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HomeMy WebLinkAboutRESOLUTION - 36-01 - 8/14/2001 - LETTER OF CREDIT/RELEASE/ACCEPTRESOLUTION NO. 36-01 A RESOLUTION RELEASING AN IRREVOCABLE LETTER OF CREDIT NO. 553 IN THE AMOUNT OF $27,205.20 (ACCEPTED BY RES. NO. 18-00) AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 562 FROM THE NATIONAL REPUBLIC BANK OF CHICAGO IN THE AMOUNT OF $10,000 EXPIRING AUGUST 14, 2003 GUARANTEEING PUBLIC IMPROVEMENTS (WATERMAIN AND SIDEWALK); ACCEPTING A CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE; DEED OF CONVEYANCE/BILL OF SALE FOR MICROTEL INN & SUITES 1925 HIGGINS ROAD 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 as follows: Section 1: That the Mayor and Board of Trustees do hereby authorize the release of Irrevocable Letter of Credit No. 553 from The National Republic Bank of Chicago in the amount of $27,205.20 accepted by Resolution No. 18-00 and acceptance of Irrevocable Letter of Credit No. 562 from The National Republic Bank of Chicago in the amount of $10,000 expiring August 14, 2003 to guarantee the maintenance of public improvements (watermain and sidewalk) for Microtel Inn & Suites described in the engineering plans and specifications with revisions dated January 4, 2000, prepared by Tinaglia Design Group, Inc. and agreements (including and amendments thereof) on the property legally described in Exhibit A (attached hereto and made part thereof) and accept a Certificate of Approval and Initial Acceptance, and Deed of Conveyance/Bill of Sale. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. - 1 - VOTE: AYES 6 NAYS 0 ABSENT 0 PASSED this 14th day of August , 2001. APPROVED this 14th ATTEST: Ann I. Walsh Village Clerk ResoAcceptPubliclmproveMicrotel.doc day of August , 2001. 2 - Craig B. Johnson Mayor THE NATIONAL REPUBLIC BANK C M-1 A OF CHICAGO E L K G R G V E V y I0 G&est Harrison Street • Chicago, Illinois 60607 { , ENGINEER 1' 11. Area Code 3121738-4900 C w -v r1T Fax 312/738-4944 J u,r, 1't V IRREVOCABLE LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Gentlemen: Maintenance Guaranty Letter of Credit No. 562 Date: July 11, 2001 Amount: $10,000.00 Expiration Date: August 14, 2003 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Shiva Hotel Group, Inc., hereafter called the "Owner", 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.562, dated July 11, 2001. These monies are to guarantee the maintenance of public improvements for the following project: Microtel Inn & Suites described in the engineering plans and specifications with revisions dated January 4, 2000, prepared by Tinaglia Design Group, Inc., 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: (X appropriate boxes) . (X) Watermain and Appurtenances () Sanitary Sewer and Appurtenances () Storm Sewer and Appurtenances ( ) Roadway (Curb & Gutter, Pavement) (XI Sidewalk ( ) Street Lights O 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 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 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 limitation upon the obligation of Shiva Hotel Group, Inc. ("Owner"), to properly maintain 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 this 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, indorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. Dated: July 12, 2001 2 Issuing 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: July 12, 2001 Owner/ Developer: Shiva Hotel Group, Inc. Surender Pampati, President Note: If property is in a trust, attach a copy of the trust agreement as Exhibit. Village Officials Approval/Acceptance (Title) (Date) Exhibit A Resolution: Legal Description w/Phase Plan indicated (if applicable) Village Officials Release (Title) (Date) 3 Resolution: EXHIBIT A Lots 12 and 13 in Frisbie Subdivision of part of the West Half of the Northwest Quarter of Section 26, Township 41 North, Range 11, East of the Third Principal Meridian, in Cook County, Illinois. CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE SUBDIVISION: !f)IGROT-E[_ TnIN b SJ iTE / q2 _S N �G6 I/1LS (Project Name/Phase...... etc.) Request is hereby made by S "IVq 9OTF—LP�./J6JC, to the Village of Elk Grove Village to approve the subdivision/project described above. The following information is submitted in support of this request: (k') Deed of Conveyance/Bill of Sale (A�) As -Built Engineering Drawings (3 -print sets/1 mylar set) ( ) Bill of Materials (material type, quantities and cost) (�) Maintenance Guarantee (Bond, Letter of Credit ... etc.) OWNER(S)/DEVELOPER(S): a ADDRESS: 1 _ Fly On 3,jSS� RA -1� 6rx-m TELEPHONE: S Lt -)- 4 7 z- 7 C'r a REFERENCE: 9 /(D-3 Plan No. 6 4 3 5 Sheets_ L4L Dated Feu+ _y 5/, s/ol & specifications. Prepared by and approved by the Village of Elk Grove Village. continued.... IMPROVEMENT DESCRIPTION: (+) Watermain and Appurtenances (11 Sidewalk ( ) Sanitary Sewer and Appurtenances ( ) Street Lights ( ) Storm Sewer and Appurtenances ( ) Parkway Trees ( ) Roadway (Curb and Gutter) ( ) Ponds (Detention/Retention) ( ) Roadway (Markings) ( ) Other eft 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 referenced approved plans and specifications. (D te) (11. P.E. No.) DEVELOPER/OWNER CERTIFICATION FIELD INSPECTORS CERTIFICATION N (Signatu r4 ............ REGISTERED - i�r�SS10R11a1 EFIGIMEEP �c or 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. (Date) (Signature) (Title) DEED OF CONVEYANCE/BILL OF SALE KNOW ALL MEN BY THESE PRESENTS, THAT C�l-I iUA4 Hc) j Fi (the "Developer"), located at jy2 S I �1Gc> finis RnaoJ Le- Gtz n kle I/iu-4n,- a G0aPoRATiarJ(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 k' Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Lift Station and Force Main Other SURFACEIMPROVEMENTS Roadways (Curb & Gutter/Pavement) (Street Names) Sidewalks Parkway Trees Traffic Control/Street Signs Stormwater Retention/Detention Basins Other e located in the Project known as M1 (the "Project") as described on ``the "as -built' engineering plans prepared by V° 9- 5 "1 (ic" % "SQA , located at F --'Y- c19.1zlE N kgeo_ 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 // 'h day of J_ ;� , 28ai. (NAME) (TITLE) 0-2 — i t —0) (DATE) ATTEST: (NAM) (DATE) DEVELOPERS)/OWNER(S) CORPORATE SEAL N TARS Wa� S LO"'mrAmiasa�acia n CbrtMnaionE 7I16I2003 V)—tk-p) (DATE) VILLAGE INSPECTOR O P -03-Zoo/ (NAME) (DATE) 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. e,./ 3 0 'M/7 4 11, P(9- Ass E . D. r cc {ru- dF Eng; aecr :I) (DATE) AME) (TITLE) ✓ 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.