R-466-96 10/28/96RESOLUTION NO. g(O
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR BAILEY'S CROSSING 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 Bailey's Crossing Subdivision, located on the north side
of Archer Avenue and east of Castlewood Estates in Lemont, Illinois, an Irrevocable Letter
of Credit #4239, Cole Taylor Bank, in the amount of $468,127.00 was deposited October
27, 1994 to cover remaining public improvements; and
WHEREAS, McBoy Construction has made application for a reduction of the
Irrevocable Letter of Credit #4239 in the amount of $374,537.00; 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 #4239 is hereby reduced to
$93,590.00.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit #4239 for Bailey's Crossing
Subdivision is hereby reduced to $93,590.00.
PASSED AND APPROVED BY
TRUSTEES OF THE VILLG� OF LEMO
PAGE, ILLINOIS, on this day of
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
AYES
1
j
PRESIDENT AND BOARD OF
LL IES OF COOK, WILL, AND DU
, 1996.
NAYS PASSED ABSENT
Approved by me this actday of
Attes
Villa e Clerk
CHARLENE M. SM aim,„
LLEN, Village
EN
HARLENE M. S M O L Village Clerk
ASN SKI, Village President
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STRAND
A99CCIAT29, INC.
E N O 1 N E E R 9
2400 Glenwood Avenue
Suite 226
Joliet, Illinois 60435
Phone: (815) 744 -4200
Fax: (815) 744 -4216
October 10, 1996
Revised October 16, 1996
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention: Ms. Dana Jenkins, Community Development Director
Re: Bailey's Crossing Subdivision!
Letter of Credit Reduction No.1
Dear Dana:
McBoy Construction has submitted a request for a reduction to $60,000 in their Letter of
Credit for Bailey's Crossing. In reviewing the Letter of Credit and comparing the work
completed to date, we recommend reducing the Letter of Credit to $93,590, instead of the
$60,000 requested, providing the submittal of lien waivers.
LETTER OF CREDIT HLO=
Latter of Credit No. 1
Present Letter of Credit $488,127.00
Work Completed (0 125%) $418,152.00
10% Retalnege $41,815.00
Letter of Credit Release $374,537.00
Remaining Lettar of Credit $,33,6$0.00
EXCELLENCE IN ENGINEERING SINCE 1948
Madison, WI • Loulsvllle, KY • PEH - Lexington, KY
im•. • r i ■ i ••• •••- • •- vvv - ri I ry
Village of Lemont
Page 2
October 10, 1996
Revised October 16, 1996
McBoy Construction did not provide a break down of their $60,000 estimate. Our $93,590
estimate is likely different because of work not yet completed, as noted on the punch list we
provided to you. Using the original Letter of Credit unit prices, they include:
► Restoration along Archer Avenue not completed (lump sumo $1,500)
► Detention area A berming is not to plan grades (lump sum $8,000)
► Both detention areas need to be sodded ($8,400)
► The 11/2-inch surface course has not been laid ($22,680)
► There are still approximately five trees that need to be planted ($200 each me $1,000)
These total $41,580. The 125% mark -up would be $51,975. Ten percent retainage of work
completed is $41,645. Adding this to the work still remaining totals $93,590.
Please call should you have any questions or require any additional information.
Sincerely,
STRAND ASSOCIATES, INC.
Robert A. Davis, P.E.
424- 724 /RAD:DE
cc: Steve Jones - Village Administrator
Dan Fielding - Public Works Director
John Antonopoulos - Village Attorney
Dan Harris - McBoy Construction
Sa
BTRANd
iss OCIAT!B. INC.