New Lenox Demands Over $422,000 From Developer to Complete Public Improvements
Village of New Lenox Board of Trustees Meeting | September 22, 2025
Article Summary: The Village of New Lenox is taking formal action to secure funds for unfinished public infrastructure in the Ashton Estates North subdivision by demanding payment on a nearly expired letter of credit. The village board passed a resolution to collect the remaining balance of $422,770.90 to ensure the completion of required improvements.
Ashton Estates North Letter of Credit Key Points:
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The village board approved a resolution demanding payment on a letter of credit for the subdivision.
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The amount demanded is $422,770.90, which is the remaining balance of the original letter of credit.
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The action was taken because the letter of credit was set to expire on September 26, 2025.
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The funds will be used by the village to complete remaining public improvements in the subdivision.
The New Lenox Village Board on Monday, September 22, 2025, authorized a demand for payment of over $422,000 from a letter of credit for the Ashton Estates North subdivision to ensure public improvements are completed.
The board unanimously passed a resolution demanding the remaining balance of $422,770.90 from the developer’s letter of credit, a form of financial guarantee required for development projects. The move came as the letter was set to expire on September 26, just days after the meeting.
Village Administrator Kurt Carroll explained the urgency and purpose of the action. “We have been working with the developer…but this is a protection for the village to make sure they have it in a timely fashion,” Carroll stated. He noted that while the developer is working to renew the letter of credit, the resolution allows the village to take formal action to protect its financial interests and ensure the necessary infrastructure work is funded.
“The request is to have the board pass this resolution so we can take formal action so that we protect the interest and the cost of any outstanding infrastructure for this site,” Carroll added.
The funds collected will be used to complete any remaining public improvements, such as roads, sidewalks, and utilities, that were part of the original subdivision agreement. The motion was made by Trustee Lindsay Scalise and seconded by Trustee Amy Gugliuzza, passing 6-0.
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