The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 57-85 - 7/23/1985 - LOC/CIRCLE BAY SUB RESOLUTION NO. 57-85 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 66 FROM AVENUE BANK OF ELK GROVE IN THE AMOUNT OF $116,246.40 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS IN THE CIRCLE BAY SUBDIVISION (ORGINALLY ACCEPTED BY RES. NO. 43-84 IN THE AMOUNT OF $155,488.98 FROM TALMAN HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF ILLINOIS) 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 Straight Letter of Credit No. 66 from the Avenue Bank of Elk Grove in the amount of $116,246.40 to guarantee completion of public improvements in the Circle Bay Sub- division as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with engineering plans and specifications with revisions dated July 13, 1984, prepared by Applied Engineering, 1885 Hicks Road, Rolling Meadows, Illinois 60008, approved on May 24, 1985. Said Letter of Credit becoming effective May 28, 1985 and expiring June 1, 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 Chis 23rd day of July 1985. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk avenue BanK OF ELK GROVE ** This\replaces Letter of Credit No. 66 dated 3-26-85 ** t t,3- , in the amount of $155,488.98 IRREVOCABLE LETTER OF CREDIT` �,P EGD G`��Q\ . Completion Guaranty O Letter of Credit No. 66 Village of Elk Grove Village Date: 5-28-85 901 Wellington Avenue Amount: ($116,246.40) Elk Grove IL Completion Date: 3-1-86 60007 Expiration Date: 6-1-86 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of BONGI GROUP-CIRCLE BAY, INC. , 561 Northport Drive, Elk Grove IL, hereafter called the "Developer", in the aggregate amount of $116,246.40, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit 1166, dated 5-28-85." These monies are to guarantee the completion of public improvements for the following project: CIRCLE BAY ESTATES described in the engineering plans and specifications with revisions dated 7-13-84, prepared by Applied Engineering, 1885 Hicks Road, Rolling Meadows, approved on 5-24-85 and agreements (including any 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: 1100 WEST DEVON AVENUE • ELK GROVE,ILLINOIS 60007 • 312-9804100 • MEMBER FDIC , 2 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 improve- ments has not been satisfactorily completed in accord- ance with the Approved plans and specifications with revisions dated July 13 , 1984 , prepared by (Engineer) Apolied Engineerinn(pddre.ss)1885 Hicks Road approved on May 24 , 1985 - and agreements Rollinq !1ds . (including any amendments thereof) for the following project: (Project Name)Circle Bay Estates , (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) . ED Watermain and Appurtenances 0 Sanitary Sewer and Appurtenances t^ 1 Storm Sewer and Appurtenances L�.4 Roadway (Curb & Gutter, Pavement) Sidewalk U Street Lights M Parkway (Trees, etc.) QTraffic Control (Signals, Signs, Markings) � ^4 I Ponds (Detention/Retention) Excavation (Soil Erosion Control, Stockpile) Other (Retaining Walls, etc.) These improvements itemized above shall be completed on or before (Completion Date) 3 / 1 , 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 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 with supporting waivers, liens 3 and affidavits from contractors or subcontractors furnishing material or performing work to complete these improvements. And then only in the exact amount of such payments less 108 for interim maintenance. This remaining amount shall never be reduced to an amount less than 1108 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 the (Developer and/or Owner) Bonqi Group-Circle Bay , Inc . 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 accord- ance with the terms and provisions herein contained. If, within thirty (30) days of the date of any demand (made in con- formity 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 ip he Village Engineer and attested by the Clerk. This Irrevocable Letter of Credit shall be utilized to secure the installation of all improvements re- quired 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 Bongi Grouo-Circle Say , Inc . obligation of the (Developer and/or Owner) 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 docu- mentation from the Village Engineer that he or she does elect not to arbi- trarily request renewal of this Irrevocable Letter of Credit for such additional one (1) year period without due cause. 4 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 ex- pressly agreed by the undersigned that the expiration date shall be auto- matically 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. We hereby agree with the drawers, indorsers, and bona fide holders of drafts drawn in compliance j SEAL with the terms of this credit that they shall be honored on presentation. Dated: S- -'- t* - R 5- Issuing Issuing Financial Institution: AVENUE BANK OF ELK GROVE By: (Authorized Signature) C « Z (Title) V.P. Randall A. Lehne — — — — — — — — — — — — — — — — — — — — '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: Developer/Owner: (1) (2) (Name and Title) . (Name and Title) *Note: (1) I£ property is in a trust, attach a copy of the Trust Agreement as an Exhibit. s Village officials Approval/Acceptance Resolution: (Title) (Date) EXHIBIT A Legal Description w/Phase Plan indicated (if applicable) Village officials Release Resolution: z (Title) (Date) EXHIBIT "A" LEGAL DESCRIPTION THE EAST 981.93 FEET OF THE SOUTH WEST 1/4 OF THE SOUTH WEST 1/4 OF SECTION 32, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS f*• z.�• `ItiE� avenue BanK xx OF ELK GROVE IRREVOCABLE LETTER OF CREDIT No. 66 —----Completion Guaranty Date March 26, 1985 Village of Elk Grove Village Amount $155,488.98 901 Wellington Avenue Elk Grove Illinois 60007 Project Circle Bay Subdivision, Elk Grove Village, Illinois Expiration Date - March 26, 1986 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Mr. Carl Bongiovanni, Bongi Group-Circle Bay, Inc. and Elk Grove Investment Co. , 570 North Port Drive, Elk Grove, Illinois 60007 hereafter called "Developer", in the aggregate amount of One hundred fifty five thousand four hundred eighty eight and 98/100 ($155,488.98) , U. S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit 66 issued for Circle Bay Subdivision, dated March 26, 1985." These monies are to guarantee the completion of public improvements for the following project: Circle Bay Subdivision, Elk Grove Village, Illinois (the "Project") described in the engineering plans and specifications with revisions dated March 29, 1983, pre- pared by Applied Engineering Company, 1885 Hicks Road, Rolling Meadows. AVE1314E SANK OF ELK GROVE E, � Vice President 1100 WEST DEVON AVENUE • ELK GROVE,ILLINOIS 60007 • 3129804100 • MEMBER FDIC ,