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Home My WebLink AboutRESOLUTION - 90-85 - 11/12/1985 - LOC/TRIANGLE CORPORATE SQUARE RESOLUTION NO. 90-85 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 10019 FROM WOODFIELD BANK IN THE AMOUNT OF $4, 125.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR TRIANGLE CORPORATE 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: Section 1. That the President and Board of Trustees do hereby author- ize the acceptance of an Irrevocable Straight Letter of Credit No. 10019 from Woodfield Bank in the amount of $4,125.00 to guarantee the completion of public improvements of sanitary sewer and appurtenances in Triangle Corporate Square as shown on the engineering plans and specifications with revisions dated July 17, 1985, prepared by G & C Consulting Engineers, Inc. Said Letter of Credit expiring September 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 12th day of Nnyiemhpr 1985. APPROVED this 12th day of Novemher 1985. Charles J. Zettek Village President ATTEST: Patricia S . Smith Village Clerk UJOOC�11twu bCYI�( Higgins & Meacham Roads / Schaumburg, Illinois 60196 / 882-6400 Gary A.Breldenbach Senior vice President "IGy 25 '985 November 18, 1985GECAJrC " Mr. Phil Perna Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Dear Mr. Perna: This is to amend our Letter of Credit No. 10019, dated September 6, 1985. Please note the following errors in the body of the Letter of Credit on page one: 1. Line seven should read "Woodfield Bank, Letter of Credit, #10019" instead of #10010. 2. Line eight should read "September 6, 1985" instead of 1986. We regret if this has caused you any inconvenience. Sincerely, GAB/kah cc: Andy Jaffe 770 Foster Bensenville, IL 60106 MPLETION OF SITE IMF MENTS `�,; iL E• G.V. WOODFIELD BANK ENu 'wLERING DEPT. IRREVOCABLE LEITER OF CREDIT Completion Guaranty Letter of Credit No. 1001 Date September 6, 1985 Village of Elk Grove Village Amount (S 4.125.00 ) 901 Wellington Avenue Project Triangular Corporate Square Elk Grove, Illinois 60007 Completion Date 7/1/86 1 Yr. minimum)- Expiration Date 9/6/86 (90 days after completion date) Gentlemen: _ We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Burton T. Getz. Co. , 770 Foster. , Bensenville , IL 60106 hereafter called the "Developer", in the aggregate amount of $ (110% Dollar Value of Public Improvements as Approved by Village Engineer) , U. S. Currency, available by your draft drawn on sight and marked "Drawn under WOODFIELD BANK. LETTER OF CREDIT k 10010 dated September 6 19 86 : These monies are to guarantee the completion of public improvements for the following project: Triangular Corporate Square (the "Project") described in the engineering plans and specifications with revisions dated / , l9rS prepared b�/�y ,� �+ 64"MrIN ,/170 ,BVSSCiAdAe3 . q0J5 d� 14- approved Lapproved on Auoust_15. 1985 ) and agreements (including any amendments there ) on the property legally described in Exhibit A (attached hereto and made art thereof) . Monies may be drawn on sight by the Village of Elk Grove Vilge when accompanied by the following document: Z 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 17 , 19 85 , prepared by G & C.Consulting Engineers. 1870 Busse Hwy. . Des Plaines, IL approved on .August 15. 1-985 and agreements (including any amendments thereof) for the following project: Triangular Corporate 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) . Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb & Gutter, Pavement) Sidewalk U Street Lights pParkway (Trees, etc.) Q Traffic Control (Signals, Signs, Markings) Ponds (Detention/Retention) E] Excavation (Soil Erosion Control, Stockpile) Other (Retaining Walls, etc.) These improvements itemized above shall be completed on or before _. July- 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 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 tc 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 Burton T. Getz Co. 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 the 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 obligation of the Burtoli. T, Getz,W.. 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 ocumentation from the Village Engineer that he or she does elect not to arbi- -arily request renewal of this Irrevocable Letter of Credit for such _onal 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 SEAL with the terms of this credit that they shall be honored on presentation. Dated: September 6, 1985 Issuing Financial Institu o OODF1 E BA By: Gary A. Breidenbach Senior Nice 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: Developer/owner: (1) Z, (2) (Name and Title) (Name and Title) *Note: (1) If property is in a trust, attach a copy of the. Trust Agreement as an Exhibit.