R-62-03 Authorizing Release Of Letter Of Credit For Fordham Hill Estates SubdivisionRESOLUTION R -62 -03
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT FOR
FORDHAM HILL ESTATES SUBDIVISION
WHEREAS, pursuant to Ordinance 426, as amended, the Lemont 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 public improvements; and
WHEREAS, in the matter of Fordham Hill Subdivision, located south of Main Street, east of
Wexford Drive, an Irrevocable Letter of Credit # 294 issued by First Eagle National Bank in the
amount of $3,468,869.00 was deposited with the Village of Lemont on August 14, 2000 to cover
the required public improvements; and
WHEREAS, reductions and amendments to the original Irrevocable Letter of Credit #294 have been
made via Resolutions R- 102 -00, R -09 -01 and R- 42 -01, and after the Sixth Amendment of
November, 2002, the Letter of Credit #294 balance is $175,000 with an expiration date of November
30, 2003; and
WHEREAS, the developer, Walter Rebenson, requests a release of the original Letter of Credit
#294; 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; and
WHEREAS, a 5% bond in the amount of $175,000 has been retained as a maintenance guarantee
for a period of one (1) year.
NOW THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village
of Lemont that:
SECTION 1: Site work covered under Letter of Credit #294 has been substantially
completed.
SECTION 2: The Irrevocable Letter of Credit #294 shall be released upon receipt of a one-
year maintenance guarantee equal to five percent of the original estimate of probable cost,
or $175,000 in the form of a bank letter of credit.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit #294 for Fordham Hill Estates
Subdivision is hereby released.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DUPAGE,
ILLINOIS on this 25trh day of August, 2003
Debbie Blatzer
Peter Coules
Brian Reaves
Steven Rosendahl
Ron Stapleton
Jeanette Virgilio
AYES NAYS PASSED ABSENT
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Approved by me this 25th day of August, 2003.
JO F. PIAZZA, age Presiden
Attest:
ARLENE SMOLLEN, Village Clerk