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HomeMy WebLinkAboutRESOLUTION - 73-89 - 12/12/1989 - LOC ACCEPTED/STANLEY STREET SUB RESOLUTION NO. 73-89 A RESOLUTION ACCEPTING IRREVOCABLE LETTER OF CREDIT NO. 59075 FROM NBD ELK GROVE BANK IN THE AMOUNT OF $14,620.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS (LANDSCAPING) FOR STANLEY STREET SUBDIVISION (LOTS 1 THROUGH 9 (OF LOT 1) & LOT 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, Illinois: Section 1. That the President and Board of Trustees do hereby authorize the acceptance of Irrevocable Letter of Credit No. 59075 from NBD Elk Grove Bank in the amount of $14,620.00 to guarantee completion of Public Improvements (Landscaping) for Edital Corporation, Lots 1 through 9 (of Lot 1) and Lot 2 Stanley Street and Oakton Street, Elk Grove Village in accordance with the engineering plans and specifications with revisions dated February 1, 1988, prepared by Terry Findlay & Associates, Landscape Architects, and agreements (including any amendments thereof) on property legally described on Exhibit "A" attached hereto and made a part thereof. Said Letter of Credit expiring November 10, 1990. Section 2. That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 12th _day of December 1989. APPROVED this 12th —day of December 1989. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk NBD Elk Grove Bank 100 East Higgins Road Elk Grave Village, Illinois 60007 312/4394888 Telex:2068061190278 Cable: BANKELGR - INTERNATIONAL BANKING DEPARTMENT _ LETTER OF CREDIT Village of Elk Grove Village Letter of Credit No.5907S 901 Wellington Avenue Date: November 13, 1989 - Elk Grove Village, IL 60007 Amount: $14,620.00 Expiration Date: November 10, 1990 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of EDITAL CORPORATION , hereafter called the "Developer", in the aggregate amount of $14,620.00 > U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 59075 dated November 13, 1989 These monies are to guarantee the completion of public improvements for the following project: LOTS 1 THRU 9 (OF LOT 1) & LOT 2 STANLEY & OAKTON, ELK GROVE VILLAGE described in the engineering plans and specifications with . . revisions dated FEBRUARY 1, 1988 _, prepared by TERRY FINDLAY & ASSOCIATES, LANDSCAPE ARCHITECTS , 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 purportedly by the Village Manager or any other duly - authorized official of the Village of Elk Grove Village certifying that any portion of the landscaping improvements in accordance with the "Exhibit D" to the Amendment to the Annexation Agreement has not been satisfactorily completed in accordance with the approved plans and specifications with revisions dated FEBRUARY 1, 1988, prepared by TERRY FINDLAY & ASSOCIATES, and agreements (including any amendments thereof) for the following project: LOTS 1 THRU 9 (OF LOT 1) & LOT 2 STANLEY & OAKTON IN ELK GROVE VILLAGE ILLINOIS. NBD Eli:Grove Bank 100 East Higgins Road 1 I= I =r Elk Grove Village,Illinois 60007 312/439-1888 Telex: 206806/190278 Cable: BANKELGR INTERNATIONAL BANKING DEPARTMENT Page 2 of 4 The improvements in the above described project consists of: (X appropriate boxes). - _- �-�-----I3atasmainaab-App�rctcwaucaa - _. �-�----Saaitac�Sawa�aad.Appuataaaacac _ -� ----�arkorap-FPreer� ete r)- — - -� --- T-rs€fre 11C�omro-1 �Signa)s, Signs; t4arkiztSs} �-�-----�ixesvet�o+r{Scrr€->`*Y+•±•+�-doatro-f;�-Stveicpi-1�} IX1 Other (Retaining Walls, etc.) LANDSCAPING These improvements itemized above: shall be completed on or before NOVEMBER 10, 1990. 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 © Elk Grove Bank 100 100 East Higgins Road Elk Grove Village,Illinois 60007 _. _. 312/439-1888 Telex: 206806/190278 _ _ = Cable: BANKELGR i INTERNATIONAL BANKING DEPARTMENT Page 3 of 4 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 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 expiration 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 expense3 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. 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 NBD Ell:Grove Bank 100 East Higgins Road Elk Grove Village, Illinois 60007 = 312/439-1888 Telex:206806/190278 =- Cable: B.ANKELGR INTERNATIONAL BANKING DEPARTMENT Page 4 of 4 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) clays 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 requirements stated previously. This Irrevocable Letter of Credit: is subject to the "Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce Publication #400" 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. Very truly yours, NBD ELK GROVE BANK By: �� �, By: Its: 6`-S 1.3 T*U; L C r �Es,��NTIts: ASs�st�RnR' V10F Pa�ld� Exhibit A Legal Description w/Phare Plan indicated (if applicable) LOT 1 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 2 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 3 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 4 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALT' OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 5 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER'SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 6 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 7 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. PAGE 2 LOT 8 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 9 IN GULLO INTERNATIONAL'S RESUBDIVISION NO.2 LOT 1 IN GULLO INTERNATIONAL OFFICE AND INDUSTRIAL CENTER SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE WOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. LOT 2 IN GULLO INTERNATIONAL. OFFICE AND INDUSTRIAL CENTER SUBDIVISION, BEING A SUBDIVISION IN THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.