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Home My WebLink AboutRESOLUTION - 23-96 - 4/9/1996 - LOC ACCEPT/LOUIS SANFILIPPO SUBRESOLUTION NO. 23-96 A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LEITER OF CREDIT NO. 1138-02 FROM MIDWEST BANK AND TRUST COMPANY EXPIRING JUNE 18, 1997 IN THE AMOUNT OF $19,870.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT LOUIS SANFILIPPO SUBDIVISION (BUCKINGHAM COURT) 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 the acceptance of an Irrevocable Straight Letter of Credit No. 1138-02 from Midwest Bank and Trust. Company in the amount of $19,870.00 to guarantee completion of public improvements (sanitary sewer and storm sewer) for Louis Sanfilippo Subdivision in accordance with engineering plans and specifications prepared by C. T. Amelese Associates, the approved plans and specifications with revisions dated January 3, 1996 approved on February 22, 1996, and agreements (including and amendments thereof). Said Letter of Credit expiring June 18, 1997. Section 2. That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTES: AYES PASSED this 9th 6 NAYS 0 ABSENT 0 day of April , 1996. APPROVED this 9th day of April , 1996. _ Dennis J. Gallitano Village President 4� 4 M Patricia S. Smith Village Clerk 4 LIAW 0641 MIDWEST BANK And Trust Company March 18, 1996 Letter of Credit #1138-02 Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Date: March 18, 1996 Amount: $19, 870.00 Completion Date: March 18, 1997 Expiration Date: June 18, 1997 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Louis SanFilippo, hereafter called the "Developer", in the aggregate amount of $19,870.00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Midwest Bank and Trust Company Letter of Credit No. 1138-02 dated March 18, 1996. These monies are to guarantee the completion of public improvements for the following project: Louis SanFilippo Subdivision described in the engineering plans and specifications with revisions dated January 3, 1996, prepared by C.T. Amelese Associates, approved on February 22, 1996, 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 specification with revisions dated January 3, 1996 , prepared by C.T. Amelese Associates, approved on February 22, 1996, and agreements (including any amendments thereof) for the following project: Louis SanFilippo Subdivision lilmwood Park: 1606 North Harlem Avenue, Elmwood Park, Illinois 60635 • 708456-4700 -Fax: 708-456-4775 Itelrose Park: 501 West North Avenue, Melrose Park, Illinois 60160 • 708-865-2500 - Fax: 708-865-7013 tliehigan , i matte: 300 South Michigan Avenue, Chicago, Illinois 606(M • 312-939-3900 • Fax: 312-939-0849 Pulaski Roarl: 4012 North Pulaski Road, Chicago, Illinois 60641 • 312-202-3700 • Fax: 312-202-1499 A Subsidiary of First Midwest Corporation of Delaware The improvements in the above described project consist of : A. Sanitary Sewer and Appurtenances B. Storm Sewer and Appurtenances These improvements itemized above shall be completed on or before March 18, 1997. 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 principal 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 Louis Sanfilippo Subdivision or any other party. The approval of such reductions shall be communicated to Midwest Bank and Trust Company by certified mail, return receipt requested, and shall be effected upon receipt by the bank. Partial drawings are permitted under this Irrevocable Letter of Credit, and not to exceed in aggregate the amount of the 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. NAW %obo- 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 attorneys 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 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 Louis SanFilippo Subdivision 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 the expiration date of this instrument, 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 does elect not to arbitrarily request a 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 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 not transferable. Except as otherwise expressly provided herein, this Letter of Credit is subject to the Uniform Customs and Practices for Documentary Credit (1993 Revision) International Chamber of Commerce Publication No. 500. 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: March 18, 1996 Issuing Financial Institution: Midwest Bank and Trust Company 501 West North Avenue Melrose Park, Illinois 60160 By: eldon Bernstein Executive Vice President Attest: l hirley Mattse3f Ien Administration Officer 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." Brothers Development Corporation subsidiary of San Filippo Brothers Construction Company 320 Prospect, Elmhurst, IL 60126 • (708) 279-2678 EXIBIT -A LEGAL DESCRIPTION OF PROPERTY FOR LOUIS SAN FILIPPO SUBDIVISION DESCRIPTION: LOUIS SAN FILIPPO SUBDIVISION OF PART OF: THE NORTH HALF OF THE NEST HALF.OF THE SOUTHEAST QUATER OF SECTION 32, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. SIGNATURE �x'�r • y� "�/ Geral San Filippo SIGNATURE DATE �Il �^"{ f �rx1rv•. �. Date: March 18, 1996 Developer/Owner I ( uis S�a0"ilippo, Name and Title 2) Name and Title Note: If property is in a trust, attach a copy of the trust agreement as Exhibit. Village Officials Approval/Acceptance: Resolution: (Title) (Date) Exhibit A Legal Description w/Phase Plan indicated (if applicable) N/A Village Officials Release Resolution: (Title) (Date)