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Home My WebLink AboutRESOLUTION - 72-87 - 11/24/1987 - LOC ACCEPTED/TOUHY HIGGINS SUB LOT 1 RESOLUTION NO. 72-87 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 8879 FROM CITIZENS BANK & TRUST COMPANY EXPIRING AUGUST 10, 1988 IN THE AMOUNT OF $21,960.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR TOUHY/HIGGINS SUBDIVISION LOT 1 NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and Du Page, State of Illinois: Section 1: That the President and Board of Trustees do hereby authorize the acceptance of Irrevocable Letter of Credit No. 8879 from Citizens Bank & Trust Company in the amount of $21,960.00 to guarantee completion of public improvements for Showroom Distribution Center, Touhy/Higgins Subdivision Lot 1 in accordance with the approved plans and specifications dated May 20, 1987, prepared by Cussan Engineers Association Inc. , 2125 North Normandy Avenue, Chicago, Illinois 60656. Said Letter of Credit expiring November 10, 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 November , 1987• APPROVED this 24th day of November , 1987. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village er Citizens Bank Citizens Bank&rrustcompany One Northwest Highway Park Ridge,Illinois 60068 f.:< s;N OW£ `IfLIGGf a t iAmeribanc IRREVOCABLE DOCUMENTARY LETTER OF CREDIT DATE: August 10, 1987 LETTER OF CREDIT NO. 8879 Village of Elk Grove Village COMPLETION GUARANTY 901 Wellington Avenue LETTER OF CREDIT NO. 8879 Elk Grove Village, IL 60007 DATE Au ust 10, 1987 AMOUNT 21 ,960.00 PROJECT Showroom Distribution Center at Touhy Avenue and Old Higgins Road COMPLETION DATE May 13, 1988 Gentlemen: EXPIRATION DATE August 10, 1988 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Gundersen Construction, 2580 Devon Avenue, Des Plaines, Illinois 60018 hereafter called the "Developer" , in the aggregate amount of Twenty One Thousand Nine Hundred Sixty and 00/100 Dollars--- $21 ,960.00 ,U.S. Currency, available by your draft drawn on sight and marked "Drawn under Citizens Bank & Trust Company, Letter of Credit No. 8879 dated August 10, 1987". These monies are to guarantee the completion of public improvements for the following project: Show- room Distribution Center at Touhy Avenue and Old Higgins Road (the "Project" described in the engineering plans and specifications dated May 20, 1987, prepared by Cussan Engineers Association Inc. , 2125 North Normandy Avenue, Chicago, Illinois 60656 774-4290 . Monies may be drawn on sight by the Village of Elk Grove Village 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 certifying that any portion of the Showroom Distribution Center at Touhy Avenue and Old Higgins Road has not been satisfactorily completed in accordance with the plans and specifications dated May 20, 1987, prepared by Cussen Engineers Association Inc. for the following project: Showroom Distribution Center at Touh Avenue and Old Higgins Road the "Project" The improvements in the above described project consist of excavation, storm sewer, sidewalk, curb, drive aprons, and restoration. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: August 10, 1987 Page: 2 The improvements itemized above shall be completed on or before May 13,_ 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 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 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 the 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 Gundersen Construction 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 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 Gundersen Construction 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 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. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: August 10, 1987 Page: 3 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 Commercial Publication #400, most recent revision" , except as herein above modified. We hereby agree with the draws, indorsers, and bona fide holders of drafts drawn in compliance with the S E A L terms of this credit that they shall be honored on presentation. Dated: August 10, 1987 Issuing Financial Institution: Citizens Bank & Trust Company Kenn th J. Rudnick, Senior Vice President ---------------------------------------------------------------------------------------------------- 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 the Village from so proceeding." Date: J �L / Gundersen Construction Developer/Owner: (1 ) �j,��.• <��t�l�s✓n l�t �/ (2) *Note: (1 ) If property is in a trust, attach a copy of the Trust Agreement as an Exhibit. EXHIBIT "A" - LEGAL DESCRIPTION A subdivision of part of the Southeast Quarter of Section 36, T4IN, RICE, of the 3rd P.M. in the Village of Elk Grove, Cook County, Illinois.