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Home My WebLink AboutRESOLUTION - 21-00 - 6/27/2000 - LETTER OF CREDIT/PUBLIC IMPROVEMENTSRESOLUTION NO. 21-00 A RESOLUTION ACCEPTING IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 941682 FROM BANK OF AMERICA, CHICAGO IN THE AMOUNT OF $1,102,267.00 EXPIRING OCTOBER 19, 2001 TO GUARANTEE PUBLIC IMPROVEMENTS FOR WHYTECLIFFE SUBDIVISION (CAMBRIDGE HOMES) NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois: Section 1: That the President and Board of Trustees do hereby authorize acceptance of Irrevocable Straight Letter of Credit No. 941682, dated July 16, 1999 from Bank of America, Chicago in the amount of $1,102,267.00 to guarantee completion of public improvements for Whytecliffe Subdivision described in the engineering plans and specifications with revisions dated May 26, 1999, prepared by Cowhey Gudmundson Leder, LTD., approved on July 19, 1999, and agreements (including any amendments thereof) attached hereto and made part hereof. Said Letter of Credit expiring October 19, 2001. 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 27th day of June 2000. APPROVED this 27th day of June 2000. Craig B. Johnson Village President ATTEST: Ann I. Walsh Village Clerk LOCWhytecliffeSub.doc BankofAmeric �W ISSUING BANK: BANK OF AMERICA APPLICANT: D.R. HORTON, INC. 1901 ASCENSION BLVD. ARLINGTON,T X 76006 BENEFICIARY: VILLAGE OF ELK GROVE VILLAGE 901 WELLINGTON VILLAGE ELK GROVE, ILLINOIS 60007 COMPLETION GUARANTY LETTER OF CREDIT NO. 941682 DATE: JULY 16, 1999 AMOUNT: $1,102,267.00 COMPLETION DATE: JULY 19, 2001 EXPIRATION DATE: OCTOBER 19, 2001 GENTLEMEN: WE HEREBY ESTABILSH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF D.R. HORTON, INC. - CAMBRIDGE HOMES, ATTN: LESLIE ULIBANI, 800 S. MILWAUKEE AVE., SUITE 250, LIBERTYVILLE, IL 60048, HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF $1,102,267.00, U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. 941682 DATED JULY 16, 1999. THESE MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: WHITECLIFFE DESCRIBED IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED MAY 26, 1999, PREPARED BY COWHEY GUDMUNDSON LEDER, LTD., APPROVED ON JULY 19, 1999, 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 DOCUMENTS: 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 MAY 26, 1999, PREPARED BY BY COWHEY GUDMUNDSON LEDER, LTD., OTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF ELK APPROVED ON JULY 19, 1999 AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) FOR THE FOLLOWING PROJECT: PAGE 1 TO IRREVOCABLE LETTER OF CREDIT NO. 941682 THE IMPROVEMENTS IN THE ABOVE APPROPRIATE BOXES). BankofAmerica�' DESCRIBED PROJECT CONSIST OF: (X ( ) WATERMAIN AND APPURTENANCES ( ) SANITARY SEWER AND APPURTANANCES ( ) STORM SEWER AND APPURTENANCES ( ) ROADWAY (CURB & GUTTER, PAVEMENT) ( ) SIDEWALK ( ) STREET LIGHTS ( ) 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 JULY 19, 2001. 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 D.R. HORTON, INC. OR ANY OTHER PARTY. 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 PEES, COURT COSTS AND PlV(�F ) TO IRRFVOCABLI? I.17'17FN OF CRP;DIT NO. 9=4165:? BankofAmerica 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 D.R. HORTON, INC. TO PROPERLY COMPLETELY INSTALL 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 IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENT CREDIT" THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 500, 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 TO BANK OF AMERICA, INTERNATIONAL LETTER OF CREDIT DEPT., 901 MAIN STREET, 9T" FLOOR, DALLAS, TEXAS 75202 OR OUR CORRESPONDENT LOCATED AT BANK OF AMERICA, 231 S. LaSALLE ST., 17TH FLOOR, CHICAGO, ILLINOIS 60697. ATTN: GAIL MILLER. DATED: JULY 16, 1999 -F AMERICA 6�s4�o �- _,AUTT RIZED SIGNATURE DEVELOPER/OWNER 'THE UNDERSIGNED HEREBY ACKNOWLEDGES THE ABSOLUTE RIGHT OF T11E VILLAGE OF ELK GROVE VILLAGE TO DRAW ON THIS IRREVOCABLE LETTER OF CREDIT SUBJECT TO THE CONDITIONS HEREIN SET FORTII AND WAIVES ANY RIGHT TO ENJOIN THE VILLAGE FROM SO PROCEEDING." 1A('W � 9rn TPPWNfnr`AI iI r i nig C'RCUIT Nrl Q -I I0,'4) Bankof America DATE: 41:40() - DEVELOPER/ OWNER: (1 (2) NATE AND ITLE vp VILLAGE OFFICIALS APPROVAL/ACCEPTANCE (TITLE) (DATE) RESOLUTION: NAME AND TITLE PAGE 4 TO IRREVOCABLE LETTER OF CREDIT NO. 941682 BankofAmerica EXHIBIT A TO IRREVOCABLE LETTER OF CREDIT NO. 941682 LEGAL DESCRIPTION W/PHASE PLAN INDICATED (IF APPLICABLE) LOT 2 (EXCEPT THE WEST 300 FEET OF THE SOUTH 207.71 FEET THEREOF) IN SCHREINER'S SUBDIVISION OF PART OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED OCTOBER 7, 1986 AS DOCUMENT NO. 86462250; ALSO: PARCEL 1: THE SOUTH 444.92 FEET OF THE NORTH 1156.92 FEET (MEASURED ON THE EAST LINE AND WEST LINE) OF THE NORTH 37.5 ACRES OF THE WEST 75 ACRES OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, EXCEPTING THEREFROM THE WEST 350.00 FEET AS MEASURED ALONG THE NORTH LINE THEREOF, OF THE SOUTH 444.92 FEET OF THE NORTH 1156.92 FEET (MEASURED ON THE EAST LINE AND WEST LINE) OF THE NORTH 37.5 ACRES OF THE WEST 75 ACRES OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN; ALSO: PARCEL 2: THAT PART OF THE SOUTH 444.92 FEET OF THE NORTH 1, 1156.92 FEET, BOTH AS MEASURED ALONG THE WEST LINE THEREOF, OF THAT PART OF THE NORTH 37.50 ACRES OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING WEST OF THE EAST 5 ACRES OF SAID NORTHWEST QUARTER AND LYING EAST OF THE WEST 75 ACRES OF THE EAST HALF OF SAID NORTHWEST QUARTER. SAID PARCELS OF LAND HEREIN DESCRIBED TAKEN TOGETHER AS A WHOLE CONTAIN 22.78 ACRES, MORE OR LESS, ALL IN COOK COUNTY, ILLINOIS. VILLAGE OFFICIALS RELEASE RESOLUTION: (TITLE) (DATE) PAGE 5 TO IRREVOCABLE LETTER OF CREDIT NO. 941682