R-434-96 07/08/96•
RESOLUTION NO. 7.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR COVINGTON KNOLLS TOWNHOMES - UNIT 1
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 Covington Knolls Townhomes - Unit I, located north
of 127th Street, an Irrevocable Letter of Credit #9200002169, LaSalle National Bank, in the
amount of $559,310.00 was deposited with the Village of Lemont on August 11, 1995; and
WHEREAS Orchard Hill Building Company has made application for a reduction
of the Irrevocable Letter of Credit #9200002169 in the amount of $450,589.44; 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 #9200002169 is hereby reduced to
$108,720.56.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit No. 9200002169 for
Covington Knolls Townhomes - Unit I is hereby reduced to $108,720.56.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VIL E OF LEMON 1 UNTIES OF COOK, WILL, AND DU
PAGE, ILLINOIS, on this .4 day of W! 111--
, 1996.
AYES NAYS PASSED ABSENT
Barbara Buschman
Alice Chin V
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me this g day of
Att t:
LENE M. S • N, Village Clerk
HARLENE M. SM
EN, Village Clerk
v
A. K SNESKI, Village President
STRAND
AslaoalAT51?, INC.
i V G I N E E7-13
2400 Glenwood Avenue
Suite 226
Joliet, Illinois 60435
(816) 7444200
June 6, 1996
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attention: Ms. Dana Jenkins - Community Development Director
Re: Covington Knolls Townhomes - Unit 1
Letter of Credit Reduction
Dear Dana:
Strand Associates has reviewed Gallagher and Henry's request to reduce the Letter of Credit
to the amount of $108,720.56.
Strand Associates agrees that the cost of remaining public improvements to be completed does
not appear to exceed this amount. Lien waivers for completed work should be obtained by the
village prior to reducing the Letter of Credit to $108,720.56.
Please call if you have any questions or comments,
Sincerely,
STRAND ASSOCIATES, INC.
Robert A. Davis, P.E.
424 - 757 /RAD;DB
cc: Dan Fielding - Public Works Director
Steve Jones - Village Administrator
John Antonopoulos - Village Attorney
Terry Woolun2s/Bob Gallagher - Gallagher and Henry
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