Loading...
HomeMy WebLinkAboutRESOLUTION - 49-02 - 11/19/2002 - LETTER OF CREDIT/SARA'S COURT SUBRESOLUTION NO. 49-02 A RESOLUTION ACCEPTING A LETTER OF CREDIT NO. 136 FROM FIRST COMMUNITY BANK IN THE AMOUNT OF $157,991.00 EXPIRING JANUARY 7, 2004 TO GUARANTEE PUBLIC IMPROVEMENTS FOR SARA'S COURT SUBDIVISION (PATRICK FLAYERS BUILDERS, INC.) 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 Letter of Credit No. 136, dated October 7, 2002 from First Community Bank in the amount of $157,991.00 to guarantee completion of public improvements (roadway, sanitary sewer, storm sewer, water main, parkway trees, sidewalk, street lights, traffic control, ponds and excavation) for Sara's Court Subdivision described in the engineering plans and specifications with revisions dated August 15, 2002, prepared by Balsamo/Olson Engineering Company, approved on September 25, 2002, and agreements (including any amendments thereof) attached hereto and made part hereof. Said Letter of Credit expiring January 7, 2004. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES: 6 NAYS: 0 ABSENT: 0 PASSED this 19th day of November 2002. APPROVED this 19th day of November 2002. ATTEST: Ann I. Walsh Village Clerk Craig B. Johnson, Mayor LOCSara9CourtSub.doC Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Gentlemen: IFIROMST MMUNn Y BANK LETTER OF CREDIT Completion Guaranty Letter of Credit No. #136 Date: 10/7/2002 Amount:15$ 7,991 Completion Date: 10/7/2003 Expiration Date: 1/7/2004 We hereby establish our irrevocable Straight Letter of Credit in your favor for the account of Patrick Flayers Builders, Inc., hereafter called the "Developer", in the aggregate amount of $157,991.00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 136 dated 10/7/2002. These monies are to guarantee the completion of public improvements for the following project: SARAH'S COURT, E.G. described in the engineering plans and specifications with revisions dated 8/15/2002 prepared by Balsamo/Olson Engineerine Company , approved on September 25 2002 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 of 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 8/15/02 prepared by Balsamo/Olson Engineering Company approved on September 25,2002 and agreements (including any amendments thereof) for the following project: Sara's Court Subdivision C 165 South Randall Road • Elgin, Illinois 60123 • (847) 622-8800 • Fax (847) 622-8861 LENDER Locally Owned and Managed Member FDIC Letter of Credit No. 136 Page 2 The improvements in the above described project consist of: (X appropriate lines). _x Water main and Appurtenances x Sanitary Sewer and Appurtenances _x_ Storm Sewer and Appurtenances _x Roadway (Curb & Gutter, Pavement) _x_ Sidewalk _x Street Lights _x Parkway (Trees, etc.) _x Traffic Control (Signals, Signs, Markings) _x_ Ponds (Detention/Retention) _x_ Excavation (Soil Erosion Control, Stockpile) Other (Retaining Walls, etc.) These improvements itemized above shall be completed on or before 10/7/03 . 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. Amounts available to be drawn are itemized on attached Exhibit B. 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 Patrick Flavers Builders Inc. or any other ply. 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. Letter of Credit Page 3 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 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 upon the obligation of the Patrick Flavers Builders Inc. 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 the 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. Issuing 10 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: ©j k, r -71 -�2 6 First Community Bank - i nomas W. rtansen, �)emor vice rresiaent of Lenamg Letter of Credit Page 4 Developer/Owner "The undersigned hereby acknowledges the absolute right of the Village of Elk Grove Village to drawn 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: tclwe ` 7 2-201— Developer/Owner: (1) ez/ �GG/�u� ��r%ate✓T Name and Title (2) 4 ��,u PSS,d- Name and Title Note: If property is in a trust, attach a copy of the trust agreement as Exhibit. Village Officials Approval/Acceptance Resolution: No. 49-02 Craig B. Johnson 11-19-02 (Title) mayor (Date) Exhibit "A" Legal Description w/Phase plan indicated (if applicable) Village Officials Release (Title) (Date) Resolution: C CAGO TITLE INSURANCE CO ANY LOAN POLICY (1992) SCHEDULE A (CONTINUED) POLICY NO.: 1401 007914362 D2 5. THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS: LOT 2 IN MANOR CARE II SUBDIVISION, BEING A SUBDIVISION OF PART OF THE NORTHEAST 1/4 OF SECTION 35, TOWNSHIP 41 NORTH, RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED MARCH 5, 2002 AS DOCUMENT 0020249506, IN COOK COUNTY, ILLINOIS. THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED. LMW LR2 09/09/02 10:54:21 .XHIBIT B Street Systems Unit Est. Qty, Unit Cost Est. Cost PCC Curb and gutter type LF 520 9.00 4680.00 M-3.12 PCC Curb and gutter type LF 174 12.00 2088.00 B-6.24 1 1/2 Bituminous Concrete SY 968 3.50 3388.00 surface course class B-6.24 Curb & Gutter LF 170 6.00 1020.00 Removal 2" Bituminous Concrete Binder SY 9681 4.00 3872.00 Course 14" aggregate base course SY 968 8.00 7744.00 type B CA -6 crushed stone Fine Grade Sub base SY 1100 1.00 1100.00 5" PCC Sidewalk SF 1880 3.601 6580.00 w/aggregate base 6" PCC Sidewalk SF 720 4.00 2880.00 w/aggregate base(driveway) Stop Bar Paint EA 1 300.00 300.00 Street Lights complete EA 2 3000.001 6000.00 Including Direct Burial Cable Stop Sin EA 1 500.00 500.00 Bituminous Materials GAL 484 2.00 968.00 Prime Coat Bituminous Materials GAL 96 4.00 384.00 Tack Coat Restoration of ner a Rd PkM. LS 11 600.001 600.00 SUB Total I I 1 1 42104.00 PAGE I of 3 EXHI_ _f B Earthwork Unit Est. City. Unit Cost Est. Cost Est. Ot . Unit Cost 6" top soil replacement CY 79 30.00 2370.00 SUB Total 7200.00 Sod(Parkway) SY 476 3.00 1428.00 SUB Total 3798.00 Miscellaneous Unit Est. City. Unit Cost Est. Cost Est. Ot . Unit Cost Street Trees Ea 18 400.00 7200.00 SUB Total 7200.00 Watermaln Items Unit Est. Ot . Unit Cost Est. Cost 8" Dip Class 54 with fittings LF 132 60.00 7920.00 Polyethylene wrapping and Bore /Jack 8" Dip Class 52 with fittings LF 664 18.00 11952.00 Polyethylene wrapping 12" Dip Class 52 with fittings LF 340 26.00 8840.00 Polyethylene wrapping Fire Hydrants, Aux Valve EA 2 1200.00 2400.00 valve box, 6" leads 8" valve 5" dia. Valve Vault EA 2 1100.00. 2200.00 12" valve 5' dia. Valve Vault EA 1 1600.00 1600.00 8" Pressure connection to EA 1 2500.00 2500.00 existing 8" WM with tapping valve, vault and sleeve Connect to exisitin 12" WM EA 1 800.00 800.00 Granular Trench Backfill LF 40 15.00 600.00 Restoration of Off Site ILS 1 3000.00 3000.00 SUB Total 41812.00 PAGE 2 of 3 , JIBIT B Stone Drains Unit Est. Qty. Unit Cost Est. Cost 12" PVC SDR 26 LF 726 15.00 10890.00 18" PVC SDR 26 LF 26 25.00 650.00 8" boot, remove,re our fillet 21" PVC SDR 26 LF 226 29.00 6554.00 Manholes 4' DIA EA 3 1200.00 3600.00 Granular Trench Backfill LF 36 15.00 540.00 TV/Tape 8" PVC Sanitary Sewer LF 360 2.00 720.00 21" Precast Flared End EA 1 1000.00 1000.00 Section with Grate LS 1 1000.00 1000.00 SUB Total 12300.00 8" Stone Riprap with filter CY 6 80.00 480.00 Fabric Restoration of Off Site LS 1 1500.00 1500.00 Catch Basin Type C-1 EA 1 800.00 800.00 Catch Basin Type A-1 EA 9 1000.00 9000.00 Catch Basin Type A-2 EA 2 1000.00 2000.00 Inlet Type A-1 IEA 1 21 750.001 1500.00 Inlet Type A-2 JEA 21 750.001 1500.00 SUB Total I 1 136414.00 Sanitary Sewer Unit Est. City. Unit Cost Est. Cost 8" PVC SDR 26/8"xe wyes LF 360 18.00 6480.00 Core existing Manhole, install EA 1 500.00 500.00 8" boot, remove,re our fillet Manholes 4' DIA EA 3 1200.00 3600.00 TV/Tape 8" PVC Sanitary Sewer LF 360 2.00 720.00 Mandrell Test LS 1 1000.00 1000.00 SUB Total 12300.00 Grand Total 143628 10% Increase for LOC $157,991 PAGE 3 OF 3