960.00 $10,960.00 $0.00 $0.00 $0,00 $0.00 Lift Station EA 1227 1227 0 0 020.00 $24,540.00 024,540.00 $0.00 $0.00 $0.00 Control Building EA 1 0 1 1 0 $125,000.00 $125,000.00 $0.00 $125,000.00 $125,000.00 $0.00 SUBTOTAL 1 0 1 1 0 $17,000.00 $17,000.00 00.00 $17,000.00 $17,000.00 $0.00 $0.00 $440,138.00 $262,040.00 $178,098.00 $178,098.00 $0.00 STORM SEWER 12" RCP 15" RCP LF LF 1444 1390 54 54 0 $15.00 $21,660.00 020,850.00 $810.00 $810.00 $0.00 18" RCP LF 1091 1091 0 0 $19.00 $20,729.00 $20,729.00 $0.00 00.00 $0.00 21" RCP LF 607 607 0 0 $21.00 $12,747.00 012,747.00 $0.00 $0.00 $0.00 24" RCP LF 387 387 0 0 025.00 $9,675.00 $9,675.00 $0.00 00.00 $0.00 541 541 0 0 $31.00 $16,771.00 $16,771.00 $0.00 $0.00 $0.00 27" RCP 30" RCP LF LF 56 56 0 0 $35.00 $1,960.00 $1,960.00 $0.00 $0.00 $0.00 10" ADS LF 190 190 0 0 041.00 $7,790.00 $7,790.00 $0.00 $0.00 $0.00 17' ADS LF 195 195 0 0 $7.50 $1,462.50 $1,462.50 $0.00 $0.00 $0.00 15" ADS LF 1160 280 1160 0 0 280 0 $8.60 $9,976.00 $9,976.00 $0.00 00.00 $0'00 280 0 $16.80 $4,704.00 $0.00 $4,704.00 $4,704.00 $0.00 18" ADS LF 24" ADS LF 564 564 0 0 $17.80 $10,039.20 $10,039.20 $0.00 $0.00 $0.00 30" ADS LF 522 522 0 0 $23.00 $12,006.00 $12,006.00 $0.00 $0.00 $0.00 15" DIP LF 890 890 0 0 032.00 $28,480.00 028,480.00 $0.00 $0.00 $0.00 25 25 0 0 036.00 $900.00 $900.00 $0.00 $0.00 $0.00 Engineering Department Page 1 2/26/98 LETTER OF CREDIT CATEGORY PROJECT: KEEPATAW TRAILS LAST UPDATE: FEBRUARY 27, 1998 Reduction #2 QUANTITY COST ITEM UNITS ORIGINAL RELEASE TO DATE PRESENT THIS REQUEST REMAINING UNIT COST ORIGINAL RELEASE TO DATE PRESENT THIS REQUEST REMAINING 8" DIP LF 170 170 0 0 $18.00 $3,060.00 $3,060.00 $0.00 $0.00 12" FES EA 2 2 0 0 $400.00 $800.00 $800.00 $0.00 $0.00 15" FES EA 2 2 0 0 $450.00 $900.00 $900.00 $0.00 $0.00 8 18" FES EA 1 1 0 0 $500.00 $500.00 $500.00 $0.00 $0.00 24" FES EA 1 1 0 0 $550.00 $550.00 $550.00 $0.00 $0.00 15" ADS FES EA 1 1 0 0 $250.00 $250.00 $250.00 $0.00 $0.00 30" ADS FES EA 1 1 0 0 $400.00 $400.00 $400.00 $0.00 $0.00 $0.00 Concrete Trough SF 487 0 487 487 0 $2.25 $1,095.75 $0.00 $1,095.75 $1,095.75 $0.00 6" Restrictor EA 1 0 1 1 0 $300.00 $300.00 $0.00 $300.00 $300.00 $0.00 4" Restrictor EA 2 0 2 2 0 $200.00 $400.00 $0.00 $400.00 $400.00 $0.00 48" CB EA 55 42 13 13 0 $1,450.00 $79,750.00 $60,900.00 $18,850.00 $18,850.00 $0.00 24" Inlet EA 16 11 5 0 $950.00 $15,200.00 $10,450.00 $4,750.00 $4,750.00 $0.00 Manhole EA 6 3 3 0 $1,800.00 $10,800.00 $5,400.00 $5,400.00 $5,400.00 $0.00 Trench Backfill CY 487 367 120 0 $20.00 $9,740.00 $7,340.00 $2,400.00 $2,400.00 $0.00 SUBTOTAL $7,618.95 $282,645.45 $243,935.70 $38,709.75 $38,709.75 $0.00 WATERMAIN 8" DIP LF 6513 6513 0 $18.00 $117,234.00 $117,234.00 $0.00 $0.00 $0.00 12" DIP LF 455 455 0 $32.00 $14,560.00 514,560.00 $0.00 $0.00 $0.00 8" Valve and Box EA 15 15 0 $1,200.00 $18,000.00 $18,000.00 $0.00 $0.00 $0.00 Press. Conn. w/ Vault EA 2 2 0 $3,800.00 $7,600.00 $7,600.00 $0.00 $0.00 $0.00 8" Valve w/ Vault EA 1 1 0 $1,500.00 $1,500.00 $1,500.00 $0.00 $0.00 $0.00 12" Valve w/ Vault EA 2 2 o 0 0 0 0 $2,000.00 $4,000.00 $4,000.00 $0.00 $0.00 $0.00 Fire Hydrant EA 19 19 $1,650.00 $31,350.00 $31,350.00 $0.00 $0.00 $0.00 16" Steel Case -Auger LF 132 132 0 $170.00 $22,440.00 $22,440.00 $0.00 $0.00 $0.00 15" Steel Sleeve LF 100 100 $30.00 $3,000.00 $3,000.00 $0.00 $0.00 $0.00 1" Short Serve w/ Box EA 52 52 $300.00 $15,600.00 $15,600.00 $0.00 $0.00 $0.00 1" Long Serve w/ Box EA 46 46 0 0 $680.00 $31,280.00 $31,280.00 $0.00 $0.00 50.00 T. Backfill - Main Line CY 550 550 0 0 $20.00 $11,000.00 $11,000.00 50.00 $0.00 $0.00 T. Backfill - Services CY 895 895 0 0 $20.00 $17,900.00 $17,900.00 $0.00 $0.00 $0.00 Engineering Department Page 2 2/26/98 4 LETTER OF CREDIT CATEGORY PROJECT: KEEPATAW TRAILS LAST UPDATE: FEBRUARY 27, 1998 Reduction #2 QUANTITY COST ITEM UNITS ORIGINAL RELEASE TO DATE PRESENT THIS REQUEST REMAINING UNIT COST ORIGINAL RELEASE TO DATE PRESENT THIS REQUEST REMAINING SUBTOTAL $295,464.00 $295,464.00 $0.00 $0.00 $0.00 ROADWAY Rolled Curb and Gutter LF 8060 8060 8060 0 $12.00 $96,720.00 $0.00 $96,720.00 $96,720.00 $0.00 4' Sidewalk SF 32220 32220 16110 16110 $2.25 $72,495.00 $0.00 $72,495.00 $36,247.50 $36,247.50 5' Sidewalk - Archer SF 2280 2280 2280 $2.25 $5,130.00 $0.00 $5,130.00 $0.00 $5,130.00 5' Sidewalk - 127th St. SF 3320 3320 3320 $2.25 $7,470.00 $0.00 57,470.00 $0.00 $7,470.00 1.5" Bit. Surface Course SY 14325 14325 14325 $3.30 $47,272.50 $0.00 $47,272.50 $0.00 $47,272.50 3" Bit. Binder Course SY 14325 14325 14325 0 $5.80 $83,085.00 $0.00 $83,085.00 $83,085.00 $0.00 10" Agg. Base Course SY 14325 14325 14325 0 $6.50 $93,112.50 $0.00 $93,112.50 $93,112.50 $0.00 Prime Coat (stone) GAL 3585 3585 3585 0 $1.50 $5,377.50 $0.00 $5,377.50 $5,377.50 $0.00 Prime Coat (binder) GAL 1435 1435 1435 $1.70 $2,439.50 $0.00 $2,439.50 $0.00 $2,439.50 127th Street improv. EA 1 1 1 $100,000.00 $100,000.00 $0.00 $100,000.00 $0.00 $100,000.00 Archer Ave. improv. EA 1 1 1 $130,000.00 $130,000.00 $0.00 $130,000.00 $0.00 $130,000.00 Street Lights EA 11 11 11 0 $2,250.00 $24,750.00 $0.00 $24,750.00 $24,750.00 $0.00 Street Signs EA 10 10 10 0 $100.00 $1,000.00 $0.00 $1,000.00 $1,000.00 $0.00 SUBTOTAL $668,852.00 $0.00 $668,852.00 $340,292.50 $328,559.50 EXCAVATION North Detention Pond Strip Topsoil CY 0 0 0 0 51.90 $0.00 $0.00 $0.00 $0.00 $0.00 Cut CY 13866 13866 0 0 $1.90 $26,345.40 $26,345.40 $0.00 $0.00 $0.00 Fill CY 35 35 0 0 $2.50 $87.50 $87.50 $0.00 $0.00 $0.00 Spread Topsoil CY 552 552 552 $1.90 51,048.80 $0.00 $1,048.80 $0.00 $1,048.80 Seeding SY 5018 5018 5018 $1.00 $5,018.00 $0.00 $5,018.00 $0.00 $5,018.00 South Detention Pond Strip Topsoil CY 0 0 0 $1,90 $0.00 $0.00 $0.00 $0.00 $0.00 Cut CY 6805 6805 0 0 $1.90 $12,929.50 $12,929.50 $0.00 $0.00 $0.00 Fill CY 3047 3047 0 0 $2.50 $7,617.50 $7,617.50 $0.00 $0.00 $0.00 Spread Topsoil CY 643 643 643 $1.90 $1,221.70 $0.00 $1,221.70 $0.00 $1,221.70 Seeding SY 5845 5845 5845 $1.00 $5,845.00 $0.00 $5,845.00 $0.00 $5,845.00 Engineering Department Page 3 2/26/98 LETTER OF CREDIT PROJECT: KEEPATAW TRAILS LAST UPDATE: FEBRUARY 27, 1998 Reduction #2 COST .,., 1 L,-,V1. 1 ITEM UNITS ORIGINAL RELEASE RELEASE TO DATE PRESENT THIS REQUEST REMAINING UNIT COST ORIGINAL RELEASE TO DATE PRESENT THIS REQUEST REMAINING Roadway - Strip Topsoil CY 1610 805 805 805 0 $1.90 $3,059.00 $1,529.50 $1,529.50 $1,529.50 $0.00 Marian Drive - Cut CY 3059 3059 0 0 $1.90 $5,812.10 $5,812.10 $0.00 $0.00 $0.00 Marian Drive - Fill CY 4593 4593 0 0 $2.50 $11,482.50 $11,482.50 $0.00 $0.00 $0.00 Steven Court - Cut CY 695 695 0 0 $1.90 $1,320.50 $1,320.50 $0.00 $0.00 $0.00 Steven Court - Fill CY 950 950 0 0 $2.50 $2,375.00 $2,375.00 $0.00 $0.00 $0.00 Chieftain Court - Cut CY 190 190 0 0 $1.90 $361.00 $361.00 $0.00 $0.00 $0.00 Chieftain Court - Fill CY 270 270 0 0 $2.50 $675.00 $675.00 $0.00 $0.00 $0.00 Ashford Drive - Cut CY 2590 2590 0 0 $1.90 $4,921.00 $4,921.00 $0.00 $0.00 $0.00 Ashford Drive - FiII CY 4038 4038 0 0 $2.50 $10,095.00 $10,095.00 $0.00 $0.00 $0.00 Falcon Court - Cut CY 623 623 0 0 $1.90 $1,183.70 $1,183.70 $0.00 $0.00 $0.00 Falcon Court - Fill CY 965 965 0 0 $2.50 $2,412.50 $2,412.50 $0.00 $0.00 $0.00 Erosion Control LF 1750 875 875 875 $2.50 $4,375.00 $2,187.50 $2,187.50 $0.00 $2,187.50 Trees EA 196 196 98 98 $280.00 $54,880.00 $0.00 $54,880.00 $27,440.00 $27,440.00 SUBTOTAL $163,065.70 $91,335.20 $71,730.50 $28,969.50 $42,761.00 ITEM TOTALS Sanitary Sewer $440,138.00 $262,040.00 $178,098.00 $178,098.00 $0.00 Storm Sewer $282,645.45 $243,935.70 $38,709.75 $38,709.75 $0.00 Water Main $295,464.00 $295,464.00 $0.00 $0.00 $0.00 Roadway $668,852.00 $0.00 $668,852.00 $340,292.50 $328,559.50 Excavation $163,065.70 $91,335.20 $71,730.50 $28,969.50 $42,761.00 CONSTRUCTION COST TOTALS $1,850,165.15 $892,774.90 $957,390.25 $586,069.75 $371,320.50 Engineering Department Page 4 2/26/98 SUMMARY ORIGINAL LETTER OF CREDIT RELEASE TO DATE RETAINAGE TO DATE PRESENT LETTER OF CREDIT THIS REQUEST RETAINAGE TOTAL RELEASE REMAINING LETTER OF CREDIT TOTAL RETAINAGE CONSTRUCTION COST $1,850,165.15 $892,774.90 $89,277.49 $1,046,667.74 $586,069.75 $58,606.98 $527,462.77 $519,205.00 $147,834.77 1ID 125% $2,312,706.44 $1,115,968.63 $111,596.86 $1,308,334.68 $732,587.18 $73,258.72 $659,328.46 $649,006.20 $184,885.58 Engineering Department Page 1 2/26/98 PUG 10,'98 02:40PM ANTONOPOULOS P.213 MEMORANDUM TO: Scott Suening, Community Deveiopinent Director FROM: John P. Anonopoulos, Village Attorney DATE: August 10, 1998 Keepataw Trails Letter of Credit Reduction RE: I have reviewed the Agenda Memorandum and supporting documents in connection with the above - requested action and have no objection to the proposed resolution.