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HomeMy WebLinkAboutRESOLUTION - 45-04 - 10/26/2004 - RELEASE/ACCEPT LTR OF CREDITRESOLUTION NO. 45-04 A RESOLUTION RELEASING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 4847 FROM OAK BROOK BANK IN THE AMOUNT OF $65,136.01 (ACCEPTED BY RES. NO. 36-03) AND ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 4877 IN THE AMOUNT OF $10,000.00 FROM OAK BROOK BANK EXPIRING OCTOBER 15,2006; A CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE; DEED OF CONVEYANCEBILL OF SALE TO GUARANTEE PUBLIC IMPROVEMENTS (WATERMAIN, SANITARY SEWER, SIDEWALK AND PARKWAY TREES) 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 the release of Irrevocable Straight Letter of Credit No. 4847, dated May 1, 2003 from Oak Brook Bank in the amount of $65,136.01 accepted by Resolution No. 36-03 and accept an Irrevocable Straight Letter of Credit No. 4877 in the amount of $10,000.00 from Oak Brook Bank expiring October 15, 2006; a Certificate of Approval and Initial Acceptance; Deed of Conveyance/Bill of Sale to guarantee completion of public improvements (watermain, sanitary sewer, sidewalk and parkway trees) for Ridge Avenue Development described in the engineering plans and specifications with revisions dated April 2, 2004, prepared by Marchris Engineering Ltd., and agreements (including any amendments thereof) on the property legally described in Exhibit A (attached hereto and made part thereof). Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES: 6 NAYS: 0 ABSENT: 0 PASSED this 26th day of October 2004 APPROVED this 26" day of October 2004 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Ann I. Walsh, Village Clerk LOCRidgeAvenuereleaseaccepl DEED OF CONVEYANCE/BILL OF SALE KNOW ALL MEN BY THESE PRESENTS, THAT �i4Rca ' mai ppV e,y m ke (the "Developer"), located at 968.9 ). A4A2 -921 /ios� .fit— 6Dt7L a A& �: (corporation, partnership, individual) authorized to do business in thd State of Illinois, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid, the receipt and sufficiency of which are hereby acknowledged, does hereby Grant, Sell, Transfer over, Convey and Deliver unto the Village of Elk Grove Village (the "Village"), Cook and DuPage Counties, Illinois, a municipal corporation, to and for its own use forever the following: UNDERGROUND IMPROVEMENTS Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances — Lift Station and Force Main Other SURFACE IMPROVEMENTS — Roadways (Curb & Gutter/Pavement) (Street Names) Sidewalks Parkway Trees Traffic Control/Street Signs Stormwater Retention/Detention Basins Other located in the Project known as (the "Project') as described on the "as -built" engineering plans prepared by i R. " r�+,�a� / , located at 1 e o S�.e�a P.tiekwn N7 feq-'s1?k April 2,200+ and dated �, which plans with "Bill of Materials" are incorporated by reference and made a part hereof. WHEREAS, the Developer does hereby warrant to the Village, it is the lawful owner of and has good and marketable title to the aforedescribed improvements; that the same are free from all encumbrances; that the Developer has the right to Sell the same; and that the Developer warrants and will defend and hold harmless the Village against the lawful claims and demands of all persons with respect to the title hereby conveyed; and that the execution of this Bill of Sale/Deed of Conveyance is an authorized Act of Said Corporation, Individual or Partnership. IN WITNESS WHEREOF, the Developer has caused this instrument to be signed and delivered this Aga& day of `-7 J. 9 e.� b a a yG Qom, CORPORATE SEAL, A NASN (DATE) ti GGNtr,?rK. P.�RTNGf2. (TITLE) ATTEST: DEVELOPERS)/OWNER(S) VILLAGE INSPECTOR 9/z-Jvay (DATE) (NAME) NOTARS - STATE OF W OIS MY COMMISSM EXPM460M ASSISTANT VILLAGE ENGINEER: CERTIFICATION All work required for this development has been inspected and found to be completed in a satisfactory manner. All documentation for acceptance has been submitted and found to be acceptable. 9130 o4 (DATE) APPROVAL AND ACCEPTANCE OF GOVERNING AUTHORITY The VILLAGE OF ELK GROVE VILLAGE does hereby approve and accept for maintenance and operation the above described improvement. It is understood that the guarantee period of 24 months shall commence as of the date of Village Board acceptance. It is also understood that this approval and acceptance covers only the specific work indicated above and is subject to a final punch list being made concerning adjustment, alignment and necessary repairs of all structures, boxes, hydrants, etc. Acceptance of maintenance by the Village does not relieve the developer from the responsibility of keeping all dirt and debris due to construction operations out of both storm and sanitary sewer systems. Final acceptance of the subdivision or other general development is conditional upon completing all indicated items on the final punch list. It is the responsibility of the owner or developer to request the final punch list to be made. M No refund of maintenance escrow monies will be made until all items in the final punch list have been corrected. VILLAGE OF ELK GROVE VILLAGE October 26, 2004 BY: Craig B. Johnson (DATE) CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE SUBDIVISION: (Project ..etc.) Request is hereby made by �2" cic .v� J e ��v4 to the Village of Elk Grove Village to approve the subdivisior>/project described above. The following information is submitted in support of this request: (vj"' Deed of Conveyance/Bill of Sale ( of As -Built Engineering Drawings (3 -print sets/1 mylar set) ( ) Bill of Materials (material type, quantities and cost) ( t,)/Maintenance Guarantee (Bond, Letter of Credit...etc.) OWNER(S)/DEVELOPER(S): ADDRESS: TELEPHONE: REFERENCE: _'de'o 141 4.0-'o"ne_ �XrAffi CwiSGd Apr.i j 2200 Plan No. D o - ryS Sheets Dated 8 z816'L— & specifications. Prepared by and approved by the Village of Elk Grove Village. continued.... IMPROVEMENT DESCRIPTION: (V-� Watermain and Appurtenances (t/' Sanitary Sewer and Appurtenances ( ) Storm Sewer and Appurtenances ( ) Roadway (Curb and Gutter) (V/ Sidewalk ( ) Street Lights (V) Parkway Trees ( ) Ponds (Detention/Retention) ( ) Roadway (Markings) ( ) Other (Lift station... etc.) CERTIFICATIONS: DESIGN ENGINEER'S CERTIFICATION To the best of my knowledge and belief, the construction of the above described improvement has been completed in accordance with the roerepced approved plans and specifications. i N 0 �Z-2'60/ (Date) (II. P.E. No.) itur Nlr TERED j PROFESSIONAL i thENGINEEfl ,�! DEVELOPER/OWNER CERTIFICATION ..OF.... ,r yNLINO /ltwj1 HNN/NIl FIELD INSPECTORS CERTIFICATION I hereby certify that I (we) have regularly inspected the above described improvements during the progress of construction and that to the best of my/our knowledge and belief the work has been completed in conformance with the approved plans and specifications. -J O `Z Gam,. a" & 1 Dat) ignat (Title) 1 100 S, (ft(h tilrvrl. 0A Brook. IL 60523. 13hone 630 9(X) -BANK. (las 630-571-0256) *0' Letter of Credit R:��V VillsoElk Grove MAINTENANCE GUARANTY 901 Wellington Avenue Elk Grove Village, Illinois 60007 Letter of Credit Number 4877 Date: September 28, 2004 Amount: $10,000.00 O Expiration Date October 15, 2006 x Gentlemen: p� xc We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Garden 6 Joint Venture, hereafter called the "Developer", in the aggregate amount of $10.000.00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 4877 dated September 28, 2004. These monies are to i guarantee the maintenance of public improvements for the following project: Ridge` r; Avenue Development described in the engineering plans and specifications with revisions dated April 2.2004, prepared by Marchris Engineering, Ltd, 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 Village 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 maintained. Page # I of 4 1 ❑u:. 1:211 a 1—d'. The improvements in the above described project consist of. (x appropriate boxes). X Water Main and Appurtenances X Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb & Gutter, Pavement) X Sidewalk Street Lights X Parkway (trees, etc.) Traffic Control (signals, signs, markings) Ponds (detention/retention) Excavation (soil erosion control, stockpile) Other retaining walls. etc. 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 (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 fail 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 Director of Engineering & Community Development and attested by the Clerk. This Irrevocable Letter of Credit shall be utilized to secure the maintenance 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 upon the obligation of the "Developer" to properly maintain all improvements required by the Village of Elk Grove Village. Page # 2 of 4 It is a condition of this hrevocable Letter of Credit that it shall be automatically extended for one (1) year from the present expiration date hereof unless thirty (30) days prior 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 Director of Engineering & Community Development 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. Page # 3 of 4 Dated: Issuing f i�anjial lnsMon EVP Commercial Real Estate John Bonino ember 28, 2004 VP - Credit Administration Henry Wessel Developer/Owner: .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 set forth and waives any right to enjoin the Village from so proceeding." Date: qL9� o+ Developer/Owner: (1) Title) NOTE: If property is in a trust, attach a copy of the Trust Agreement as Exhibit. Village Officials Auproval/Acceptance Resolution: (Title) (Date) Page # 4 of 4 Exhibit A GARDEN 6 SUBDIVISION Being a Resubdivision of Parts of Lots 13 and 14 in William Lumpp's Devon Avenue Farms, Being a Subdivision in the South Half of Section 33. Township 41 North, Range I 1 East of the Third Principal Meridian, in Cook County Illinois. IACRidgeAvmuem1ewewc ptExhA.