HomeMy WebLinkAboutRESOLUTION - 48-98 - 10/27/1998 - AMEND EXPIRATION DATE LOCRESOLUTION NO. 48-98
A RESOLUTION AMENDING THE EXPIRATION DATE OF IRREVOCABLE LETTER OF
CREDIT NO. 570004194-201 (ACCEPTED BY RESOLUTION NO. 17-97 AND
AMENDED BY RESOLUTION NO. 34-98) FROM THE FIRST MIDWEST BANK,
NATIONAL ASSOCIATION IN THE AMOUNT OF $100,000.00 PAYMENT FOR
LIQUIDATED DAMAGES IN ACCORDANCE WITH THE REDEVELOPMENT AGREEMENT/ELK
GROVE TOWN CENTER L.L.C. FROM OCTOBER 31, 1998 TO DECEMBER 31, 1998
(HAMILTON PARTNERS RETAIL DIVISION #1)
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 amending the expiration date of Irrevocable Letter of
Credit No. 570004194-201 (accepted by Resolution No. 17-97 and
amended by Resolution No. 34-98) from First Midwest Bank, National
Association in the amount of $100,000.00 payment for liquidated
damages in accordance with the Redevelopment Agreement, (Res. No.
14-97) together with any amendments thereto approved by the Village
and/or reimbursement to the Village of expenses or other costs as set
forth in the Redevelopment Agreement from October 31, 1998 to
December 31, 1998.
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 October 1998.
APPROVED this 27th day of October 1998.
ATTEST:
Patricia S. Smith
Village Clerk
Craig B. Johnson
Village President
G/L0058.3
VIII► First Midwest
`lll~
October 19, 1998
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, I160007-3499
Gentlemen:
RECIFP llF0
JCI z?X 8
VILLAGE MANAGtn o U+h E
First Midwest Bank, N.A.
945 Lakeview Parkway
Suite 170
Vernon Hills, Illinois 60061-1425
Our Letter of Credit No. 570004194-201 in the current amount of One Hundred Thousand and
00/100 ($100,000.00) U.S. Dollars originally dated March 17, 1997 and issued in your favor at
the request of Hamilton Partners Retail Division #1, Inc. , is amended to extend the expiration
date to December 31, 1998.
All other terms and conditions remain unchanged.
This letter is to be attached to and become an integral part of the original credit instrument.
FIRST MIDWEST BANK,
NATIONAL ASSOCIATION
JB1&�1
ITS: Documentation Review Specialist
cc: Hamilton Partners Retail Division 41, Inc.
Kenneth Kadleck
COUNTERSIGNED:
Cow.,.;.r IJo�
BY:
ITS: Assistant Vice President