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Home My WebLink AboutRESOLUTION - 24-96 - 4/9/1996 - LOC ACEPT/BETTER LIVING SUB NO. 2RESOLUTION NO. 24-96 A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 1114 FROM AMERICAN CHARTERED BANK EXPIRING JUNE 18, 1997 IN THE AMDUNT OF $15,500.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT BETTER LIVING SUBDIVISION NO. 2 (LAVE/TONNE RD.) 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. 1114 from American Chartered Bank in the amount of $15,500.00 to guarantee completion of public improvements Isanitary sewer) for Better Living Subdivision No. 2 in accordance with engineering plans and specifications prepared by Ccmnunity Development, Inc., the approved plans and specifications with revisions dated March 5, 1996 approved on February 23, 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 frau and after its passage and approval according to law. VOTES: AYES 6 NAYS 0 ABSENT 0 PASSED this 9th day of April , 1996. APPROVED this 9th day of April , 1996. Dennis J. Gallitano Village President ATTEST: Patricia S. Smith Village Clerk C,�� D IJANK& LETTER OF CREDIT Villa•:,e Cf El'r. ;rc.e Village 901 'Welling: or, ,;venue Elk ;rove, Illi-ois 4000? Gentlemen: Completion Guaranty Letter of Credit No. 1114 _ Date: 3/14/96 Amount: $ 15,500.00 Completion Date: Z/1:^ q7 Expiration Date: 6/18/'97 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Donald C. Gearhart hereafter called the "Developer", in the aggregate amount of 15,500.00 , U. S. Currency, available by your draft drawn on sight and marked "Dracm under Letter of Credit No. 1114 dated 3/14/96 These monies are to guarantee the completion of public improvements for the following project: Bptttr Living SnIndiviginn 17 described in the engineering plans and specifications with revisions dated 3LSyg6 _ __ , prepared by Community Developm n -. Tn -. , approved on 2/23/96 , 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 im- provements has not been satisfactorily completed in accordance with the approved plans and specifications with revisions dated 3/5/96 prepared by r•nmmnnii-4E novPIopment, Lnc approved on 2/23/96 and agreements (including any amendments thereof) for the following project: Better Living Subdivision 12 700 West Euclid, Palatine, Illinois 60067 • (708) 397-5700 • Fax 7761626 !Member FDIC -z - The improvements in the above described project consist of: (X appropriate boxes). Watermain and Appurtenances OSanitary Sewer and Appurtenances Storm Sewer and Appurtenances ❑ Roadway (Curb 6 Gutter, Pavement) Sidewalk Street Lights Parkway (Trees, etc.) E] 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 3/18/97 If said improvements have not been properly installed and satisfactorily completed on or before that date as reasonably deter- mined 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 [rrevocable 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 re- maining public improvements plus 10% of the cost of the completed public -3 - improvements as a guarantee for maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of the Owner - Donald C. Gearhart or any other party. Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be submitted for pa)nnent 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 Irrevocabje 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 Owner - Donald C. Gearhart 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 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 said Irrevocable Letter of Credit is about to expire. It is ex- pressly agreed by the undersigned that the expiration date shall be automatic- -4 - ally 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 revis::on" 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: 3/14/96 Issuing Financial Institution: American Chartered Bank By 4' �,< "Q (Name) (Title) Edward G. Rollada 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: RxwNboucWOwner: (1) Donald C. Ge rhart (2) Name and Title X XX3rdCAXXX4{ Note: If property is in a trust, attach a copy of the trust agreement as Exhibit. -5 - Village Officials Approval/Acceptance Resolution: (Title) (Date) Exhibit A Legal Description w/Phase Plan indicated (if applicable) Village Officials Release (Title) (Date) Resolution: