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Home My WebLink AboutRESOLUTION - 85-85 - 10/22/1985 - LOC/VILLAGE SQUARE RESOLUTION NO. 85-85 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM BERGER ENTERPRISES IN THE AMOUNT OF $40,766.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR VILLAGE SQUARE 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 from Berger Enterprises in the amount of $40,766.00 to guarantee the completion of public improvements for the Village Square project as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with approved plans and specifications with revisions dated September 3, 1985, prepared by Carl Kupfer of 6645 N. Oliphant, Chicago, Illinois, approved on September 23, 1985. Said letter of credit expiring December 6, 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 22nd day of October 1985. APPROVED this 22nd day of October 1985. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk EXHIBIT "A" PUBLIC IMPROVEMENTS TO BE INSTALLED WITH THE DEVELOPMENT KNOWN AS VILLAGE SQUARE Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb & Gutter, Pavement) Sidewalk Parkway (trees, etc) Excavation (Soil Erosion Control, Stockpile) DATED: SEPTEMBER 6, 1985 IRREVOCABLE LETTER OF CREDIT Village of Elk Grove Village COMPLETION DATE: 9/6/86 901 Wellington Avenue EXPIRATION DATE: 12/6/86 Elk Grove Village, Illinois 60007 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Berger Enterprises, 55 N. Smith Road, Palatine, Illinois, hereafter called the "Developer", in the aggregate amount of $40,766 US Currency, available by your draft drawn on sight and marked "Drawn under Liberty Bank Letter of Credit dated September 6th, 1985." These monies are to guarantee the completion of public improvements for the following project: Village Square (the Project) described in the engineering plans and specifications with revisions dated September 3, 1985, prepared by Carl Kupfer of 6645 N. Oliphant, Chicago approved on September 23, 1985 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: 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 satisfactority completed in accordance with the approved plans and specifications with revisions dated 913/85 , prepared by Carl Kupfer of 6645 N. Oliphant, Chicago, approved on 9/13185 and agreements (including any amendments thereof for the following project: VILLAGE SQUARE (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 ) 0 Watermain and Appurtenances ® Sanitary Sewer and Appurtenances ® Storm Sewer and Appurtenances ® Roadway (Curb & Gutter, Pavement) Page 2 Irrevocable Letter of Credit Dated: September 6, 1985 ® Sidewalk ❑ Street Lights ® Parkway (trees, etc) Q Traffic Control (signals, signs, markings) ❑ Ponds (Detention/Retention) ® Excavation (Soil Erosion Control, Stockpile) . [3 Other (Retaining walls, etc) These improvements itemized above shall be completed on or before September 6, 1986. If said improvements have not been properly installed and satisfactorily 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 purposes 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 10% for interim maintenance. This remaining amount shall never be reduced to an amount less that 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 Berger Enterprises 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 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 Page 3 Irrevocable Letter of Credit Dated September 6, 1985 upon the obligation of Berger Enterprises, 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 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 Commerce Publication 1290, most recent revision," except as herein above modified. 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: 9 f14 Issuing Finan ial I titution: LIDIE-RTY Y:Aa:i . BY: l �Qfs�oE JT 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: C//& Developer/owner: �Ir` Name and title Name and title 7 GS ,3s-: