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Home My WebLink AboutRESOLUTION - 39-91 - 8/27/1991 - LOC RELEASED/DEED CONV/BILL OF SALERESOLUTION NO. 39-91 A RESOLUTION RELEASING LETTER OF CREDIT NUMBER 90-20 ACCEPTED BY RES. 62-90 AND ACCEPT CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE; DEED OF CONVEYANCE/BILL OF SALE; LETTER OF CREDIT NUMBER 91-09 IN THE AMOUNT OF $24,000.00 EXPIRING AUGUST 15, 1993 GUARANTEEING MAINTENANCE OF PUBLIC IMPROVEMENTS FOR MORGANFIELD SUBDIVISION AND MORGANFIELD SUBDIVISION UNIT 2 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 release of Letter of Credit Number 90-20 accepted by Resolution No. 62-90 in the amount of $34,155.60, and accept a Certificate of Approval and Initial Acceptance, Deed of Conveyance/Bill of Sale, and Irrevocable Letter of Credit Number 91-09 in the amount of $24,000.00 expiring August 15, 1993 guaranteeing the maintenance of public improvements as described in the Engineering Plans and Specifications_ with revisions dated January 30, 1989, prepared by Intercom Engineering Corp. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 27th day of August 1991. APPROVED this 27th day of August 1991. Charles J. Zettek Village President ATTEST: iage C er Bank of Buffalo Grove 10 EAST DUNDEE ROAD BUFFALO GROVE. ILLINOIS 60089 AREA coDE 7w 537-3900 IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 91-09 Village of Elk Grove Village Maintenance Guaranty 901 Wellington Avenue Elk Grove, IL 60007 Letter of Credit No. 91-09 Date: 8/15/91 Amount: $24,000.00 Expiration Date: 8/15/93 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Lunn Limited, 438 E. North Avenue, Bartlett, IL 60103, hereafter called the "Developer", in the aggregate amount of $24,000.00 U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 91-09 dated 8/15/91. These monies are to guarantee the maintenance of public improvement+ for the following project: Morganfield Subdivision Unit 1 and 2 described in the eng'neering plans and specifications with revisions dated January 30, 1989, prepared by Intercom Engineering Corp., and agreements (including any amendments thereof) on the property legally de- scribed in Exhibit A (attached hereto and made part hereof). Monies may be drawn on sight by the Village of Elk Grove when accompanied by the following documents: 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 maintained. The improvements in the above described project consist of: X Watermain and Appurtenances X Sanitary Sewer and Appurtenances X Storm Sewer and Appurtenances X Roadway (Curb 8 Gutter, Pavement) X Sidewalk X Street Lights X Parkway (Trees, etc.) X Traffic Control (Signals, Signs, Markings) X Ponds (Detention/Retention) Excavation (Soil Erosion Control, Stockpile) Other (Retaining Walls, etc.) Village of Elk Grove Village August 15, 1991 Page - 2 - 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 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 maintenance 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 maintain all improvements re- quired by the Village of Eli: 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, certi- fied mail, return receipt requested that he or she, based upon the advice and supporting documentation from the Village Engineer that he or she does not elect 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 re- quested, 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 provisio 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 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 upon presentation. Dated: August 15, 1991 Bank of Buffalo Grove By </ George K. Miller, Exec. Vice -President Village of Elk Grove Village August 15, 1991 Page - 3 - 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 thenVillage from �oceeding." Date: Developer,i d Owner By: H. Note: �lf property IV in a trust, attach a copy of the trust agreement as Exhibit. Village Officials Approval/Acceptance Resolu`lon: No. 39-91 Charles J. Zettek (Title)Village President (Date) 8/27/91 Exhibit A Legal Description w/Phase Plan indicated (if applicable) Village Officials Release Resolution: (Title) (Date) EXHIBIT A MORGANFIELD SUBDIVISION A subdivision of part of the southeast quarter of Section 36, Township 41 North, Range 10 east of the Third Principal Meridian according to the plat thereof recorded March 19, 1987 as Document No. 87148081 and July 23, 1987 as Document No. 87407027 in Cook County, Illinois and MORGANFIELD SUBDIVISION UNIT 2 Being a resubdivision of Outlot "A" in Morganfield Subdivision being a resubdivision of part of the southeast quarter of Section 36, Township 41 North, Range 10 east of the Third Principal Meridian according to the plat thereof recorded May 3, 1989 as Document No. 89199230 in Cook County, Illinois. CERTIFICATE OF APPROVAL AND INITIAL ACCEPTANCE SUBDIVISION: MORGANFIELD SUBDIVISION UNIT 1 AND 2 Request if hereby made by LUNN LIMITED to the Village of Elk Grove Village to approve the subdivision described above. The following information is submitted in support of this request: Deed of Conveyance,Bill of Sale "As -Built" Engineering Drawings (3 -print sets delivered earlier/1 mylar set enclosed) Bill of Materials (Material type, Quantities & Cost) Maintenance Guarantee (Existing Completion Letter of Credit to be updated upon acceptance) Owner/Developer: LUNN LIMITED 207 Oneida Avenue, Unit C Bartlett, IL 60103 708-289-9500 REFERENCE: Morganfield Subdivision Unit 1 and 2 described in the engineering plans and specifications with revisions dated January 30, 1989, prepared by Intercon Engineering Corp., approved on June 1, 1989, and agreements (including any amendments thereof) and described in the Engineering plans and specific loons, dated February 24, 1987, with revisions dated June 10, 1987, prepared by A.R. Schmidt & Assoc., Engineer and Surveyors Approved on July 14, 1987 and agreements (including any amendments thereof), and approved by the Village of Elk Grove Village. IMPROVEMENT DESCRIPTION: Watermain and Appurtenances Sanitary Sewer and Appurtenances Stone Sewer and Appurtenances Roadway (Curb and Gutter) Sidewalk Parkway Trees Ponds (Detention) CERTIFICATIONS: DESIGN ENGINEER'S CERTIFICATION See attached titled "Exhibit A, Design Enginet is Certification". DEVELOPER/OWNER CERTIFICATION FI LD S (-TOR CERT F[ AT10N I hereby certify that I have regularly inspec d the abov ese ed, mprovements during the progress of construction and that to the best of my knowledge and belief thew rk has bee o leted'in conformance with the approved plans and specifications. James m.Lurin President, Lunn Limited INTERCON ENGINEERING CORPORATION CONSULTING ENGINEERS 18225 Burnham Avenue, Suite 7, Lansing, Illinois 60438 (708) 895-0400 FAX (708) 895-0422 EXHIBIT "A" DESIGN ENGINEER'S CERTIFICATION To the best of my knowledge and belief, the construction of the above described improvements has been completed in accordance with the referenced approved plans and specifications.,,,,axQ.ept as noted in the "As -Built" plans. ;. February 13 1991 062-034642 i' DATE IL. P.E. NO. SIG Di DEED OF CONVEYANCE/BILL OF SALE KNOW ALL MEN BY THESE PRESENTS, that LUNN LIMITED, located at 207 Oneida Avenue, Unit C, Bartlett, IL 60103, an Illinois Corporation authorized to do business in the State of Illinois, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid, the receipt and sufficiency of which are hereby acknowledged, docs hereby Grant, Sell, Transfer Over, Convey and Deliver unto the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, a municipal corporation, to and for its own use forever the following: UNDERGROUNDIMPROVEMENTS Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb and Gutter/Pavement) Street Names: Morgan Drive Sidewalks Parkway Trees Storm Water Detention Basin located in the Project known as MORGANFIELD SUBDIVISION UNIT 1 AND 2 as described on the as built engineering plans , prepared by Intercon Engineering Corp., located at 18225 Burnham Avenue, Suite 7, Lansing, IL 60438 and dated November 9, 1990, which plans with 'Bill of Materials" are incorporated by reference and made a part hereof. WHEREAS, the Developer does hereby warrant to the Village it is the lawful owner of and has good and marketable title to the aforedescribed improvements; that the same are free from all encumbrances; that the Developer has the right to Sell the same; and that the Developer warrants and will defend and hold harmless the Village against the lawful claims and demands of all persons with respect to the title hereby conveyed; and that the execution of the t of Sale/Deed of Conveyance is an authorized Act of Said Corporation. IN WITNESS EREOF, t Developer has caused this instrument to be signed and delivered this _/` day of LFUGv . 199 /'1 LIMl ThD CORPORATE SEAL. (DATE) SEALM is O l A" J. Edwards (DATE) Notary Public, State of Illinois My Commiscon Expires 2t6193 cel '(DAYE) All work required for this development has been inspected and found to be completed in a satisfactory manner. All documentation for acceptance has been submitted and found to be acceptable. 8(DAT) �9 ! J Q� (N 1,IP) A�rrLE) ��' w ....• S • • • •. The VILLAGE OF ELK GROVE VILLAGE does hereby approve and accept for maintenance and operation the above described improvement. It is understood that the guarantee period of 24 months shall commence as of the date of Village Board acceptance. It is also understood that this approval and acceptance covers only the specific work indicated above and is subject to a final punch list being made concerning adjustment, alignment and necessary repairs of all structures, boxes, hydrants, etc. Acceptance of maintenance by the Village does not relieve the developer from the responsibility of keeping all dirt and debris due to construction operations out of both storm and sanitary sewer systems. Final acceptance of the subdivision or other general development is conditional upon completing all indicated items on the final punch list. It is the responsibility of the owner or developer to request the final punch list to be made. No refund of maintenance escrow monies will be made until all items in the final punch list have been corrected. VILLAGE OF ELK GROVE VILLAGE August 27, 1991 BY: Charles J. Zettek (DATE) Village President