HomeMy WebLinkAboutRESOLUTION - 17-81 - 3/24/1981 - LOC/TRITON II IND PARKRESOLUTION N0, 17-81
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM THE FIRST
NATIONAL BANK OF MOUNT PROSPECT, GUARANTEEING THE CONSTRUCTION OF ALL
PUBLIC IMPROVEMENTS IN THE TRITON II INDUSTRIAL PARK
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 Letter of Credit in the amount of $23,760.00
for the account of Esper A. Petersen/United States Development Corporation of
the First National Bank of Mount Prospect, guaranteeing the construction of
all public improvements in the Triton II Industrial Park (sidewalks and bituminous
surface course) as shown on a proposed plan. Said property located on the north
side of Landmeier Road at the south end of Bonnie Drive.
Section 2. In the event the imptovements are not completed,the First National
Bank of Mount Prospect certifies that drafts drawn under the terms of the Letter of
Credit shall be duly honored upon presentation and surrender of the documents to
the drawee as specified. Said letter of Credit expires on September 1, 1981.
Section 3. That this resolution shall be in full force and effect from and
after its passage and approval according to law.
PASSED this 24th day of March 1981.
APPROVED this 24th day of March 1981.
Village Pre ide
ATTEST:
Vi lag��—
First National Bank
of Mount Prospect
i
Village of Elk Grove
901 Wellington
Elk Grove, Illinois 60007
Gentlemen:
MOUNT PROSPECT, ILLINOIS 60056 • 312. 392.1600
March 10, 1981
Re: Triton II Industrial Park
Amount $23,760.00
Dated March 10, 1981
Expires September 1, 1981
We hereby open an Irrevocable Letter of Credit in your favor for the sum
not to exceed $23,760.00 ($10,610.00 to cover all public improvements
remaining to be constructed including sidewalks, street lights and surface
cours and $13,150 to cover interim maintenance of all completed public
improvements), for the account of Esper A. Petersen/United States Development
Corporation, 1300 Skokie Highway, Gurnee, Illinois, available by your drafts
at sight drawn on us in the name of the Village of Elk Grove, an Illinois
Municipal Corporation, Elk Grove, Illinois. All drafts drawn must be marked
"Drawn under First National Bank of Mount Prospect Letter of Credit dated
March 10, 1981." Further, each draft must be accompanied by a certified
statement from the Village Manager, Village of Elk Grove that Esper A.
Petersen/United States Development Corporation have failed to complete or
maintain all public improvements in the Triton II Industrial Park as shown
on proposed plan entitled "Proposed Improvements for Triton II Industrial
Park" engineered by Seton Engineering Company, 560 Green Bay Road, Winnetka,
Illinois, Job No. 79-307, approved by Elk Grove Village on May 5, 1980.
We hereby certify to the Village of Elk Grove that drafts drawn under the
terns of the letter of credit shall be duly honored upon presentation and
surrender of the documents to the drawee as above specified. This letter
of credit must accompany any draft which exhaust the letter of credit and
must be surrendered concurrently with the presentation of such draft.
This letter of credit expires September 1, 1981. Draws under this letter
of credit are not permitted prior to the completion date of July 1, 1981.
Sincerely,
Ronald L. Sp ekhoutU"
Senior Vice President
RLS/nlh