R-55-12 Resolution Releasing the Letter of Credit for Singer LandingVILLAGE OF LEMONT
RESOLUTION NO. Q SS,IZ
A RESOLUTION RELEASING THE LETTER OF CREDIT FOR SINGER LANDING
ADOPTED BY THE
PRESIDENT AND THE BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 24"' DAY OF SEPTEMBER, 2012
PUBLISHED IN PAMPHLET FORM BY
AUTHORITY OF THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF
LEMONT, COUNTIES OF COOK, WILL AND
DuPAGE, ILLINOIS, THIS 2e DAY OF
SEPTEMBER, 2012
RESOLUTION NO. R -SS -IZ
A RESOLUTION RELEASING THE LETTER OF CREDIT FOR SINGER LANDING
WHEREAS, pursuant to the Lemont Unified Development Ordinance of 2008, as
amended, 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 the Singer Landing subdivision on the north side of Talcott
Street, the Village approved Resolution R -55 -11 on July 25, 2011, accepting the public
improvements and reducing Irrevocable Letter of Credit No. FGAC - 06290, issued by Fidelity
Guaranty and Acceptance Corp. to the amount of $23,734.00; and
WHEREAS, this amount of $23,734.00 serves as the financial guarantee to cover any
deficiencies in the accepted public improvements during the required two -year maintenance
period, on the 26`s day of February, 2007, the President and the Board of Trustees of the Village
of Lemont reduced said letter of credit per Resolution R -26 -07 to $295,000.75; and
WHEREAS, Glenn Richmond, representing Lennar Communities of Chicago, LLC,
developers of Singer Landing, has requested immediate release of Letter of Credit No. FGAC-
06290 and has deposited with the Village $23,734.00;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont, that Irrevocable Letter of Credit No. FGAC- 06290, issued by Fidelity
Guaranty and Acceptance Corp., is hereby released and that Lennar Communities of Chccago,
LLC is hereby relieved of all maintenance responsibilities for the public improvements at the
Singer Landing subdivision.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE,
ILLINOIS, on this 20 day of September, 2012.
AYES NAYS
Debby Blatzer
Paul Chialdikas d
Clifford Miklos r�
Ron Stapleton V
—2—
PASSED ABSENT
Rick Sniegowski
Jeanette Virgilio
Z me this 24th day of September, 2012
EAVES, Village President
ATTEST:
CHARLENE M. SMOLLEN, Village Clerk
—3—