HomeMy WebLinkAboutRESOLUTION - 19-80 - 2/12/1980 - LOC/REGENCY SQUARE DEVRESOLUTION NO. 19-80
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM BURBANK STATE
BANK GUARANTEEING SCREENING ON THE WEST PORTION OF THE REGENCY
SQUARE DEVELOPMENT
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois:
Section 1: That the President and Board of Trustees do hereby
authorize the acceptance of a Letter of Credit No. 1011 (Norman J. Garfinkel
and Vincent P. Bianco) dated January 24, 1980, in the amount of $5,000.00
expiring October 1, 1980, draws under this Credit are not permitted prior
to August 1, 1980, from the Burbank State Bank, Burbank, Illinois,
guaranteeing the completion of screening (hedges) required on the Landscape
Plan approved by the Elk Grove Planning Commission on November 7, 1979,
as shown on Detail 1 of said Plan for Phase 2-B.
Section 2: That the terms of this Letter of Credit will be duly
honored as specified on or before the expiration date.
Section 3: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 12th
APPROVED this 12th
ATTEST:
Fay M. Bishop
Village Clerk
day of February , 1980.
day of February , 1980.
Charles J. Zettek!
Village President
Burbank bank
Mr. Charles A. Willis
Village tianager
Village of Elk Grove
901 Wellington
Elk Grove, Illinois, 60007
Gentlemen:
Re: Regency Square
Amount: $5,000.00
Dated: January 24,
Expires: October 1,
Development
1980
1980
We hereby open an Irrevocable Letter of Credit in your favor for the sum not
to exceed Five Thousand and no/100 ($5,000.00) Dollars United States Currency,
for the account of Norman J. Garfinkel and Vincent P. Bianco, as general
partners of Regency Square Developement, 1100 Industrial Drive, Bensenville,
Illinois, available by your drafts at sight on us drawn in the name of Village
of Elk Grove, an Illinois Maucipal Corporation, Elk Grove, Illinois. All
drafts so drawn must be marked "Drawn under Burbank State Bank Credit No. 1011
dated January 24, 1980.
Further each draft must be accompanied by a certified statement from the
Village Manager, Village of Elk Grove, that Norman J. Garfinkel and Vincent P.
Bianco as general partners of Regency Square Development, have failed to
complete their share of the hedges required on the landscape Plan approved
by the Elk Grove Planning Coianission of November 7, 1979, as shown on Detail 1
of said Plan for Phase 2-B.
We hereby engage with the Village of Elk Grove that drafts drawn under and in
compliance with the terms of this Credit that same shall be duly honored upon
presentation and surrender of the documents to the drawee as above specified.
This Credit must accompany any draft which exhausts the Credit and mist be
surrendered concurrently with the presentation of such draft.
This Credit expires October 1, 1980. Draws under this Credit are no permitted
prior to August 1, 1980.
Sincerely,
5440 West 87th Street 9 Burbank, Illinois 60459 0 (312) 857-7510