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R-20-09 Res LOC Crossing Creek SubdivisionRESOLUTION NO. R' a D RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION FOR CROSSING CREEK SUBDIVISION WHEREAS, pursuant to the Unified Development Ordinance, 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 Crossing Creek Subdivision, located 12806 Archer Avenue, an Irrevocable Letter of Credit #S905349 from Charter One Bank in the amount of $375,677.00 was deposited with the Village of Lemont on December 28, 2007; and WHEREAS, Joseph Basiorka, owner, has made application for a reduction of the Irrevocable Letter of Credit #S905349; and WHEREAS, the Village Engineer has inspected certain portions of the improvement and has found these portions to have been satisfactorily installed, resulting in his recommendation of a reduction of $147,677.00 to a balance of $178,000.00. NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that Letter of Credit #S905349, for Crossing Creek Subdivision is hereby reduced to $178,000.00 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 23rd day of March, 2008. Debby Blatzer Peter Coules Clifford Miklos Brian Reaves Ron Stapleton Jeanette Virgilio AYES NAYS ABSENT ABSTAIN v APPROVED by me this 23rd day of March, 2008. JOHN F PIAZZA, Village P ATTEST: CHARLENE M. SMOLLEN, Village Clerk M: \COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMEN71270 - Letters of Credit\2008 Resolutions +Memos \Crossing Creek -LOC Red.wpd 2 dent Village of Faith Mayor John F. Piazza Village Clerk Charlene M. Smollen Trustees Debby Blatzer Peter Coules Clifford Miklos Brian Reaves Ronald Stapleton Jeanette Virgilio Administrator Gary C. Holmes Village of Lemont Mr. James Brown Community Development Director Village of Lemont 418 Main Street Lemont, Illinois 60439 418 Main Street • Lemont, Illinois 60439 March 10, 2009 Re: Crossing Creek Subdivision Letter of Credit Reduction Dear Jim: I have computed the recommend Letter of Credit amount for Crossing Creek to be as follows: Administration Remaining Work phone (630) 257 -1590 fax (630) 243 -0958 $130,000.00 x 115 % = $149,500.00 Building Department Maintenance Balance Allowance phone (630) 257 -1580 fax (630) 257 -1598 $283,197.50 x 10 % = $ 28,319.75 Community Development Total . $177,819.75 phone (630) 257 -1595 fax (630) 257 -1598 Engineering Department phone (630) 257 -2532 fax (630) 257 -3068 Finance Department phone (630) 257 -1550 fax (630) 257 -1598 Police Department 416 Main Street phone (630) 257 -2229 fax (630) 257 -5087 Public Works 16680 New Avenue phone (630) 257 -2532 fax (630) 257 -3068 www.lemont.il.us The Letter of Credit for Crossing Creek may be lowered to a new balance of $178,000.00, pending the proper re- installation of the erosion control measures on the site.. Should you have any questions concerning this matter, please do not hesitate to contact me. Sincerel VI F LEMONT es . Cainkar, P.E., P.L.S. Acting Village Engineer JLC /debi Enclosures cc: Mr. Gary C. Holmes, Administrator Mr. Dan Fielding, Director of Public Works Mr. Ben Wehmeier, Asst. Village Manager Mr. Ed Buettner, Building Commissioner File No. 04305 er.of Credit t eductton;Ei3i0of? cl RICHARD E. FISHER ENGINEERING 4130 GRAND AVENUE WESTERN SPRINGS, IL 60558 (708) 505 -4016 FAX(7O8) 505 -4017 December 29, 2008 Mr. James L. Cainkar, P.E. P.L.S. Frank Novotny & Associates, Inc. 825 Midway Drive Willowbrook, IL 60527 Re: Crossing Creek— Lemont, IL Letter of Credit Reduction Request Dear Mr. Cainkar: Per the request of our client, the developer of the above referenced project, we are submitting this letter as a request for reduction of the amount for the letter of credit. Attached is an itemized estimate with reduction amounts. If you have any questions please call. Sincerel Richard E. Fisher, P.E. Cc: Mr. Joseph Basiorka RICHARD E FISHER ENGINEERING 4130 CiKANU AVLNUt WESTERN SPRINGS, IL 60558 (708) 505 -4016 Project Name: Crossinsr Creek Original Cost Estimate First Reduction 12/29/08 No. _Item Quantity Unit Unit Price Total Remaining Quantity Remaining Total A. SANITARY SEWER 1 8" PVC SANITARY SEWER SDR 26 285 LF $28.00 $7,980.00 0 $ - 2 48" SANITARY MANHOLE 3 EA $2,000.00 $6,000.00 0 $ - 3 CONNECTION TO EXISTING 1 EA $750.00 $750.00 0 $ - 4 6" PVC SANITARY SERVICES SDR 26 4 EA $750.00 $3,000.00 0 $ - 5 TESTING FOR ACCEPTANCE 1 EA $2,500.00 $2,500.00 0 $ - 6 TRENCH BACKFILL 60 LF $22.00 $1,320.00 0 $ - B. WATER DISTRIBUTION 1 8" DUCTILE IRON WATER MAIN 320 LF $25.00 $8,000.00 0 $ - 2 12" DUCTILE IRON WATER MAIN 560 LF $36.00 $20,160.00 0 $ - 3 8" VALVE IN VAULT 2 EA $2,200.00 $4,400.00 0 $ - 4 12" VALVE IN VAULT 1 EA $2,600.00 $2,600.00 0 $ - 5 FIRE HYDRANT W /AUX. VALVE 4 EA $2,600.00 $10,400.00 0 $ - 6 5" TYPE K COPPER WATER SERVICE 60 LF $22.00 $1,320.00 0 $ - 7 1.5" CORP. COCK, CURB STOP & BOY 4 EA $750.00 $3,000.00 0 $ - 8 TESTING FOR ACCEPTANCE 1 EA $1,000.00 $1,000.00 0 $ - 9 FITTINGS 14 EA $250.00 $3,500.00 0 $ - 10 CONNECTING TO EXISTING 1 EA $550.00 $550.00 0 $ - 11 TRENCH BACKFILL 100 LF $19.00 $1,900.00 0 $ - C. STORM SEWER 1 12" RCP STORM SEWER 561 LF $18.00 $10,098.00 39 $ 702.00 2 15" RCP STORM SEWER 400 LF $22.00 $8,800.00 0 $ - 3 48" CATCH BASIN 1 EA 81,200.001 $1,200.00 1 $ 1,200.00 4 48" MANHOLE 10 EA $1,200.00 $12,000.00 0 $ - 5 15" F.E.S. W /GRATE 4 EA $1,000.00 $4,000.00 0 $ - 6 TRENCH BACKFILL 1 40 EA $19.00 $760.00 39 $ 741.00 D. EARTHWORK 1 TOPSOIL STRIPPING (1' DEEP) 3646 CY $2.50 $9,115.00 0 $ - 2 CLAY EXCAVATION /GRADING 1823 CY $3.00 $5,469.00 200 $ 600.00 3 EXPORT EXCESS MATERIAL (10 %) 182 CY $8.00 $1,456.00 0 $ - 4 SILT FENCE 1660 LF $2.00 $3,320.00 0 $ - E. R.O.W. INPROVEMENTS 1 FINE GRADING 1240 SY $0.75 $930.00 0 $ - 2 1.5" BIT. CONC. SURFACE COURSE 822 SY $6.75 $5,548.50 822 $ 5,548.50 2 1.5" BIT. SURFACE BINDER 822 SY $6.50 $5,343.00 0 $ - 3 6" BIT. AGGREGRATE MATERIAL 822 SY $25.00 $20,550.00 0 $ - 4 4" AGGREGATE BASE COURSE 822 SY $4.00 $3,288.00 0 $ - 5 ROLLED CURB & GUTTER 390 LF $12.00 $4,680.00 0 $ - 6 5' P.G.C. SIDEWALK 4488 SF $3.50 $15,708.00 4,488 $ 15,708.00 7 BACKFILL CURB 390 LF $2.00 $780.00 390 $ 780.00 8 TOPSOIL & SEED PARKWAY 724 SY $3.00 $2,172.00 724 $ 2,172.00 9 SUBDIVISION PLANTINGS 1 LUMP N/A $12,500.00 I 812,500.00 10 STREET LIGHTS 1 EA $3,000.00 $3,000.00 I $ 3,000.00 11 PREFAB RETAINING WALL 2460 SF $30.00 $73,800.00 2,460 $ 73,800.00 12 STREET SIGNS 1 EA $300.00 $300.00 I $ 300.00 Total Plus 15% Grand Total $ 283,197.50 Total $ 42,479.63 $ 325,677.13 $ 117,051.50 $ 42,479.63 $ 159,531.13 XX Charter One ORBS IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 8905349 ISSUING BANK: RBS CITIZENS, N.A. INTERNATIONAL TRADE DEPT. 20 CABOT ROAD, M/S MMF470 MEDFORD, MA 02155 U.S.A. PLACE AND DATE OF ISSUE: MEDFORD, MA DECEMBER 28, 2007 BENEFICIARY: VILLAGE OF LEMONT 416 MAIN STREET LEMONT, IL 60439 APPLICANT: ANNA ZALINSKI 8013 S. NORDICA BURBANK, IL 60459 International Division 20 Cabot Road Medford, MA 02155 USA 888 868.0212 tel SWIFT CTZIUS33 TELEX 221047 CTZINTL PLACE AND DATE OF EXPIRY: AT OUR COUNTERS DECEMBER 28, 2009 UP TO AN AGGREGATE AMOUNT THEREOF: USD 325,677.13 PARTIAL DRAWINGS :PERMITTED CREDIT AVAILABLE WITH: RBS CITIZENS, N.A. INTERNATIONAL TRADE DEPT. 20 CABOT ROAD, M/S MMF470 MEDFORD, MA 02155 U.S.A. WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 8905349 IN YOUR FAVOR FOR THE ACCOUNT OF ANNA ZALINSKI, 8013 S. NORCICA, BURBANK, IL 60439 IN THE AGGREGATE AMOUNT OF UP TO USD325,677.13 (THREE HUNDRED TWENTY FIVE THOUSAND SIX HUNDRED SEVENTY SEVEN AND 13/100 U.S. DOLLARS) AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED 'DRAWN UNDER RBS CITIZENS, N.A. LETTER OF CREDIT NO. S905349 DATED, AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. THE ORIGINAL OF THIS LETTER OF CREDIT AND ALL AMENDMENTS THERETO, IF ANY. IN THE EVENT OF PARTIAL DRAWING THE AMOUNT WILL BE ENDORSED ON THE ORIGINAL LETTER OF CREDIT AND IT WILL BE RETURNED TO YOU VIA OVERNIGHT COURIER SERVICE. 2. A SIGNED STATEMENT PURPORTEDLY SIGNED BY THE ADMINISTRATOR OR ENGINEER OF THE VILLAGE OF LEMONT CERTIFIYING: "ANY PORTION OF THE IMPROVEMENTS ON THE ZALINSKI SUBDIVISION, AS SPECIFIED IN THE PLANS AND SPECIFICATIONS FOR THE SUBDIVISION KNOWN AS 1 Charter One is a Division of RBS Citizens, N.A. a Charter One International Division 20 Cabot Road Medford, MA 02155 USA 888 868.0212 tel SWIFT: CTZIUS33 TELEX 221047 CTZINTL CROSSING CREEK SUBDIVISION, APPROVED BY THE VILLAGE ENGINEER, HAVE NOT BEEN COMPLIED WITH IN ACCORDANCE WITH SAID PLANS AND SPECIFICATIONS." IF SAID IMPROVEMENTS HAVE NOT BEEN INSTALLED IN CONFORMITY WITH APPROVED PLANS AND VILLAGE ORDINANCES, THE VILLAGE OF LEMONT IS HEREBY GRANTED AUTHORITY TO DRAW ON THIS IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSES OF COMPLETING SAID IMPROVEMENTS, IN ACCORDANCE WITH THE REVISIONS HEREIN AND ABOVE SET FORTH. THE IRREVOCABLE LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE INSTALLATION OF ALL IMPROVEMENTS REQUIRED UNDER THE SUBDIVISION CONTROL ORDINANCE OF THE VILLAGE OF LEMONT. THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION ON THE OBLIGATION OF ANNA ZALINSKI TO INSTALL ALL REQUIRED BY THE VILLAGE OF LEMONT. THE PRINCIPAL AMOUNT OF THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT BE REDUCED FOR ANY IMPROVEMENTS INSTALLED UNLESS SUCH REDUCTION IS APPROVED BY THE VILLAGE OF LEMONT BOARD. THE VILLAGE OF LEMONT MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN AND ABOVE PROVIDED WITHOUT THE CONSENT OF ANNA ZALINSKI OR ANY OTHER PARTY. IF WITHIN TEN (10) DAYS OF THE DATE OF SUCH DRAFT IS PRESENTED IN CONFORMANCE WITH THE TERMS OF THIS IRREVOCABLE LETTER OF CREDIT, WE FAIL TO HONOR SAME, WE AGREE TO PAY ALL ATTORNEYS' FEES, COURT COSTS AND OTHER EXPENSES INCURRED BY THE VILLAGE OF LEMONT ENFORCING THE TERMS HEREOF. WE HEREBY AGREE THAT THIS LETTER OF CREDIT SHALL EXPIRE ON DECEMBER 27, 2009 AS STATED HEREIN ABOVE; PROVIDED HOWEVER, THAT WE SHALL NOTIFY THE VILLAGE ADMINISTRATOR AND VILLAGE ENGINEER BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AT LEAST NINETY (90) DAYS PRIOR TO SAID EXPIRATION DATE SAID LETTER OF CREDIT IS ABOUT TO EXPIRE. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL PERIODS OF ONE (1) YEAR, UNLESS AT LEAST NINETY (90) CALENDAR DAYS PRIOR TO THE THEN RELEVANT EXPIRATION DATE, WE HAVE ADVISED YOU IN WRITING BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OVERNIGHT COURIER, OR HAND DELIVERY, THAT WE ELECT NOT TO EXTEND. IN THAT EVENT, YOU MAY DRAW HEREUNDER ON OR PRIOR TO THE THEN RELEVANT EXPIRATION DATE, UP TO THE FULL AMOUNT THEN AVAILABLE HEREUNDER AGAINST YOUR SIGHT DRAFT(S) ON US, BEARING THE NUMBER OF THIS LETTER OF CREDIT. IN NO EVENT SHALL THIS IRREVOCABLE LETTER OF CREDIT OR THE OBLIGATIONS CONTAINED HEREIN EXPIRE EXCEPT UPON WRITTEN NOTICE, IT BEING EXPRESSLY AGREED THAT THE ABOVE EXPIRATION DATE SHALL BE EXTENDED TO COMPLY WITH THIS NOTICE PROVISION. EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98) INTERNATIONAL CHAMBER OF COMMERCE BLICATION NO. 590. RBS i *f���v h 1 4f ORIZE. }14(1(4--71-d. S NAT AUTHORIZED SIGNATURE 2 Charter One Is a Division of RBS Citizens. N.A.