R-472-97 Authorizing letter of credit reduction for stonehenge of lemontRESOLUTION NO.
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR STONEHENGE OF LEMONT
WHEREAS pursuant to the 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 Stonehenge of Lemont, located south of 127th Street and
east of State Street in Lemont, Illinois, an Irrevocable Letter of Credit #177, First National
Bank of Manhattan, in the amount of $340,000.00 was deposited with the Village of Lemont
on March 5, 1996; and
WHEREAS E.T. Mansell Construction, Inc. has made application for a reduction
of the Irrevocable Letter of Credit #177 in the amount of $306,000.00; 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;
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Lemont that:
SECTION 1: Approval pursuant to the Lemont Subdivision Control Ordinance is
hereby recommended for the improvements completed to date.
SECTION 2: The Irrevocable Letter of Credit #177 is hereby reduced to $34,000.00.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit #177 for Stonehenge of Lemont
is hereby reduced to $34,000.00.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILIAGE OF LEMON,� COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this day of 1996.
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me this glay
Attest:
AYES NAYS PASSED ABSENT
1
V
721
CHARLENE M. SMOLLEN, Village Clerk
.1 C ' I A. "AASNESKI, Village President
CHARLENE M. SMOLLEN, Village Clerk
SET BY:STRAND ASSOCIATES
STRAND
A$60CIATEe. INC.
ENGINEERS
2400 Glenwood Avenue
Sulte 226
Joliet, Illinole 80435
Phone: (815) 744 -4200
Fax: (815) 744.4215
December 3, 1996
;12- 4 -96 ; 9 :31AM ; STRAND ASSOCIATES-+
Village of Lemont
418 Main Street
Lemont, Illinois 60439
7082571598;# 1
Post -It' Fax Note
7671
Date LZ Ra9es►
To co
1.44J1
0m 1.-110‘ t
CoJDept
Co.
Phone #
Pgpne .7¢4 "4t% --0
Fax el,, Zr %•%?
Fax#
Attention: Mr. Scott Buening, Community Development Director
Re: Stonehenge of Lemont
Letter of Credit Reduction
Dear Scott:
Strand Associates has reviewed the progress of the Stonehenge of Lemont project. We
recommend the village consider reducing the Letter of Credit amount from $340,000, and
establish a Maintenance Guarantee in the amount of $34,000. This is based upon 10% of the
original Letter of Credit amount.
Sincerely,
STRAND ASSOCIATES, IN .
s P. Dean, P.E.
424- 745/RTA:DE
cc: Steve Jones - Village Administrator
John Antonopoulos - Village Attorney
Dan Fielding - Public Works Director
EXCEL I_ Pl\WI = 1n1 entr,in:G =ctntr_ cinir.a w r.7