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HomeMy WebLinkAboutRESOLUTION - 50-02 - 11/19/2002 - ARBOR CLUB/PARK AND DEVONRESOLUTION NO.50-02 A RESOLUTION ACCEPTING A CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE; DEED OF CONVEYANCE/BILL OF SALE; MAINTENANCE LETTER OF CREDIT IN THE AMOUNT OF $41,150.68 EXPIRING MAY 5, 2005 GUARANTEEING PUBLIC IMPROVEMENTS (WATERMAIN, SANITARY SEWER, STORM SEWER, ROADWAY, SIDEWALK, PARKWAY TREES, STREET LIGHTS AND PONDS) AND RELEASING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 691 (ACCEPTED BY RESOLUTION NO.30-00) FROM GUARANTY FEDERAL BANK IN THE AMOUNT OF $75,000.00 AND LETTER OF CREDIT NO. 703 (ACCEPTED BY RESOLUTION NO. 31-00) FROM GUARANTY FEDERAL BANK IN THE AMOUNT OF $377,657.00 FOR ARBOR CLUB, L.L.C. (PARK AND DEVON AVENUE) NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: Section 1: That the Mayor and Board of Trustees do hereby accept a Certificate of Approval and Initial Acceptance; Deed of Conveyance/Bill of Sale and Maintenance Letter of Credit in the amount of $41,150.68, expiring May 5, 2005 guaranteeing the maintenance of public improvements (watermain, sanitary sewer, storm sewer, roadway, sidewalk, parkway trees, streetlights and ponds) for Arbor Club L.L.C., in accordance with engineering plans and specifications, prepared by Manhard Consulting, Ltd., the approved plans and specifications dated August 21, 2000. Section 2: That the Village of Elk Grove Village does hereby release Irrevocable Straight Letter of Credit No. 691 from Guaranty Federal Bank in the amount of $75,000.00, and Irrevocable Straight Letter of Credit No. 703 from Guaranty Federal Bank in the amount of $377,657.00 guaranteeing the completion of public improvements for Arbor Club L.L.C. Said Irrevocable Letter of Credit No. 691 expired April 10, 2001 and Irrevocable Letter of Credit No. 703 expired on June 30, 2001. Section 3: 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 LOCacceptdeedbondarborclub.doc N APPROVED: Craig B. Johnson, Mayor F UTY GUARANTY AND ACCEPTANCE )RP. Box 2863, HOUsrON, TEXAS 77252-2863 0713) 599-2575 NOVEMBER 13, 2002 VILLAGE OF ELK GROVE VILLAGE 901 WELLINGTON AVENUE ELK GROVE, IL 60007 LETTER OF CREDIT NO. FGAC-02290 AMOUNT: $41,150.68 EXPIRATION DATE: MAY 5, 2005 GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF ARBOR CLUB L.L.C., HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF $41,150.68, U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. FGAC-02290 DATED NOVEMBER 13, 2002". THESE MONIES ARE TO GUARANTEE THE MAINTENANCE OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: ARBOR CLUB DESCRIBED IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED AUGUST 21, 2000, PREPARED BY MANHARD CONSULTING 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 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. THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF WATER MAIN AND APPURTENANCES, SANITARY SEWER AND APPURTENANCES, STORM SEWER AND APPURTENANCES, ROADWAY (CURB & GUTTER, PAVEMENT), SIDEWALK, STREET LIGHTS, PARKWAY (TREES, ETC.) TRAFFIC CONTROL (SIGNALS, SIGNS, MARKINGS), PONDS (DETENTION/RETENTION) AND 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 VILLAGE ENGINEER 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 OUR REFERENCE NUMBER FGAC-02290 PAGE LIMITATION UPON THE OBLIGATION OF THE ARBOR CLUB L.L.C. TO PROPERLY MAINTAIN ALL IMPROVEMENTS REQUIRED BY THE VILLAGE OF ELK GROVE VILLAGE. 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 LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. WE HEREBY AGREE WITH THE DRAWERS, ENFORSERS, AND BONA FIDE HOLDERS OF DRAFTS DRAWN IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT THEY SHALL BE HONORED ON PRESENTATION. DATED: V W v+ll.A, 13, 400 a. FIDELITY GUARANTY AND ACCEPTANCE CORP: n n BY: _ WILLIAM D. GUNTRUM, V E PRESIDENT 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: 41( ,a 'w DEVELOPER/OWNER: 1) NAM A D L NAM ND TITLE OUR REFERENCE NUMBER FGAC-02290 PAGE NOTE: IF PROPERTY IS IN A TRUST, ATTACH A COPY OF THE TRUST AGREEMENT AS EXHIBIT. VILLAGE OFFICIALS APPROVAL ACCEPTANCE Craig B. Johnson 11-19-02 (TITLE) Mayor (DATE) EXHIBIT A RESOLUTION: No. 50-02 LEGAL DESCRIPTION W/PHASE PLAN INDICATED (IF APPLICABLE) VILLAGE OFFICIALS RELEASE (TITLE) RESOLUTION: CERTIFIL.. FE OF APPROVAL AND INTI ,L ACCEPTANCE SUBDIVISION: The Arbor Club IVED OCT 16 2002 Request is hereby made by Arbor Club L.L.C. FLK GROVE VILLAGE ENGINEERING & COMMUNITY DEVELOPMENT to the Village of Elk Grove Village to approve the subdivision/project described above. The following information is submitted in support of this request: (X) Deed of Conveyance/Bill of Sale ( X ) As -Built Engineering Drawings (3 -print sets/1 mylar set) ( X ) Bill of Materials (material type, quantities and cost) (X) Maintenance Guarantee (Bond, Letter of Credit ...etc.) OWNER(S)/DEVELOPER(S): Arbor Club L.L.C. ADDRESS: 1540 E. Dundee Road Suite 350 TELEPHONE: 847-776-0350 REFERENCE: Plan No. Sheets 12 Dated 8/21/00 & specifications. Prepared by Manhard Consulting, LTD. and approved by the Village of Elk Grove Village. continued... IMPROVEMENT DESCRIPTION: (X) Watermain and Appurtenances (X) Sanitary Sewer and Appurtenances (X) Storm Sewer (X) Roadway (Curb and Gutter) ( ) Roadway (Markings) CERTIFICATIONS: (X) Sidewalk ( X ) Street Lights (X) Parkway Trees ( X) Ponds (Detention/Retention) ( ) Other (Lift station... etc.) DESIGN ENGINEER CERTIFICATION To the best of my knowledge and belief, the construction of the above Described improvement has been completed in accordance with the referenced Approved plans and specifications. px--V_ it, 2402- O(OZ - 65013 8 (Date) (II. P.E. No.) *�nya U DEVELOPER/OWNER CERTIFICATION FIELD INSPECTORS CERTIFICATION L. LICENSED PROFESSIONAL ENGINEER , OF 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 (Date) with the approved plans and specifications. DEED OF CONVEYANCE/BILL OF SALE KNOW ALL MEN BY THESE PRESENT, THAT Arbor Club L.L.C. (the "Developer"), located at 1540 E. Dundee Road, Palatine, Illinois 60074 a Limited Liability Corporation (corporation, partnership, individual) authorized to do business in the 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: UNDERGROUNDIMPROVEMENTS X Watermain and Appurtenances X Sanitary Sewer and Appurtenances X Storm Sewer and Appurtenances Lift Station and Force Main Other SURFACE IMPROVEMENTS X Roadway (Curb & Gutter/Pavement) (Street Names) X Sidewalks X Parkway Trees Traffic Control/Street Signs X Stormwater Retention/Detention Basins Other Located in the Project . win as Arbot _ib (the "Project") as described on the "as -built' engineering plans prepared by Manhard Consulting, LTD. , located at 3050 Finley Road, Suite 302, Downers Grove, Illinois 60515 and dated 10/20/00, 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 iliveregg this 3rd day of October, 2002. (Name) (Title) ATTEST: DEVELOPERS)/OWNER(S) VILLAGE INSPECTOR (Date) /o looms (Date) "�H'HtCt DENISE O Notary Public, State of Illinois My Commission Expires 02/02106 Ark,—K-IL-6 L L .�'. (Name) -77 (Name) (D ( UZ (Date) //-/L—o2— (Date) ASSISTANT VILLAGE ENGINEER: CERTIFICATION All work required for this development has been inspected and found to be Completed in a satisfactory manner. All documents for acceptance has been Submitted and found to be acceptable. 11A 2 102 ASS f , Di6ec4u4 td (Date) Name (Title) Ern9/1)ee1-'�y 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.