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HomeMy WebLinkAboutRESOLUTION - 8-87 - 2/10/1987 - LOC/TOUHY-HIGGINS SUB RESOLUTION NO. 8-87 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 8798 FROM CITIZENS BANK & TRUST COMPANY EXPIRING SEPTEMBER 29, 1987 IN THE AMOUNT OF $217,300.00 TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS AT TOUHY-HIGGINS SUBDIVISION 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. 8798 from the Citizens Bank and Trust Company in the amount of $217,300.00 to guarantee completion of public improvements at the Touhy-Higgins Subdivision in accordance with plans and specifications with revisions dated October 31, 1986 prepared by Cowhey, Gudmundson Leder, Ltd. , One Pierce Place, Itasca, Illinois 60143 and approved January 23, 1987. Said Letter of Credit expiring September 29, 1987. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 10th day of February 1987. APPROVED this 10th day of February 1987. Charles J . Zettek Village President ATTEST: Patricia S. Smith Village Clerk Citizens Bank t C, m.... a , -Ameribanc IRREVOCABLE DOCUMENTARY LETTER OF CREDIT DATE January 9, 1987 LETTER OF CREDIT NO. 8798 Village of Elk Grove Village COMPLETION GUARANTY 901 Wellington Avenue LETTER OF CREDIT NO. 8798 Elk Grove Village, Illinois 60007 DATE January 9, 1987 AMOUNT $217,300.00 PROJECT Touhy-Higgins Subdivision COMPLETION DATE July 1 , 1987 EXPIRATION DATE September 29, 1987 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of McLennan Commercial Industrial Brokerage Company, 25 North North- west Highway, Park Ridge, Illinois 60068 hereafter called the "Developer" , in the aggregate amount of Two Hundred Seventeen Thousand Three Hundred and No/100 Dollars--------- $217,300.00 , U.S. Currency, available by your draft drawn on sight and marked "Drawn under Citizens Bank & Trust Company, Letter of Credit No. 8798 dated January 9, 1987". These monies are to guarantee the completion of public improvements for the following project: Touhy-Higgins Subdivision (the "Project") described in the engineering plans and specifications with revisions dated October 31 , 1986, prepared by Cowhey, Gudmundson Leder, Ltd. , One Pierce Place, Itasca, Illinois 60143, approved on January 23. 1987 and agreements including any amendments thereof) on the property legally des- cribed in Exhibit A (attached hereto and made part thereof) . Monies may be drawn on sight by the Village of Elk Grove Village when accompanied by the following document: A signed statement by the Village Manager or any other duly auth- orized 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 October 31 , 1986, prepared by CowheGudmundson Leder, Ltd. approved on January 23, 1987 and agreements including any amendments thereof) for the following project: Touhy-Higgins Subdivision, (the "Project") , on property legally described in Exhibit A. Attached and made part of) . IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: January 9, 1987 Page: 2 The improvements in the above described project consist of: X] Watermain and Appurtenances QX Sanitary Sewer and Appurtenances ❑X Storm Sewer and Appurtenances QX Roadway (Curb & Gutter, Pavement) QX Sidewalk These improvements itemized above shall be completed on or before July 1 , 1987. If said improvements have not been properly installed and satisfactorily com- pleted on or before that date as reasonably determined by the Village Engineer, then the Village of Elk Grove Village (the "Village") is hereby granted auth- ority to draw upon this Irrevocable Letter of Credit for the purpose of com- pleting 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 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 McLennan Commercial Industrial Brokerage Company 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 folllowing the completion date of this Irrevocable Letter of Credit and said draft shall be duly honored upon presentation during the ninety (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 McLennan Commercial Industrial Brokerage Company to properly completely install all improvements required by the Village of Elk Grove Village. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: January 9, 1987 Page: 3 It is a condition of this Irrevocable Letter of Credit that it shall be auto- matically 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 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 subject to the "Uniform Customs and Practice for Documentary Credit, the International Chamber of Commerce Publication #400, 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 S E A L credit that they shall be honored on presentation. Dated: January 9, 1987 Issuing F• ancial Instritution: Citizens Bank & Trust Company i BY: /Commercial Loan Officer Linda S./Count- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Developer/Owner ./Count- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Developer/Owner "The undersigned hereby acknowledges the absolute right of the Village of Elk Grove Village to draw on this Irrevocable Letter of Credit sub- ject to the conditions herein set forth and waives any right to enjoin the Village from so proceeding." , Date: tvy cLen n Commercia /Ind trial B ok •era ComZa.ny Developer/Owner: (1 ) (2) XdILA res dent Secretary *Note: (1 ) If propery�is in a trust, attach a copy of the Trust Agreement as an Exhibit. I EXHIBIT "A" LEGAL DESCRIPTION BEING A SUBDIVISION IN THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN IN COOK COUNTY, ILLINOIS.