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Home My WebLink AboutRESOLUTION - 51-83 - 8/9/1983 - LOC ACCEPT/WOODLAND SQUARERESOLUTION NO. 51-83 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM THE FIRST NATIONAL BANK OF MOUNT PROSPECT IN THE AMOUNT OF $71,500-00 TO GUARANTEE THE MAINTENANCE OF COMPLETED IMPROVEMENTS IN THE WOODLAND SQUARE OFFICE COMPLEX 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 a Letter of Credit from the First National Bank of Mount Prospect in the amount of $71,500.00 to guarantee the maintenance of public improvements in the development known as the Woodland Square Office Complex as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with engineering plans prepared by the Chia Company of Engineers and approved by the Village of Elk Grove Village dated December 17, 1980, reissued December 20, 1982 and revised June 3, 1983. Said Letter of Credit becoming effective July 12, 1983 and expiring December 31, 1985. SECTION 2: That this Resolution shall be in full force and effect from and after its passage an approval according to law. PASSED this 9th day of August 1983. APPROVED this — 9th day of August —1 1983. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk REC-;VED E. G. V First National Bank 2�j ENGINEEPI%4', C.,7"),. of Molmt Prospect �,�i r /!,�_ � , ; ,-, MOUNT PROSPECT, ILLINOIS 60056 - 312 - 392-1600 IRREVOCABLE LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: letter of Credit # 207 Date: July 12, 1983 Amount: $71,500.00 Project: Woodland Square Office Complex Completion Date: 9/30/85 Expiration Date: 12/31/85 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the Account of "Woodland Square Development Ltd., Inc.", 720 Hiawatha Court, Mount Prospect, Illinois 60056, hereafter called the "Developer", in the aggregate amount of $71,500.00 U.S. Currency available by your draft drawn on sight and marked "Drawn under Document Letter of Credit, number 207 , dated July 12, 1983 These monies are to guarantee the completion of Public Improvements for the following project: Woodland Square Office Complex described in the engineering plans and specifications dated 12/17/80, reissued 12/20/82 and revised 6/3/83 prepared by the Chia Co. of Engineers, located at 701 E. Irving Park Road, Suite 203, Roselle, Illinois 60172, approved by the Village Engineer 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 improvements has not been satisfactorily completed in accordance with the approved plans and specifications revised and pre- pared by Chia Co. of Engineers, 701 E. Irving Park Road, Suite 203, Roselle, Illinois 60172 and any agreements (including any amendments thereof) for the following project; Woodland Square Office Complex (the Project), on property legally described in Exhibit A (attached and made part of). The improvements in the above described project consist of: Watermain and appurtenances Sanitary sewer services Storm sewer and appurtenances Roadway (curb & gutter, pavement) Sidewalk Street lights and signs Parkway trees and sod Excavation (soil erosion control/stockpile) LETTER OF CREDIT #207 Page 2 These improvements itemized above shall be completed on or before September 30, 1985. 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 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 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 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 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 consent of the "Developer" 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 presenta- tion during the ninety (90) days in accordance with the terms and provisions herein con- tained. 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 upon the obligation of the "Developer" 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 request renewal of this Irrevocable Letter of Credit for such additional one (1) year period. Such election will not be made 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 #290,most LETTER OF CREDIT #207 Page 3 recent revision", except as hereinabove 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 honored on presenta- tion. First National, Bank of Mount BY: S. West" Vice)Pres Attest: 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." r Name Village Officials Approval/Acceptance Resolution Title