The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 56-85 - 7/23/1985 - LOC/WINDY CITY GARDENS SUB RESOLUTION NO. 56-85 A RESOLUTION ACCEPTING A REPLACEMENT LETTER OF CREDIT (RES. 1184-80, RES. #64-83) FROM STANDARD FEDERAL SAVINGS IN THE AMOUNT OF $36,376.90 TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS IN THE WINDY CITY GARDENS 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 Irrevocable Letter of Credit No. 2 (Res. 1184-80 and Res. X64-83) from Standard Federal Savings in the amount of $36,376.90 to guarantee the completion of public improvements of watermain and appur- tenances, sanitary sewer and appurtenances, storm sewer and appurtenances, roadway, curb and gutter, sidewalk, street lights, parkway trees and sod, traffic control signals, and excavation in the Windy City Gardens Subdivision as shown on the engineering plans and specifications with revisions dated February 4, 1981 , prepared by Applied Engineering Company. Said Letter of Credit expiring September 30, 1986. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 23rd day of July 1985• APPROVED this 23rd day of July , 1985. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk rd1sMq�vnyar�N FEDER)U.44ONGs 4192 Archer Avenue, Chicago, Iginois 60632-1890 Telephone:(312)847-1140 May 23, 1985 Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Letter of Credit No. 2 Date May 23, 1985 Amount $36,376.90 Project Windy City Gardens (Buckingham Court) Completion Date June 30, 1986 Expiration Date September 30, 1986 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Standard Federal Savings & Loan Association, 4192 S. Archer, Chicago, Illinois 60632 hereafter called the "Developer," in the aggregate amount of $36,376.90, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Standard Federal Savings and Loan Irrevocable Letter of Credit 412 dated May 23, 1985." These monies are to guarantee the completion of public improvements for the following project: Windy City Gardens (Buckingham Court) (the "Project") described in the engineering plans and specifications with revi- sions dated December 3, 1977, prepared by Applied Engineering Company, 1885 Hicks Road, Rolling Meadows, Illinois, approved on February 4, 1981 and agreements (including and 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 Village when accompanied by the following document: A signed statement by the Village Manager or any other duly authorized official of the Village of Elk Grove Village cer- tifying that any portion of the site improvements has not been satisfactorily completed in accordance with the Approved plans specifications with revisions dated February 4, 1981 , prepared by Applied Engineering Company, 1885 Hicks Road, Rolling Meadows, Illinois for the following project: Windy City Gardens (Buckingham Court) , (the "Project") , on property legally described in Exhibit A attached. The improvements in the above described project consist of: Watermain and Appurtenances; Sanitary Sewer and Appurtenances; Storm Sewer and Appurtenances; Roadway (Curb and Gutter, Pavement) ; Sidewalk; Come up to our Standard -2- Street Lights; Parkway (Trees) and Sod Parkways; Traffic Control (Signals, Signs, Markings) ; Excavation (Soil Erosion Control, Stockpile) The principal amount of the Irrevocable Straight Letter of Credit totaling $36,376.90 is allocated upon an estimate for the balance of construction work to be completed totaling $21,775.00 at 110% of said estimate, or $23,952.50; and major improvements already completed total $124,244.00 and 10% of value, or $12,424.40. These improvements itemized above shall be completed on or before June 30, 1986. 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 the 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 supportive waivers, liens and affidavits from contractors or subcontractors furnishing material or performing work to com- plete these improvements. 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 improve- ments 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 pro- vided without the consent of the Standard Federal Savings and Loan Association 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 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 installa- tion 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 Standard Federal Savings and Loan Association 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 automati- cally 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 under- signed in writing, certified mail, return receipt requested, that he or she, based upon the advise 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. -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 pre- viously. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit, "the International Chamber of Commerce Publica- tion #290, 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 credit that they shall be SEAL honored on presentation. Dated: --Z ysr-S — STANDARD FEDERAL SAVINGS AND LOANASSOCIATIONOF CHICAGO By: iL�w.r� !_yG: y?s:rJl Senior Vice President - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - "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: VILLAGE OF ELK GROVE VILLAGE Resolution: (Title) (Date) -4- EXHIBIT A Lots 1 through 14 inclusive in Windy City Gardens Center Subdivision being a subdivision in the South East 1/4 of Section 32, Township 41 North, Range 11, East of the Third Principal Meridian, in Cook County, Illinois. VILLAGE OF ELK GROVE VILLAGE Resolution: Title Date