HomeMy WebLinkAboutRESOLUTION - 67-80 - 7/8/1980 - LOC TRITON II INDUSTRIAL PARK RESOLUTION NO. 67-80
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE FIRST NATIONAL
BANK OF MOUNT PROSPECT GUARANTEEING CONSTRUCTION OF PUBLIC IMPROVE-
MENTS IN THE TRITON 11 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, Illinois:
Section 1 : T�at 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 $155,252.00, guaranteeing the construc-
tion of streets, sidewalks, watermain, sewers, retention facilities and
street lights in the Triton 11 Industrial Park as shown on the proposed plan
entitled "Proposed Improvements for Triton 11 Industrial Park, engineered
by Seton Engineering Company, 560 Green Bay Road, Winnetka, III inols, Job
No. 79-307, approved by Elk Grove Village on May 5, 1980. Said Letter of
Credit expires October 31 , 1980. Draws under this credit are not permitted
prior to August 31 , 1'30.
Section 2: That this Resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this -' 8th day of July 1980.
APPROVED this 8th day of July 1980.
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk
First National Bank 4r .......
of Mount Prospect 056 31 -392-1600
MOUNT PROSPECT, ILL(NOIS 60 2
June 17, 1980
Mr. Stephen M. Feller
Administrative Assistant
Village Managers Office
Village of Elk ( rovp
901 Wellington
Elk Grove, Illinois 60007
Re: Triton II Industrial Park
Amount $155,252.00
Dated June 6, 1980
Expires October 31, 1980
Dear Mr. Feller:
We hereby open an Irrevocable Letter of Credit in your favor for the sum not
to exceed $155,252.00 (110% of estimated cost) for the account of Esper A.
Petersen/United States Development Corporation, 1300 Skokie Higs1way, 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 June 6, 1980". Further, each draft must be
accompanied by a certified statement from the Village Manager, Village of
Elk Grove that Espur .11. Petarsen,/U-4 �-,d States Development Corporation liave
failed to complete all public improvements in the Triton II Industrial Park
(streets, sidewalks, watermain, sewers, retention facilities and street
lights) as shown on the 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 engage w1th the Village of Elk Grove 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 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 October 31, 1980. Draws under this credit are
not permitted prior to August 31, 1980. This letter of credit will carry a
60 day notice to the Village Manager prior to expiration.
Sincerely,
�Aos6ph F. Tomasello
Vice Presid�nt
JFT/nIh