The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 12-87 - 2/24/1987 - LOC/RUBIN PARTNERSHIPRESOLUTION NO. 12-87 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 80-154 FROM MATTESON-RICHTON BANK EXPIRING APRIL 30, 1988 IN THE AMOUNT OF $10,560.28 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS RUBIN PARTNERSHIP -ROUTE 83 AND LUNT 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 Number 80-154 from Matteson -Richton Bank in the amount of $10,560.28 to guarantee completion of public improvements of Rubin Partnership at Route 83 and Lunt Street in accordance with engineering plans and specifications with revisions dated September 23, 1986, prepared by Elk Grove Engineering Company, 860 Lively Blvd., Elk Grove Village, Illinois 60007 approved on December 16, 1986. Said letter of credit expiring April 30, 1988. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 24th day of February , 1987. APPROVED this 24th day of February , 1987. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk t t MATTESON-RICHTON BANK IRREVOCABLE LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: Completion Guaranty Letter of Credit No. 80-154 Date January 30, 1987 Amount $10,560.28 Project: Rubin Partnership Route 83 & Lunt Elk Grove Village, IL Completion Date January 30, 1988 Expiration Date April 30, 1988 (90 days after completion date) We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Joe Rubin, Rubin Development Company, 1250 Ellis Avenue, Bensenville, Illinois 60106 hereafter called the "Developer", in the aggregate amount of Ten Thousand Five Hundred Sixty and 28/100------- ($10,560.28)----Dollars, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 80-154, dated January 30, 1987." These monies are to guarantee the completion of public improvements for the following project: Rubin Partnership, Route 83 & Lunt Avenue, Elk Grove Village, IL 60007 (the "Project") described in the engineering plans and specifications with revisions dated September 23, 1986, prepared by Elk Grove Engineering Company, 860 Lively Blvd., Elk Grove Village, approved on % I - # L - fi% kR and agreements (including any amendments thereof) on the property legally described in Exhibit A (attached hereto and made a part hereof). Monies may be drawn on sight by the Village of Elk Grove Village when accompanied by the following document: Main Office/Rt. 30 at Kostner Avenue - Matteson, Illinois 60443 Richton Park Office/Governors Highway at Sauk Trail - Richton Park, Illinois 60471 Homewood Office/175th at Halsted Street - Homewood, Illinois 60430 Telephone (312) 747-0200 Letter of Credit No. 80-154 Page 2 January 30, 1987 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 completed in accordance with the Approved plans and specifications with revisions dated 9/23/86, prepared by Elk Grove Engineering Co., 860 Lively Blvd., Elk Grove Village, approved on /i. -1♦ -&A 44k and agreements (including any amendments thereof) for the following project: Rubin Partnership, Route 83 & Lunt, (the "Project"), on property legally described in Exhibit A. (Attached and made part of). The improvements in the above described project consist of: (X appropriate boxes). Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb & Gutter, Pavement) x Sidewalk Street Lights Parkway (Trees, etc.) Traffic Control (Signals, Signs, Markings) Ponds (Detention/Retention) Excavation (Soil Erosion Control, Stockpile) Other These improvements itemized above shall be completed on or before January 30, 1988. 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 Letter of Credit No. 80-154 Page 3 January 30, 1987 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 and then only in the exact amount of such payments less 107 for interim maintenance. This remaining amount shall never be reduced to an amount less than 1107, of the estimated costs to complete the remaining public improvements as a guarantee for maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of the Joe Rubin, Rubin Development Co. 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 competion 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 installation of all improvements required under Letter of Credit No. 80-154 Page 4 January 30, 1987 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 Joe Rubin, Rubin Development Co. 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 ninty (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 #290, most recent revision," except as herein above modified. Letter of Credit No. 80-154 Page 5 January 30, 1987 We hereby agree with the drawers, endorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. Dated: t= 1 SEAL Issuing Financial Institution: Matteson -Richton Bank By: Robert A. Loffredi, President Developer/Owner "The undersigned hereby acknowledges the absolute right of the Village of Elk Grove Village 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: Developer/Owner: (1) �t (2) L *Note: If property is in a trust, attach a copy of the Trust Agreement as an Exhibit. EXHIBIT "A" LEGAL DESCRIPTION RUBINS RESUBDIVISION BEING A RESUBDIVISION OF THE NORTH 187.63 FEET OF LOTS 370 AND 371 IN CENTEX INDUSTRIAL PARK UNIT 225 BEING A SUBDIVISION IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN IN COOK COUNTY, ILLINOIS.