R-454-96 09/09/96ITEM V.c.5
RESOLUTION NO. 4i5Y.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR HIRSEKORN RIDGE 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 Hirsekorn Ridge Subdivision, located on the north side
of McCarthy Road and west of Carriage Ridge Estates Units I & II in Lemont, Illinois, an
Irrevocable Letter of Credit #96 -458, State Bank of Countryside, in the amount of
$1,275,997.56 was deposited February 6, 1996 to cover remaining public improvements; and
WHEREAS, reductions in said Letter of Credit have been approved for work
completed from time to time; and
WHEREAS, Hirsekorn -Janas Partnership has made application for a reduction of
the Irrevocable Letter of Credit #96 -458 in the amount of $227,271.92; 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 #96 -458 is hereby reduced to
$546,681.17.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit #96 -458 for Hirsekorn Ridge
Subdivision is hereby reduced to $546,681.17.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAE OF LEMON % COUNT ES OF COOK, WILL, AND DU
PAGE, ILLINOIS, on this `dU day of -t) w't-' , 1996.
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me this
Atte
AYES
V
I/
1
10
v
1
NAYS
PASSED ABSENT
lJ�
HARLENE M. SMOLLEN, Village Clerk
LENE M. SM
N, Village Clerk
KI, Village President
STRAND
ASSOCIATES. INC.
E .N 3 1 N E ER S
2400 Glenwood Avenue
Suite 226
Joliet, Illinois 60435
Phone: (815) 744 -4200
Fax: (815) 744 -4215
August 21, 1996
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention: Ms. Dana Jenkins, Community Development Director
Re: Hirsekorn Ridge Subdivision Letter of Credit Reduction No. 4
Dear Dana:
We have reviewed the request from Laser Construction on behalf of Hirsekorn and Janas Partnership
for the reduction to the Letter of Credit No.2 without 125% markup. We recommend that the Village
release holding on the Letter of Credit in the amount of $227,271.92, provided that the developer
submit to the Village of Lemont partial lien waivers for work completed to date.
Following Letter of Credit Reduction No. 4, the remaining Letter of Credit will break down as follows:
Present Letter of Credit
Work Completed
10% Retention
Letter of Credit Release
Remaining Letter of Credit
If you have any questions or comments, please feel free to call.
Sincerely,
STRAND ASSOCIATES, INC.
Letter of Credit
$773,953.08
$252,524.35
$25,252.44
$227,271.92
$546,681.17
Mi hael R. Waldron, P.E.
424- 725/MRW:DE
cc: Steve Jones, Scott Buening, Dan Fielding, John Antonopoulos - Village of Lemont
Joe Janas, Sr. - Janas- Hirsekorn Partnership
Jerry Miskovic - Laser Consulting Engineers Village of Lemont
EXCELLENCE IN ENGINEERING SINCE 1946
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