R-178-91 MIRTA SUBDIVISION Irrevocable Letter of CreditRESOLUTION NO. /79
WHEREAS, the Developer of MIRTA SUBDIVISION has posted an Irrevocable
Letter of Credit No. 99082 from Champion Federal Savings and Loan to the Village of
Lemont to assure the completion of various subdivision improvements in accordance with
plans and specification approved by the Village of Lemont; and
WHEREAS, the Village Engineer, Joseph A. Schudt & Associates, has notified the
Village that the Developer has failed to satisfactorily complete the installation of required
improvements and has prepared a summary of costs remaining as attached hereto and
identified as Exhibit I; and
WHEREAS, the Village of Lemont notified the Developer on June 15, 1990, and on
numerous prior occasions, that if the MIRTA SUBDIVISION improvements were not
completed, the Village would act upon its Letter of Credit; and
WHEREAS, the Village Board on June 25, 1990, and August 13, 1990, adopted a
Resolution demanding payment under the Letter of Credit issued by Champion Federal
Savings and Loan captioned "Letter of Credit No. 99082; and
WIIEREAS, of August 13, 1990, no additional work had been performed by the
Developer of MIRTA SUBDIVISION and the Developer has failed to complete the
improvements as required under the Subdivision Ordinance; and
WHEREAS, the Village Engineer's previous estimate is less than the actual amount
required to complete the improvements and will require payment in the amount of Fifty
Seven Thousand Nine Hundred Sixteen Dollars and 19/100 ($57,916.19) as evidenced by
the attached contracts and invoices.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont, County of Cook, Illinois, that demand is hereby made upon
Champion Federal Savings and Loan pursuant to Letter of Credit No. 99082 that the
Owner /Developer has breached its obligation to complete the subdivision improvements
within the time provided by Ordinance, and that Champion Federal Savings and Loan pay
to the Village of Lemont, and /or its Contractors, the suer of Fifty Seven Thousand Nine
Hundred Sixteen Dollars and 19/100 ($57,916.19) upon certification of the Village Engineer
that Contractors employed by the Village have completed improvements described on the
attached exhibit.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTY OF COOK, ILLINOIS, on this /c day of
Kenneth S. Bronrberek
Richard Kwasneski
Barbara Buschman
William Margalus
Charles Skopec
Bert Ercoli
, 1991.
AYES NAYS PASSED ARS1N1'
v
v
C ARLENE SMOLLEN, Village Clerk
Approved by nie this day of
`Attest: "),
.• t
RLLNLP (S L ' f<lage Clerk
B: \ORDINANCE \MIRTA.SUB \PAP
Oyid
l! r'" • 1 ORZLEY, Vi
, 1991.
i ge I''esident
06/25/90 08
Description
^C 17087201065 J/ lUDT
EXHIBIT I
MIRTA CIRCLE
VILLAGE OF LEMONT, ILLINOIS
SUMMARY AND COSTS OF REMAINING
PUBLIC IMPROVEMENTS
02
79 -19 -194
6/20/90
Est
Unit Quantity Unit Cost Amount
PAVING /MISCELLANEOUS
1. Street Light each 3 $2,000.00 $ 6,000.00
Complete w /Connection to
Electric Source, Photocell
2. Tree Removal, Complete 1.f. 86 18.00 1,548.00
w /Stump Removal
3. Excavation 1.f. 230 7.00 1,610.00
4. Aggregate Base Course 1.f. 270 15.00 4,050.00
Ty A, 8 in
5. Bituminous Material 1.f. 225 0.85 191.25
Prime Coat
6. Bituminous Concrete 1.f. 190 7.00 1,330.00
Surface Removal w /Sawcut
Edges
7. Bituminous Concrete 1.f. 50 40.00 2,000.00
Leveling Binder (Sand Mix)
8. Bituminous Concrete Binder 1.f. 590 2.80 1,652.00
Course CL I, 11/2
9. Paving Fabric s.y. 2,500 1.25 3,125.00
10. Bituminous Concrete s.y. 2,500 3.05 7,625.00
Surface Course CL I, 1"
11. Topsoil Placement, 6" s.y. 4,000 1.25 5,000.00
12. Sodding s.y. 1,900 2.00 3,800.00
13. Seeding w /Straw Mulch s.y. 2,100 0.60 1,260.00
14. Ditching (and Disposal 1.f. 1,040 1.45 1,508.00
of Excavated Material)
15. Engineering Observation
(a) Existing Outstanding Balance 1,500.00
(b) Completion 600.00
Subtotal $42,799.25
Contingency @ 15% $ 6,419.89
Total $50,000.00