R-469-97 Authorizing letter of credit reduction for castlewood estates subdivisionRESOLUTION NO. L;
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR CASTLEWOOD ESTATES SUBDIVISION
WHEREAS, pursuant to the Village of 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 such improvements; and
WHEREAS, in the matter of Castlewood Estates Subdivision, located northwest on
Archer Avenue and north of Mirta Circle in Lemont, Illinois, an Irrevocable Letter of Credit
#639, First National Bank of Joliet, in the amount of $859,062.50 was deposited October
26, 1992 to cover the installation of public improvements; and
WHEREAS, Prime Land Development Corporation has made application for a
reduction of the Irrevocable Letter of Credit #639 for public improvements completed to
date; and
WHEREAS, Banner Consultants, Inc., 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, said agent of the Village has recommended that the Letter of Credit
may be reduced to $112,500.00 based on improvements completed to date.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont that:
SECTION 1: Preliminary approval pursuant to the Lemont Subdivision Control
Ordinance is hereby granted for the improvements identified in Attachment A and attached
hereto.
SECTION 2: The Irrevocable Letter of Credit #639 is hereby reduced to
$112,500.00.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont that the Irrevocable Letter of Credit #639 for Castlewood Estates
Subdivision is hereby reduced to $112,500.00.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTY OF COOK, ILLINOIS, on this
/ V ' day of Y1 o v.eYrr'bw , 1996.
AYES NAYS PASSED ABSENT
Barbara Buschman ✓
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert ,/
CHARLENE SMOLLEN, Village Clerk
Approved by me this ilk` day of Vl o vg,vktA/ ,1996.
Attest:
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RALP SCHOBERT, PRESIDENT PRO -TEM
CHARLENE SMOLLEN, Village Clerk
Prepared by:
Planning Department
Village of Lemont
418 Main Street
Lemont, Illinois 60439
BANNER CONSULTANTS, INC.
CONSULTING CIVIL ENGINEERS
10661 S. Roberts Road • Suite 207 • Palos Hills, Illinois 60465 • Phone: 708 -974 -2330 • Fax 708 - 974 -3650
November 1, 1996
Ms. Dana L. Jenkins
Director of Community Development
Village of Lemont
418 Main Street
Lemont, Il 60439
RE: CASTLEWOOD ESTATES SUBDIVISION
LETTER OF CREDIT REDUCTION
Dear Dana
We have reviewed our file pertaining to the above captioned project with a view toward recommending a
reduction in the letter of credit for the project. Based on our analysis of the work completed to date and
a review of the original letter of credit for the project we recommend a reduction in the letter of credit
for the project in accordance with the following schedule:
Item
Original
L.O.C.
Amount
Requested
Reduction
Amount
Remaining
Sanitary Sewer
$ 89,500.00
$ 89,500.00
- 0 - .
Watermain
$ 78,500.00
.$ 78,500.00
- 0 -
Storm Sewer
$ 103,000.00
$ 103,000.00
- 0 -
Paving
$ 244,000.00
$ 184,000.00
$ 60,000.00
Street Lighting
$ 21,500.00
$ 21,500.00
- 0 -
Erosion Control
$ 34,500.00
$ 24,500.00
$ 10,000.00
Earthwork
$ 116,250.00
$ 96,250.00
$ 20,000.00
SUB- TOTALS
$ 687,250.00
$ 597,250.00
$ 90,000.00
Required Security @ 125% - 112,500.00.
If you have any questions in this regard please feel free to call.
Sincerely,
Bier Consultants,
Anthony 11 McNamara, P.E.
'Presiden