R-57-15 A Resolution Authorizing a Reduction of a Letter of Credit for Birch Path Subdivision VILLAGE OF LEMONT
RESOLUTION NO.R-57-1S
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF CREDIT FOR
BIRCH PATH SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 9TH DAY OF NOVEMBER, 2015
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Cook, Will and DuPage Counties,
Illinois on this 9th day of November,2015
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RESOLUTION NO. -57_/c
A RESOLUTION AUTHORIZING A REDUCTION OF A LETTER OF CREDIT
FOR BIRCH PATH SUBDIVISION
WHEREAS, pursuant to the Lemont Unified Development Ordinance of 2008,
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 subdivision
improvements; and
WHEREAS, in the matter of the Birch Path subdivision located east of
Stoneybrook Drive in Lemont, IL, United Trust Bank of Palos Heights, IL issued
Irrevocable Letter of Credit No. 2015-4-30 in the amount of$132,250.00, Irrevocable
Letter of Credit No. 2015-5-5 in the amount of$553,750.00 and Irrevocable Letter of
Credit No. 2015-5-5A in the amount of$80,779.79 and deposited each with the Village
of Lemont to guarantee completion of subdivision improvements; and
WHEREAS, in consideration of the completion of certain improvements within
the Birch Path subdivision the Lemont Village Board of Trustees approved Resolutions
R-35-15 and R-49-15, granting the release of Letters of Credit 2015-4-30 and 2015-5-5A
and the reduction of Letter of Credit 2015-5-5 to its current balance of$430,616.57.
WHEREAS, J. Michael Ford, on behalf of Tempo Development, developer of
Birch Path subdivision, has completed certain improvements and has requested a
reduction in the aforementioned letter of credit; and
WHEREAS, the Village Engineer of the Village of Lemont has inspected certain
p ortions
oft
the improvements ements and has found these portions to have been satisfactorily
installed; and
NOW, THEREFORE BE IT RESOLVED by the President and Board of
Trustees of the Village of Lemont that:
1. Irrevocable Letter of Credit No. 2015-5-5 is hereby reduced to a balance of
$199,027.91.
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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 9th day of November,2015.
AYES NAYS PASSED ABSENT
Debby Blatzer V
Paul Chialdikas ..�
Clifford Miklos /
Ron Stapleton
Rick Sniegowski ✓
Jeanette Virgilio
APPROVED by me this 28th day of September,2015
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BRIAN K. REAVES,Village President
ATTEST:
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CHARLENE M. SMOLLEN, Village Clerk