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HomeMy WebLinkAboutRESOLUTION - 9-86 - 1/28/1986 - LOC/SHENANDOAH SUB PHASE I RESOLUTION NO. 9-86 A RESOLUTION ACCEPTING A REPLACEMENT IRREVOCABLE LETTER OF CREDIT FROM THE TALMAN HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF ILLINOIS IN THE AMOUNT OF $31,700.00 TO GUARANTEE THE CONSTRUCTION OF PUBLIC IMPROVEMENTS IN SHENANDOAH SUBDIVISION PHASE I 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 from the Talman Home Federal Savings and Loan Association of Illinois in the amount of $31,700.00 to guarantee construction of public improvements in the Shenandoah Subdivision Phase I, the legal description as fully described in Exhibit "A" attached hereto and made a part hereof, and in accordance with engineering drawings and specifications with revisions dated November 5, 1984, prepared by Elk Grove Engineering, 860 Lively Boulevard, Elk Grove Village, Illinois 60007, which have been previously submitted to, and approved by the Engineering Department of the Village of Elk Grove Village. Said Letter of Credit becoming effective January 2, 1986 and expiring December 31, 1986 replacing Letter of Credit dated January 1, 1985. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 28th day of January 1986. APPROVED this 28th day of January 1986. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk TALMANNONE TheTalman Home Federal Savings and Loan Association of Illinois 7tPT. IRREVOCABLE CREDIT TO GUARANTEE THE CONSTRUCTION OF PUBLIC IMPROVEMENTS January 2, 1986 Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, Illinois 60007 Re: Shenandoah-Elk Grove Subdivision - Phase I Elk Grove Village, Illinois Gentlemen: We hereby establish an Irrevocable Credit in favor of the Village of Elk Grove Village, Illinois, an Illinois municipal corporation (herein called "Municipality") for the account of Shenandoah-Elk Grove Partnership, 115 East Scully Drive, Schaumburg, Illinois (herein called "Developer") , in the aggregate amount of THIRTY ONE THOUSAND AND 00/100th DOLLARS, ($31,000.00) . This irrevocable Credit will be used exclusively to secure the construction of certain public improvements (herein called "Improve- ments") as listed on Exhibit A attached hereto, which are to be constructed within the development known as Shenandoah-Elk Grove (herein called "Develop- ment") , pursuant to the following plans and specifications, (herein called "Plans and Specifications") . The Municipality approved site development engineering drawings and specifications dated June 16, 1978 for Shenandoah-Elk Grove with revisions dated November 5, 1984, prepared by Elk Grove Engineering, 860 Lively Boulevard, Elk Grove Village, Illinois 60007, which have been previously submitted to, and approved by the Engineering Department of the Village of Elk Grove. The Development , which is owned by La Salle National Bank as Trustee under Trust #105184, dated August 16, 1982 (herein called 'Owner") , is legally described on Exhibit "B" attached to this letter. Main Office:5501 S.Kedzie Avenue,Chicago.Illinois 60629 (312)434-3322 The Talman Home Federal Se is and Loan Association of Illinois January 2 , 1986 To: Village of Elk Grove Village Page Two This Irrevocable Credit shall remain in effect for a period of Twelve (12) months from the date hereof, without regard to any default in pay- ment of money owed to us by the Owner and/or Developer and without regard to other claims which we may have against the Owner and/or Developer. If within said twelve (12) months from the date hereof we receive written notice from the Village Manager or Village Engineer, reciting that the installation and construction of the Improvements has not been completed on or before September 1, 1986 as agreed by the Municipality and the Developer, you are then authorized to demand payment from The Talman Home Federal Savings and Loan Association of Illinois, 5501 South Kedzie Avenue, Chicago , Illinois 60629, by drawing drafts at sight when accompanied by the certificate of the Municipality stating chat the Owner and/or Developer has defaulted in its obligation to complete the Improvements, and further certifying that the Municipality has notified the Owner of its intention to draw under this Irrevocable Credit at least five (5) days prior to the date of drawing, we shall make payments for materials and labor to the Munici- pality to complete the Improvements in accordance with the Plans and Speci- fications. Partial drawings are permitted under this Irrevocable Credit. All drafts must be marked: "Drawn under the Irrevocable Credit of The Talman Home Federal Savings and Loan Association of Illinois, 5501 South Kedzie Avenue, Chicago, Illinois 60629, dated January 1, 1986 to secure the construction of Improvements within the Shenandoah-Elk Grove Subdivision." The principal amount of this Irrevocable 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. Only upon receipt of the immediately aforementioned, shall the exact amount of payments be made less ten (10) percent for an interim maintenance guarantee. If, within thirty (30) days of the date of any demand (made in conformity with this Irrevocable Credit) presented, we fail to honor same, we agree to pay all attorney fees, court costs and other reasonable expenses in- curred by the Municipality in enforcing the terms of this Irrevocable Credit. The Talman Home Federal Sa, ' is and Loan Association of Illinois January 2, 1986 To: Village of Elk Grove Village Page Three Ninety (90) days prior to the expiration of this Irrevocable Credit, we shall notify the Municipality, attention Village Manger, certified mail, return receipt requested, of the impending expiration date. This Irrevo- cable Credit shall not terminate without such written notice. If the Improvements covered by this Irrevocable Credit have not been completed within the time set forth herein, the Municipality may draw upon these funds in the manner recited above for an additional period of six (6) months next following the expiration of the term of this Irrevocable Credit. The sum of this Irrevocable Credit shall be reduced in the amount of dis- bursements made, from time to time, in accordance with the terms of this Irrevocable Credit as recited above. In addition, prior to expiration, this Irrevocable Credit shall be reduced by the value of all Improvements constructed and certified by the Village Engineer of the Municipality that said Improvements have been properly completed. We hereby certify and agree that all drafts drawn under, and in compliance with, the terms of this credit will be duly honored by us on delivery of documents as specified if presented at the specified office within the time limits recited herein. This Irrevocable Letter of Commitment supersedes and replaces our Commit- ment Letter of January 1, 1985 in the amount of THIRTY ONE THOUSAND, SEVEN HUNDRED AND 00/100ths DOLLARS ($31,700.00) which expires on December 31, 1985. THE TALMAN HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF ILLINOIS I By: Executiv6 Vice President EXHIBIT "A" PUBLIC IMPROVEMENTS TO BE INSTALLED WITHIN THE DEVELOPMENT KNOWN AS SHENANDOAH-ELK GROVE Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway, Curb, Gutter and Pavement Sidewalk Street Lights Parkway, Trees, etc. Detention Ponds EXHIBIT "B" LEGAL DESCRIPTION OF DEVELOPMENT KNOWN AS SHENAMOAH-ELK GROVE SUBDIVISION LOTS 1 TO 5 INCLUSIVE AND LOTS 12 TO 18 INCLUSIVE IN BLOCK 1, LOTS 1 TO 14 INCLUSIVE IN BLOCK 2, LOTS 1 TO 11 INCLUSIVE AND LOT 34 IN BLOCK 3, LOTS 1 TO 7 INCLUSIVE AND LOTS 19 TO 23 INCLUSIVE IN BLOCK 4, ALL IN SHENANDOAH SUBDIVISION BEING A SUBDIVISION IN THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 36 TOWNSHIP 41 NORTH RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN ACCORDING TO THE PLAT THEREOF AS RECORDED IN THE RECORDER'S OFFICE AT COOK COUNTY, ILLINOIS, AUGUST 31, 1978 AS DOCUMENT 24608335.