HomeMy WebLinkAboutRESOLUTION - 36-03 - 5/27/2003 - LOC/RIDGE AVENUE DEVELOPMENTRESOLUTION NO. 36-03
A RESOLUTION ACCEPTING IRREVOCABLE STRAIGHT LETTER OF CREDIT NO.
4847 FROM OAK BROOK BANK IN THE AMOUNT OF $65,136.01 EXPIRING APRIL
30, 2004 TO GUARANTEE PUBLIC IMPROVEMENTS (SANITARY SEWER, WATER
MAIN, PARKWAY TREES, SIDEWALK) FOR RIDGE AVENUE DEVELOPMENT
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of
the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois:
Section 1: That the Mayor and Board of Trustees do hereby authorize
acceptance of Irrevocable Straight Letter of Credit No. 4847, dated May 1, 2003 from
Oak Brook Bank in the amount of $65,136.01 to guarantee completion of public
improvements (sanitary sewer, water main, parkway trees, sidewalk) for Ridge Avenue
Development described in the engineering plans and specifications with revisions dated
August 28, 2002, prepared by Marchris Engineering Ltd., approved on March 6, 2003,
and agreements (including any amendments thereof) attached hereto and made part
hereof. Said Letter of Credit expiring April 30, 2004.
Section 2: That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
VOTE: AYES: 5 NAYS: 0 ABSENT. 1
PASSED this 27'v' day of May 2003
APPROVED this 27"' day of May 2003
APPROVED:
Craig B. Johnson, Mayor
ATTEST.
Ann I. Walsh
Village Clerk
By:
Margit C. Thompson
Deputy Village Clerk
LOCRidgeAvenue.doc
1400 Sixteenth Street, Oak Brook, IL 60523. Phone 630 -990 -BANK. (IR
Village of Elk Grove Village
901 Wellington Ave.
Elk Grove, Illinois 60007
Gentlemen:
LETTER OF CREDIT
lr1Ay G 2003
W, likUVt VLLkGE
ENGINEERING
Completion Guaranty COMMNNITV nFvtOPMEW
Letter of Credit No. 4847
Date: 5-1-03
Amount: $65.136.01
Completion Date: 10-31-03
Expiration Date: 4-30-04
We hereby establish our Irrevocable Straight Letter of Credit In your favor for the
account of Dearborn Construction & Develooment. Ltd., hereafter called the
"Developer", in the aggregate amount of $65.136.01, U.S. Currency, available by your
draft drawn on sight and marked "Drawn under Letter of Credit No. 4847 dated 5-1-03.
These monies are to guarantee the completion of public improvements for the following
project: Ridge Avenue Development described in the engineering plans and
specifications with revisions dated 8-28-02, prepared by Marchris Engineering Ltd.,
approved on 3-6-03, and agreements (including any amendments thereof) on the
property legally described in Exhibit A (attached hereto and made part thereof). Monies
may be drawn on sight by the Village of Elk Grove when accompanied by the following
document:
A signed statement by the Village Manager or any other duly
authorized official of the Village of Elk Grove Village certifying
that any portion of the site improvements has not been
satisfactorily completed in accordance with the approved plans
and specifications with revisions dated 8-28-02, prepared by
Marchris Engineering Ltd., approved on 3-6-03 and agreements
(including any amendments thereof) for the following project:
Ridge Avenue Development
The improvements in the above described project consist of: (X appropriate
boxes).
® Watermain and Appurtenances
® Sanitary Sewer and Appurtenances
❑ Storm Sewer and Appurtenances
❑ Roadway (Curb & Gutter, Pavement)
® Sidewalk
Member FDIC. Q Equal Housing Lender
❑ Street Lights
❑x Parkway (Trees, etc.)
❑ Traffic Control (Signals, Signs, Markings)
❑ Ponds (Detention/Retention)
❑ Excavation (Soil Erosion Control, Stockpile)
❑ Other (Retaining Walls. Etc.)
These improvements itemized above shall be completed on or before 10-31-03.
If said improvements have not been properly installed and satisfactorily
completed on or before that date as reasonably determined by the Village
Engineer, then the Village of Elk Grove Village (the "Village") is hereby granted
authority to draw upon this Irrevocable Letter of Credit for the purpose of
completing fully said improvements in accordance with the provisions herein and
above set forth.
The principle amount of this Irrevocable Letter of Credit shall not be reduced for
any public improvements installed or completed unless such reduction is
approved by the Village Engineer in writing with supporting waivers, liens and
affidavits from contractors or subcontractors furnishing material or performing
work to complete these improvements. And then only in the exact amount of
such payments less 10% for interim maintenance. This remaining amount shall
never be reduced to an amount less than 110% of the estimated costs to
complete the remaining public improvements plus 10% of the cost of the
completed public improvements as a guarantee for maintenance purposes. The
Village may submit its sight drafts as herein above provided without the consent
of the Dearborn Construction & Development, Ltd. or any other party.
Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts
may be submitted for payment for a ninety (90) day period following the
completion date of this Irrevocable Letter of Credit and said draft shall be duly
honored upon presentation during the ninety day (90) days in accordance with
the terms and provisions herein contained.
If, within thirty (30) days of the date of any demand (made in conformity with this
Irrevocable Letter of Credit) presented, we fall to honor same; we agree to pay all
attorney fees, court costs and other reasonable expenses incurred by the Village
of Elk Grove Village in enforcing the terms of this Irrevocable Letter of Credit.
The amount of each draft must be endorsed on the reverse side of the original
Irrevocable Letter of Credit by the Village Engineer and attested by the Clerk.
This Irrevocable Letter of Credit shall be utilized to secure the installation of all
improvements required under the Municipal Code of the Village of Elk Grove
Village and specified on the engineering drawings and in the specifications and
agreements. This Irrevocable Letter of Credit shall not operate as a limitation
2
upon the obligation of the Dearborn Construction & Development. Ltd. to properly
completely install all improvements required by the Village of Elk Grove Village.
It is a condition of this Irrevocable Letter of Credit that it shall be automatically
extended for one year from the present expiration date hereof unless thirty (30)
days prior to such expiration date the Village Manager shall notify the
undersigned in writing, certified mail, return receipt requested that he or she,
based upon the advice and supporting documentation from the Village Engineer
that he or she does elect not to arbitrarily request renewal of this Irrevocable
Letter of Credit for such additional one (1) year period without due cause.
The undersigned shall notify the Village Manager, by certified mail, return receipt
requested, at least ninety (90) days prior to said expiration date that said
Irrevocable Letter of Credit is about to expire. It is expressly agreed by the
undersigned that the expiration date shall be automatically extended as shall be
required to comply with this notice provision and the requirements stated
previously.
This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice
for Document Credit" the International Chamber of Commerce Publication #290,
most recent revision" except as herein above modified.
We hereby agree with the drawers, endorsers, and bona fide
holders of drafts drawn in compliance with the terms of this
credit that they shall be honored on presentation.
Dated: 05/01/03
"The undersigned hereby acknowledges the absolute right of the Village of Elk
Grove Village to draw on this Irrevocable Letter of Credit subject to the conditions
herein sel forth and waives any right to enjoin the Village from so proceeding".
Date: Ctq Sf). 200 n, n
Developed/Owner: (1
Note: If property is in a trust, attach a copy of the trust agreement as Exhibit.
Village Officials Aporoval/Acceptance
(Title)
(Date)
Resolution:
3
Exhibit A
Legal Description w/Phase Plan indicated (if applicable)
Village Officials Release
(Date)
GACREUefteis of credWHIage of Elk Grove.doc
Resolution:
112