HomeMy WebLinkAboutRESOLUTION - 10-25 - 2/11/2025 - LETTER OF CREDIT, THE VUE, 1 E. HIGGINS RDRESOLUTION NO. 10-25
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
6010011973 FROM MIDLAND STATES BANK IN THE AMOUNT OF $290,752
EXPIRING AUGUST 29, 2025 TO GUARANTEE THE CONSTRUCTION OF PUBLIC
IMPROVEMENTS AT THE VUE AT ELK GROVE VILLAGE, 1 E. HIGGINS ROAD
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois:
Section 1: That the Mayor and Board of Trustees do hereby authorize acceptance of
Irrevocable Letter of Credit No. 6010011973 dated August 29, 2024 from Midland State Bank in
the amount of $290,752 to guarantee the construction of public improvements at 1 E Higgins
Road, the VUE at Elk Grove Village, described in the engineering plans and specifications with
revisions dated May 14, 2024, prepared by CAGE Engineering, approved on September 6, 2024
and agreements (including any amendments thereof) attached hereto and made a part hereof.
Said Letter of Credit expiring August 29, 2025.
Section 2: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 11th day of February 2025
APPROVED this 11'h day of February 2025
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
LETTER OF CREDIT I
Village of Elk Grove Village Completion Guaranty
901 Wellington Avenue
Elk Grove Village, IL 60007
Gentlemen:
Midland
States 13ank ,.
Letter of Credit No:
6010011973
Date:
August 29, 2024
Amount:
$290,752.00
Completion Date:
December 31, 2025
Expiration Date:
August 29, 2025
We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of
Vue La LLC, hereafter called the `Developer", in the aggregate amount of $290,752.00, U.S.
Currency, available by your draft drawn on sight and marked "Drawn under Letter of
Credit No.6010011973 dated Auqust 29, 2024. These monies are to guarantee the
completion of public improvements for the following project: The VUE at Elk Grove Village
described in the engineering plans and specifications with revisions dated 5/14/2024,
prepared by CAGE Engineering, approved on September 6, 2024, 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 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 with revisions dated 5114/2024, prepared by
CAGE Engineering, approved on September 6, 2024 and
agreements (including any amendments thereof) for the
following project:
The improvements in the above -described project consist of: QX appropriate boxes).
Watermain and Appurtenances
Sanitary Sewer and Appurtenances
❑ Storm Sewer and Appurtenances
Roadway (Curb & Gutter, Pavement)
Sidewalk
1-855-06-4352
M"iibe, FDIC 11 rHhnrkh,,-
❑ Street Lights
Parkway (Trees, etc.)
❑ Traffic Control (Signals, Signs, Markings)
❑ Ponds (Detention/Retention)
❑ Excavation (Soil Erosion Control, Stockpile)
❑ Other (Retaining Walls, etc.):
These improvements itemized above shall be completed on or before December 31, 2025.
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 the 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 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 upon the obligation of Vue La LLC
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 Document
Credit' the International Chamber of Commerce Publication #290, 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: Auaust 29. 2024
Issuing Financial Institution: MIDLAND STATES BANK
7
Christine Uram, Regional Market President &
Correspondent Banking Manager
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
procee-dinn_°
Date.
Devel(
Note: If property is in a twst),attach a copy of the trust agreement as Exhibit.
Village O cial5_Ap al/Ac ce Resolution: / L tJ
J/ii
(Title) `'K' -° ` (Date)
Exhibit A
Legal Description W/Phase Plan indicated (if applicable)
Village Official Release
(T
Resolution: '
Bond No. 9461358
License and/or Permit Continuous Bond
KNOW ALL MEN BY THESE PRESENTS:
That we,
Nicholas & Associates, Inc., 1001 Feehanville Drive, Mount Prospect, IL 60056
as Principal, and Fidelity and Deposit Company of Maryland , incorporated under the laws of the State of
Illinois , with principal office in Schaumburg, Illinois
as Surety, are held and finely bound unto Village of Elk Grove Village, 901 Wellington Ave.. Elk Grove Village, 1L
as Obligee, in the penal sum of Fifty Thousand and 00/100 ($50,000.00) Dollars,
lawful money of the United States, for which payment, well and truly to be made; we bind ourselves, our heirs, executors,
administrators, successors and assigns, jointly and severally, firmly, by these presents.
WHEREAS, the above bounden Principal has obtained or is about to obtain from the said Obligee a license or permit
for Underground Work
and the term of said license or permit is continuous, beginning the 4th day of September 2024
WHEREAS, the Principal is required by law to file with
Village of Elk Grove Village, 901 Wellington Ave., Elk Grove Village, IL
a bond for the above indicated term and conditioned as hereinafter set forth.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, That if the above bounden Principal
as such licensee or pernittee shall indemnify said Obligee against all loss, costs, expenses or damage to it caused by said
Principal's non-compliance with or breach of any laws, statutes, ordinances, rules or regulations pertaining to such license
or permit issued to the Principal, which said breach or non-compliance shall occur during the tern of this bond, then this
obligation shall be void, otherwise to remain in full force and etTect.
PROVIDED, that if this bond is for a fixed term, it may be continued by Certificate executed by the Surety hereon; and
PROVIDED FURTHER, that regardless of the number of years this bond shall continue or be continued in force and of
the number of premiums that shall be payable or paid the Surety shall not be liable hereunder for a larger amount, in the
aggregate, than the amount of this bond, and
PROVIDED FURTHER, that if this is a continuous bond and the Surety shall so elect, this bond maybe cancelled by
the Surety as to subsequent liability by giving thirty (30) days notice in writing to said Obligee.
Signed, sealed and dated the 4th
I_ PM90005l.7-0801 r
day of September 2024
Nicholas & Associates. Inc.
By *' 1W
Fidel' nd ) !
By
Kimber v R. FI
Principe!
oThlaryland
11ICrwy._in-f acr
SS
STATE OF ILLINOIS
COUNTY OF DuPAGE
I, Ann Mane Waters Notary Public of COOK County, in the State of
Illinois, do hereby certify that Kimberly R. Holmes Attorney -in -Fact, of the
Fidelity and Deposit Company of Maryland
who is personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before me this day in person,
and acknowledged thatshe signed, sealed and delivered said instrument, for and
on behalf of the Fidelity and Deposit Company of Maryland
forthe used and purposes therein set forth.
Given under my hand and notarial seal at my office in the City of
Naperville in said County, this q �k day of A.D., 20 L .
6r� NT-N-re- W -d,
(Notary Public) Ann Marie Waters
My Commission expires- 07/05/2025
Notary Seal:
L
FFICIAL SEAL"
ANN MALICRIE WATERS
OMMISSION EXPIRES RES 715(202I5
ZURICH AMERICAN INSURANCE COMPANY
COLONIAL AMERICAN CASUALTY AND SURETY COMPANY
FIDELITY AND DEPOSIT COMPANY OF 1•IARYLAND
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS: That the ZURICH AMERICAN INSURANCE COMPANY, a corporation of the State of New
York. the COLONIAL AMERICAN CASUALTY AND SURETY COMPANY, a corporation ofthe State of Illinois. and the FIDELITY
AND DEPOSIT COMPANY OF MARYLAND a corporation of the State of Illinois (herein collectively called the "Companies"), by Robert
D. Murray, Vice President, in pursuance of authority granted by Article V. Section 8. of the By -Laws of said Companies, which are set forth
on the reverse side hereof and are hereby certified to be in full force and effect on the date hereof. do hereby nominate. constitute, and
appoint William F. CAHILL, Rachel E. HERNANDEZ, Karen A. RYAN, Kimberly R. IIOLMES. Brent R. WAGNER. Ann Marie
WATERS of Naperville, Illinois, its true and lawful agent and Attorney -in -Fact. to make. execute, seal and deliver, for. and out its behalf as
surety, and as its act and deed: any and all bonds and undertakings, and the execution of such bonds or undertakings in pursuance of
these presents, shall be as binding upon said Companies, as fully and amply, to all intents and purposes. as if they had been duly executed and
acknowledged by the regularly elected officers of the ZURICH AMERICAN INSURANCE: COMPANY at its office in New York. New
York., the regularly elected officers of the COLONIAL AMERICAN CASUALTY AND SURETY COMPANY at its office in Owings
Mills, Maryland., and the regularly elected officers of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND at its office in Owings
Mills, Maryland., in their own proper persons.
The said Vice President does hereby certify that the extract set forth on the reverse side hereof is a tnte copy of Article V. Section 8. of
the By -Laws of said Companies, and is now in force.
IN WITNESS WHEREOF, the said Vicc-President has hereunto subscribed his/her narnes and affixed the Corporate Seals of the said
ZURICH AMERICAN INSURANCE COMPANY, COLONIAL AMERICAN CASUALTY AND SURETN- COMPANY, and
FIDELITY AND DEPOSIT COMPANY OF MARYLAND, this 05th day of October, A.D. 2023.
0 T
�. SEAL SEAL_ SEAL';
%A...y,un....c ."'yN,w NA b�HryN11UNN +, ATTEST:
ZURICH AMERICAN INSURANCE COMPANY
COLONIAL AMERICAN CASUALTY AND SURETY COMPANY
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
BY Robert D. Murray
Vice President
t:
/)ctccrt tJ
BY: Dawn E. Brown
Secrelary
State of Maryland
County of Baltimore
On this 05th day of October, A.D. 2023, before the subscriber, a Notary Public of the State of Maryland. duly comtnussioned and qualified, Robert D.
Murray, Vice President and Dawn E. Brown, Secretary of the Companies. to me personally known to be the individuals and officers described in and who
executed the preceding instrument, and acknowledged the execution of same, and being by me duly sviorn. deposeth and saith, that he/she is the said officer of
the Company aforesaid, and that the seals affixed to the preceding instrument are the Corporate Seals of said Companies. and that the said Corporate Seals and
the signature as such officer wire duly affixed and subscribed to the said instrument by the authority and direction of the said Corporations
IN TESTIMONY W EIEREOF, I have hereunto set my hand and affixed my Official Seal the day and year first above written
Genevieve M. Maison
a��VE At
GENEVIEVE M. MAISON
NOTARY PUBLIC
BALTIMORE COUP. MD
t �
IN Commission Er arcs JANUARY 27 2025
Authenticity of this bond can be confirmed at bondvalidator.2urichna.com or 410-559-8790
EXTRACT FROM BY-LAWS OF THE COMPANIES
"Article V. Section 8, Attorneys -in -Fact. The Chief Executive Officer. the President. or anN Executive Vice President or Vice President
may. by written instrument under the attested corporate seal, appoint attorneys -in -fact with authority to execute bonds. policies_ recognizances.
stipulations, undertakings. or other like instruments on behalf of the Company. and may authorize any officer or any such attorney -in -fact to
affix the corporate seal thereto; and may with or without cause modify of revoke any such appointment or authority at any time."
CERTIFICATE
I, the undersigned, Vice President of the ZURICH AMERICAN INSURANCE COMPANY. the COLONIAL AMERICAN CASUALTY
AND SURETY COMPANY. and the FIDELITY AND DEPOSIT COMPANY OF MARYLAND. do hereby certify that the foregoing Power
of Attorney is still in full force and effect on the date of this certificate; and I do further certify that Article V. Section 8. of the lay -Laws of the
Companies is still in force.
This Power of Attorney and Certificate may be signed by facsimile under and by authority of the following resolution of the Board of
Directors of the ZURICH AMERICAN INSURANCE COMPANY at a meeting duly called and held on the l5th day of December 1998.
RESOLVED: "That the signature of the President or a Vice President and the attesting signature of a Secretary or an Assistant Secretary
and the Seal of the Company may be affixed by facsimile on any Power of Attorney ... An% such Power or any certificate thereof bearing such
facsimile signature and seal shall be valid and binding on the Company."
This Power of Attorney and Certificate may be signed by facsimile under and by authority of the following resolution of the Board of
Directors of the COLONIAL AMERICAN CASUALTY AND SURETY COMPANY at a meeting duly called and held on the 5th day of May,
1994. and the following resolution of the Board of Directors of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND at a meeting
duly called and held on the 10th day of May, 1990.
RESOLVED: "That the facsimile or mechanically reproduced seal of the company and facsimile or mechanically reproduced signature
of any Vice -President, Secretary,. or Assistant Secretary of the Company, whether made heretofore or hereafter, wherever appearing upon a
certified copy of any power of attorney issued by the Company, shall be valid and binding upon the Company with the sane force and effect
as though manually affixed.
IN TESTIMONY WHEREOF. I have hereunto subscribed my name and affixed the corporate seals of the said Companies.
this 4th day of September _ 2024
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Thomas O. McClellan
Vice President
TO REPORT A CLAIM WITH REGARD TO A SURETY BOND, PLEASE SUBMIT A COMPLETE DESCRIPTION
OF THE CLAIM INCLUDING THE PRINCIPAL ON THE BOND, TIIE BOND NUMBER, AND YOUR CONTACT
INFORMATION TO:
Zurich Surety Claims
1299 Zurich Way
Schaumburg, 1L 60196-1056
reports fclaimsRcr�zurichna.com
800-626-4577
Authenticity of this bond can be confirmed at bondvalidator.zurichna.com or 410-559-8790