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RESOLUTION NO. 17-97 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT <br />NO. 570004194-201 FROM THE FIRST MIDWEST BANK, NATIONAL <br />ASSOCIATION EXPIRING JULY 31, 1998 IN THE AMOUNT OF <br />$100,000.00 PAYMENT FOR LIQUIDATED DAMAGES IN ACCORDANCE <br />WITH THE REDEVELOPMENT AGREEMENT/ELK GROVE TOWN CENTER L.L.C. <br />(HAMILTON PARTNERS RETAIL DIVISION #1) <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, State of <br />Illinois: <br />Section 1. That the President and Board of Trustees do hereby <br />authorize the acceptance of Irrevocable Letter of Credit No. 570004194-201 <br />from First Midwest Bank, National Association in the amount of $100,000.00 <br />the payment for liquidated damages in accordance with the Redevelopment <br />Agreement, (Res. No. 14-97) together with any amendments thereto approved <br />by the Village and/or reimbursement to the Village of expenses or other <br />costs as set forth in the Redevelopment Agreement. Said Letter of Credit <br />expiring July 31, 1998. <br />Section 2. That this Resolution shall be in full force and effect <br />from and after its passage and approval according to law. <br />VOTE: AYES: 6 NAYS: 0 ABSENT: 0 <br />PASSED this 25th day of March , 1997. <br />APPROVED this 25th day of March , 1997. <br />Dennis J. Gallitano <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />