HomeMy WebLinkAboutRESOLUTION - 55-94 - 10/25/1994 - LOC/LEXINGTON HOMES RESOLUTION NO. 55-94
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
C7258291 FROM THE BANK OF AMERICA EXPIRING DECEMBER 30, 1995
IN THE AMOUNT OF $404 ,458.00 GUARANTEEING CONSTRUCTION OF PUBLIC
IMPROVEMENTS FOR LEXINGTON HOMES, INC. (MASS EARTH WORK ONLY)
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 Letter of Credit No. C7258291
from the Bank of America in the amount of $404,458.00 to guarantee
construction of public improvements for the Huntington Chase Unit 1 7 2
Mass Earth Work described in the engineering plans and specifications with
revisions dated August 10, 1994 prepared by Cowhey Gudmundson Leder,
LTD, approved on and agreements ( including any amendments
thereof) on the property legally described in Exhibit A (attached hereto
and a made part thereof). Said Letter of Credit expiring December 30, 1995.
Section 2 : That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 25th day of October , 1994.
APPROVED this 25th day of October , 1994.
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk
Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233• SWIFT ADDRESS: CINB US 44•TELEFAX NUMBER: 987-6828
PAGE: 1
DATE: OCTOBER 4, 1994
AMENDMENT TO IRREVOCABLE STANDBY CREDIT NUMBER: C7258291
AMENDMENT NUMBER 1
BENEFICIARY APPLICANT
VILLAGE OF ELK GROVE VILLAGE LEXINGTON HOMES INC.
901 WELLINGTON AVENUE 1156 WEST SHURE DRIVE
ELK GROVE, ILLINOIS 60007 ARLINGTON HEIGHTS, IL 60004
THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT
AND MUST BE ATTACHED THERETO.
THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS:
THE EXPIRATION DATE IS AMENDED TO: DECEMBER 30, 1995 .
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
AMENDMENT, PLEASE CALL 312-828-2685 .
BANK OF AMERICA ILLINOIS
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FOR CASHIER � sS FOR CASHIER
THIS DOCUMENT CONSISTS OF 1 PAGE(S) .
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3M57e01 8ae4 PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois •Letters of Credit-1580 •231 South LaSalle Street Chicago, Illinois 60697
Bank of America
CABLE ADDRESS: Conti Bank Telex 02-5233• SWIFT ADDRESS. CINE US 44•TELEFAX NUMBER. 967-6828
IRREVOCABLE DOCUMENTARY LETTER OF CREDIT NO. C7258291
DATE: SEPTEMBER 29, 1994
LETTER OF CREDIT
BENEFICIARY
Village of Elk Grove Village
901 Wellingtion Avenue Letter of Credit No. C7258291
Elk Grove, Illinois 60007 Date:
Amount: $404, 458 . 00
Completion Date: 9-30-95
Expiration Date: 9-30-95
Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit
in your favor for the account of Lexington Homes Inc, hereafter
called the "Developer" , in the aggregate amount of $404 , 458 . 00
Four Hundred and Four Thousand, Four Hundred and Fifty Eight and
00/100 U. S . Currency, available by your draft drawn on sight and
marked "Drawn under Letter of Credit No. 07258291 dated 9/29/94.
These monies are to guarantee the completion of public
improvements for the following project: Huntington Chase Unit 1&
2 Mass Earth Work described in the engineering plans and
specifications with revisions dated August 10 , 1994, prepared by
Cowhey Gudmundson Leder, LTD, approved on , 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 statement purportedly signed by the Village Manager
or an 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 August 10 , 1994,
prepared by Cowhey Gudmundson Leder, LTD ,
approved on , and agreements (including
an amendments thereof) for the following project:
Huntington Chase.
JX686 PA 94 PLEASE ADDRESS ALL CORRESPONDENCE TO.
Bank of Amenca Illinois • Letters of Credit-1580 • 231 South LaSalle Street Chicago.Illinois 60697
Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233•SWIFT ADDRESS: CINB US 44•TELEFAX NUMBER: 987-6828
-2-
The improvements in the above described project consist of:
(check appropriate) .
Watermain and Appurtenances
Sanitary Sewer and Appurtenances
Storm Sewer and Appurtenances
Roadway (Curb & Gutter, Pavement)
Sidewalk
Street Lights
Parkway (Trees, etc. )
Traffic Control (Signals, Signs, Markings)
Ponds (Detention/Retention)
X Excavation (Soil Erosion Control, Stockpile)
Other
These improvements itemized- above shall be completed on or
before September 1995 . 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
3o 86 R81e4 PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois • Letters of Credit-1580 • 231 South LaSalle street Chicago,Illinois 60697
lJ■ Bank of America
-3-
CABLE ADDRESS. Conil Bank Telex 02-5233• SWIFT ADDRESS: CINB US 44•TELEFAX NUMBER: 967-6828
improvements as a guarantee for maintenance purposes. The
Village may submit its sight drafts as herein above provided
without the consent of the Developer 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 the project; but
within the expiration date of the 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 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 Developer 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.
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.
300686 R6.94 PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois • Letters of Credit-1580 • 231 South Lasalle Street Chicago, Illinois 60697
Y r.
Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233• SWIFT ADDRESS: CINE US 44•TELEFAX NUMBER: 987-6828
-4-
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 revision"
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: September 29, 1994
Issuing Financial ' �Institution:
By: a.. (2A-,4 "V �e, �w2 1�'g' cyte C�fSN/Ef✓
(Name) (Title) (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-,,C ditsubject to the
conditions herein set forth and w Ives any right to
enjoin the Village from so , oc eding. "
Date• 5�P, Avg ' 7
Developer/Owner: il) '(2) ��
ame I /Ind itle amuan�it
Note: If property is in a trust.,_. atta a copy of the trust
agreement as Exhibit.
3W68e x8.94 PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois • Letters of Credit-1580 • 231 South LaSalle Street Chicago, Illinois 60697
Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233• SWIFT ADDRESS: CINB US 44•TELEFAX NUMBER: 987-6828
-5-
Villaae officials Approval/Acceptance Resolution:
(Title) (Date)
Exhibit A
Legal Description w/Phase Plan indicated (see Attached)
Village Officials Release Resolution:
(Title) (Date)
3W6e6 F8'94 PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois • Letters of Credit-1580 • 221 South LaSalle Street Chicago,Illinois 60697
EXHIBIT A
PARCEL 1 .
THE WEST 80 ACRES OF THE SOUTH 160 ACRES OF THE NORTH 262 ACRES OF
SECTION 31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, (TAKEN AS A TRACT) ; EXCEPTING FROM SAID TRACT, THE NORTH
295 . 165 FEET OF THE WEST 295 . 165 FEET; ALSO EXCEPTING FROM SAID
TRACT, THAT PART (IF ANY) LYING WEST OF THE EAST LINE AND LYING
NORTH OF THE SOUTH LINE (AND ITS WESTERLY EXTENSION) OF LOT 1 AS
LAID OUT IN BOLGER' S SUBDIVISION OF THAT PART OF THE NORTH 295 . 165
FEET OF THE WEST 295 . 165 FEET OF THE WEST 80 ACRES OF THE SOUTH 160
ACRES OF THE NORTH 262 ACRES OF SECTION 31, TOWNSHIP 41 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, (EXCEPTING THEREFROM
THAT PART TAKEN FOR HIGHWAY PURPOSES) SAID SUBDIVISION BEING
RECORDED DECEMBER 6, 1978 AS DOCUMENT NUMBER 24752434; ALSO
EXCEPTING FROM SAID TRACT, THAT PART BOUNDED AND DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTH EAST CORNER OF SAID WEST 80 ACRES OF THE
SOUTH 160 ACRES OF THE NORTH 262 ACRES; THENCE NORTH ALONG THE EAST
LINE OF SAID WEST 80 ACRES, TO THE CENTER LINE OF BIESTERFIELD
ROAD; THENCE WEST ALONG SAID CENTER LINE OF BIESTERFIELD ROAD A
DISTANCE OF 1447. 90 FEET TO A POINT ON THE EAST LINE OF THE
AFORESAID WEST 295 .165 FEET; THENCE SOUTH ALONG THE EAST LINE OF
SAID WEST 295 . 165 FEET A DISTANCE OF 100 FEET TO A POINT; THENCE
SOUTHEASTERLY ALONG A STRAIGHT LINE A DISTANCE OF 305 FEET TO A
POINT NORMALLY DISTANT 155 FEET SOUTH OF SAID CENTER LINE OF
BIESTERFIELD ROAD; THENCE SOUTHEASTERLY ALONG A STRAIGHT LINE A
DISTANCE OF 201 .56 FEET TO A POINT NORMALLY DISTANT 180 FEET SOUTH
OF SAID CENTER LINE OF BIESTERFIELD ROAD; THENCE SOUTHEASTERLY
ALONG A STRAIGHT LINE OF 300 . 17 FEET TO A POINT NORMALLY DISTANT
190 FEET SOUTH OF SAID CENTER LINE OF BIESTERFIELD ROAD; THENCE
EAST, PARALLEL WITH SAID CENTER LINE OF BIESTERFIELD ROAD A
DISTANCE OF 14 .40 FEET TO A POINT; THENCE SOUTH 13 DEGREES 25
MINUTES 30 SECONDS EAST, A DISTANCE OF 1850 .29 FEET TO A POINT ON
THE SOUTH LINE OF SAID NORTH 262 ACRES; THENCE EAST ALONG SAID
SOUTH LINE OF THE NORTH 262 ACRES TO THE POINT OF BEGINNING; ALSO
EXCEPTING FROM SAID TRACT, THAT PART (IF ANY) LYING SOUTH OF THE
NORTH LINE OF THE STRIP OF LAND DESCRIBED IN EXHIBIT "A" OF CIRCUIT
COURT CASE NUMBER 76 "L"13492 (THE NORTH LINE OF SAID STRIP OF LAND
BEING ALSO THE NORTH LINE, AND ITS WESTERLY EXTENSION, OF ROHLWING
GROVE UNIT NUMBER 5 , BEING A SUBDIVISION OF PART OF THE SOUTH 1/2
OF SECTION 31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ALL AS SHOWN AS PARCEL 1 ON PLAT OF SURVEY
RECORDED MAY 8 , 1984 AS DOCUMENT NUMBER 27076156; ALSO EXCEPTING
FROM SAID TRACT, THAT PART BOUNDED AND DESCRIBED AS FOLLOWS :
BEGINNING AT THE INTERSECTION OF THE SOUTHERLY RIGHT-OF-WAY LINE OF
BIESTERFIELD ROAD WITH THE WESTERLY RIGHT-OF-WAY LINE OF F.A.I.
ROUTE 290 PER ORDER ESTABLISHING FREEWAY RECORDED APRIL 15 , 1968 AS
DOCUMENT NO. 20458052 ; THENCE ON AN ASSUMED BEARING OF SOUTH 13
DEGREES 43 MINUTES 03 SECONDS EAST ALONG SAID WESTERLY RIGHT OF WAY
LINE 789 . 86 FEET; THENCE NORTH 31 DEGREES 04 MINUTES 18 SECONDS
WEST 898 . 41 FEET TO THE SOUTHERLY RIGHT OF WAY LINE OF SAID
BIESTERFIELD ROAD; THENCE SOUTH 89 DEGREES 26 MINUTES 17 SECONDS
EAST ALONG SAID SOUTHERLY RIGHT OF WAY LINE 260 .46 FEET; THENCE
CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE NORTH 88 DEGREES
39 MINUTES 10 SECONDS EAST 14 . 40 FEET TO THE POINT OF BEGINNING;
ALSO EXCEPTING FROM SAID TRACT, THAT PART BOUNDED AND DESCRIBED AS
FOLLOWS: BEGINNING AT THE INTERSECTION OF THE EASTERLY RIGHT OF
WAY LINE OF ROHLWING ROAD PER DEDICATION RECORDED APRIL 5, 1932 AS
DOCUMENT NO. 11069335 IN SAID COUNTY WITH THE SOUTH LINE OF LOT 1
IN BOLGER' S SUBDIVISION PER PLAT RECORDED DECEMBER 6, 1978 AS
DOCUMENT NO. 24752434 ; THENCE ON AN ASSUMED BEARING OF NORTH 88
DEGREES 38 MINUTES 24 SECONDS EAST ALONG THE SOUTH LINE OF SAID LOT
1 A DISTANCE OF 15 . 00 FEET; THENCE SOUTH 00 DEGREES 05 MINUTES O1
SECONDS EAST 206 .28 FEET; THENCE SOUTH 89. DEGREES 54 MINUTES 59
SECONDS WEST 5 . 00 FEET; THENCE SOUTH 00 DEGREES 05 MINUTES O1
SECONDS EAST 100 . 00 FEET; THENCE NORTH 89 DEGREES 54 MINUTES 59
SECONDS EAST 10 . 00 FEET; THENCE SOUTH 00 DEGREES . 05 MINUTES O1
SECONDS EAST 100 . 00 FEET; THENCE SOUTH 89 DEGREES 54 MINUTES 59
SECONDS WEST 10 . 00 FEET; THENCE SOUTH 00 DEGREES 05 MINUTES O1
SECONDS EAST 500 . 00 FEET; THENCE SOUTH 89 DEGREES 54 MINUTES 59
SECONDS WEST 54 . 37 FEET TO THE WEST LINE OF SAID SECTION 31; THENCE
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG SAID WEST LINE
904 .99 FEET; THENCE NORTH 88 DEGREES 38 MINUTES 24 SECONDS EAST
43 . 06 FEET TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS .
PARCEL 2 :
THAT PART OF SECTION 31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN, LYING SOUTH OF THE NORTH 262 ACRES OF
SAID SECTION; LYING NORTH OF THE NORTH LINE OF THE STRIP OF LAND
DESCRIBED IN EXHIBIT "A" OF CIRCUIT COURT CASE NUMBER 76"L"13492
(THE NORTH LINE OF SAID STRIP OF LAND BEING ALSO THE NORTH LINE,
AND ITS WESTERLY EXTENSION, OF ROHLWING GROVE UNIT NUMBER 5 BEING
A SUBDIVISION OF PART OF THE SOUTH 1/2 OF SECTION 31, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN) ; AND LYING
WESTERLY OF THE WEST LINE OF F.A. I. ROUTE 90 ESTABLISHED SUBSEQUENT
TO ORDER RECORDED APRIL 15, 1968' AS DOCUMENT NUMBER 20458052 , ALL
AS SHOWN AS PARCEL 2 ON PLAT OF SURVEY RECORDED MAY 8 , 1984 AS
DOCUMENT NUMBER 27076156, IN COOK COUNTY, ILLINOIS
2
Schedule A
Bank of America Illinois : Letter of Credit No.
Huntington Chase
Unit 1
Earthwork $ 242 , 620 . 00
Huntington Chase
Unit 2
Earthwork $ 161, 838 . 00
$ 404 , 458 . 00