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Home My WebLink AboutRESOLUTION - 31-00 - 9/12/2000 - LETTER OF CREDIT/ARBOR CLUBRESOLUTION NO. 31-00 A RESOLUTION ACCEPTING IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 703 FROM GUARANTY FEDERAL BANK IN THE AMOUNT OF $377,657.00 EXPIRING JUNE 30, 2001 TO GUARANTEE PUBLIC IMPROVEMENTS FOR ARBOR CLUB, L.L.C. (PARK BOULEVARD AND DEVON AVENUE) 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. 703, dated June 22, 2000 from Guaranty Federal Bank in the amount of $377,657.00 to guarantee completion of public improvements for Arbor Club, L.L.C. described in the engineering plans and specifications with revisions dated April 4, 2000, prepared by Manhard Consulting, LTD., and agreements (including any amendments thereof) attached hereto and made part hereof. Said Letter of Credit expiring June 30, 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: 6 NAYS: 0 ABSENT: 0 PASSED this 12th day of September , 2000. APPROVED this 12th day of September , 2000. Craig B. Johnson Village President ATTEST: Ann I. Walsh Village Clerk LOCArborC1ub703.doc �cua�v�r FEDERAL BANKFsri A Temple-Inland Financial Services Company 1100 31 R` Street, Suite 100 Downers Grove, Illinois 60515 LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Gentlemen: Completion Guaranty Letter of Credit No. 703 Date: June 22, 2000 Amount: $377,657.00 Completion Date: June 30, 2002 Expiration Date: June 30, 2001 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 $377,657.00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 703 dated June 22, 2000. These monies are to guarantee the completion of public improvements for the following project: Arbor Club, L. L. C. described in the engineering plans and specifications with revisions dated April 4, 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 completed in accordance with the approved plans and specifications with revisions dated April 4 2000, prepared by Manhard Consulting, Ltd., approved on Sept. 12,2000 and agreements (including any amendments thereof) for the following projects: Arbor Club, L. L. C. MEMBER FDIC 12* RYLLNYOR LENDER The improvements in the above described project consist of (X appropriate boxes). 9 Watermain and Appurtenances K Sanitary Sewer and Appurtenances R Storm Sewer and Appurtenances IA Roadway (Curb & Gutter, Pavement) IR Sidewalk Q Street Lights ER Parkway (trees, etc) 9 Traffic Control (Signals, Signs, Markings) ❑ Ponds (Detention/Retention) ❑ Excavation (Soil Erosion Control, Stockpile) R5 Other These improvements itemized above shall be completed on or before June 30, 2002. 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 purpose. The Village may submit its sight drafts as herein above provided without the consent of the Arbor Club, L. L. C. or any other party 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 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 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 Arbor Club, L. L. C. 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 the 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 990) 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 requirements stated previously. This Irrevocable Letter of Credit is subject to "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. Dated: r - Issuing Financial Institution: (Name) (Title) 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 forth and waives any right to enjoin the Village from so proceeding." Date:JOd Developer/Owner: (1) (z) tJa yn and 1 l i� P s i e /I Name and Titte Name and Title Note: If property is in a trust, attach a copy of the trust agreement as Exhibit. Village Officials Approval/ Acceptance Resolution: -31-00 Village President 9/12/00 (Title) (Date) Exhibit A Legal Description w/ Phase Plan indicated (if applicable) Being a resubdivision of Lot 36 in Talbot's Mill, Being a subdivision of part of the south 1/2 of section 31 and part of the southwest 1/4 of section 32, Township 41 north, range 11, east of the third principal meridian, according to the plat thereof recorded June 23, 1989 as document number 89287964, in Cook County, Illinois Village Official's Release Resolution: (Title) (Date)