R-67-08 Resolution LOC Reduction WoodglenVILLAGE OF LEMONT
RESOLUTION NO. R - (7- d
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR WOODGLEN SUBDIVISION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 10TH DAY OF NOVEMBER, 2008
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 10th day of November, 2008
RESOLUTION NO. £ - (7 es/
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR WOODGLEN SUBDIVISION
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 Woodglen Subdivision located at 636 First Street in
Lemont, on January 31, 2007, Irrevocable Documentary Credit No. SBY/06/30382,
issued by First American Bank in the amount of $2,719,828.78, was deposited to
guarantee completion of public improvements in the Village of Lemont; and
WHEREAS, Mr. Don Stevens, President of Donven Homes, Inc., made
application for and was granted by the Village Board, a reduction to Irrevocable
Documentary Credit #SBY/06/30382 to a balance of $752,826.28; and
WHEREAS, Mr. Stevens has requested a second reduction in the Irrevocable
Documentary Credit for Woodglen Subdivision in the amount of $241,997.00, resulting
in a new balance of $510,829.00; 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 Irrevocable Documentary Credit No.
SBY/06/30382 is hereby reduced to $510.829.00.
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 10th day of November, 2008.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ron Stapleton
Jeanette Virgilio
ATTEST:
AYES NAYS PASSED ABSENT
APPROVED by me this 10th day of November, 2008,
JOHN . PIAZZA, Village Pr
CHARLENE M. SMOLLEN, Village Clerk
M: \COMMUNITY DEVELOPMENT DEPT \200 - DEVELOPMENT \250 - CASE FILES \2005 \25 -23 Woodglen - Donven \05 - Ordinances \Woodglen LOC Reduction -
November08.docx
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
Administration
phone (630) 257 -1590
fax (630) 243 -0958
Building Department
phone (630) 257 -1580
fax (630) 257 -1598
Community Development
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
Village of Lemont
Mr. James Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Woodglen PUD
Letter of Credit Reduction
Dear Jim:
418 Main Street • Lemont, Illinois 60439
October 21, 2008
Attached please find correspondence from Donven Homes, pertaining to a
request for a reduction in the Letter of Credit for the above - captioned
Subdivision. 1 have reviewed the attached and find it acceptable to lower the
amount from $752,826.28 to $510,829.00.
Should you have any questions concerning this matter, please do not
hesitate to contact me.
Very truly yours,
VIL
F LEMONT
es
. Cainkar, P.E., P.L.S.
Acting Village Engineer
JLC /debi
Enclosure
cc: Mr. Gary C. Holmes, Administrator, w /Enc.
Mr. Dan Fielding, Director of Public Works, w /Enc.
Ms. Charity Jones, Planner, w /Enc.
Ms. Lynn Stratton - Cholewa, Community Devel., w /Enc.
Project File No. 05413
redit
action 11
ioc
OCT -17 -2008 FRI 12 58 PM DONVEN HOMES
•
FAX No. 708 482 0872 P.001 /006
4 INVEN
H •O •M••E•S
-6428 .Jo�I�rROAO -
- •
COUNTRYSIDE, IL 60525
(708) 482-0860 F,vc: (708) 482 -0872
FAX TRANSMISSION
DATE: C gib b e, r
1'7, Zoo $
TO: N o v o {^n_i 4 Pt 55 Q cLA..4 s
ATTENTION: 2"14 hn
FAX NUMBER: (ro .3o-) $ $ -7 - 0132.
FROM: 1) cr`r1 5}451,}
PAGES: 6 (INCLUDING COVER, pHZET'),
MESSAGE. • -J 41n(N
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WCCUCLIEN UEVELCIDALN LUC
October 17, 2008
Mr. Jim Brown
Community Development Director
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Re: Reduction in Letter of Credit
WOObGLEN Subdivision
Dear Jim,
Regarding our Letter of Credit renewal for WOODGLEN, I am submitting
the following:
Copy of the Engineer's Estimate that the original Letter of Credit is based
on, marked up to indicate the amounts for site work still remaining to be
done. The unfinished work consists primarily of final surface course paving,
parkway trees and some public walks.
With the above site improvements remaining to be completed, we are
requesting that the new Letter of Credit be reduced from the original
$2,719,828.78 to a new amount of 8510,829.00.
A copy of this letter as well as the estimate reduction prepared by our
engineer (IG Consulting) is also being sent to Charity Jones and Jim Cainkar
for their use.
6428 JOLIET ROAD COUNTRYSIDE, IL 60525 (708) 482 -0860 0872 FAX
Please review at your earliest convenience in order to approve the
appropriate reduction in our Letter of Credit from First American Bank.
The current letter expires on January 31, 2009 and we would like to have
the reduction authorized as soon as possible.
Thank you for your cooperation.
Very truly yours,
WOODGLEN Development, LLC
Donald A. Stevens
Member
Cc: Charity Jones, Village Planner
Jim Cainkar, Village Engineer
Kevin Lewis, IG Consulting
10/17/2008
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