HomeMy WebLinkAboutRESOLUTION - 77-80 - 8/12/1980 - LOC/WINDY CITY GARDENS REAOLUTION NO. 77-80
A RESOLUTION AUTHORIZING ACCEPTANCE OF AN AMENDMENT TO A LETTER OF
CREDIT FROM THE BANK OF LINCOLNWOOD, GUARANTEEING THE CONSTRUCTION
OF PUBLIC IMPROVEMENTS AS SHOWN ON EXHIBIT "B" FOR THE WINDY CITY
GARDENS SUBDIVISION, ORIGINAL ADOPTED BY RESOLUTION NO.81-78
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 an amendment to Letter of Credit No. 355, 1n the decreased
amount of $52,954.00, from the Bank of Lincolnwood , guaranteeing the completion
of the public improvements at the Windy City Gardens Subdivision as shown on
Exhibit "B':',attached hereto and made a part hereof as if fully set forth.
Section 2. In the event the public improvements are not completed by
September 15, 1980, said funds will be released for the purpose of completing
the improvements as shown on Exhibit ''B''.
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 day of August 1980.
APPROVED this 12th day of August 1980.
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk
EXHIBIT B
Estimated Cost of Improvements:
$ 4,000.00 Street lights
5,000.00 Trees
6,937. 00 Excavating
23,307. 00 Paving, curbs and sidewalks
39,244.00
7,849.00 20% for possible increases
47,093.00
5,861.00 Guarantee in lieu of an interim maintenance bond
52,954.00
BANK BF LINBULNW000
ACROSS FROM THE HYATT HOUSE TOUHY & LINCOLN AYES. LINCOLNWOOD, ILL. 60646 AREA CODE 312-675-2800
JOHN A. JANUSZEWSKI
Vice President
June 23, 1980
Mr. Charles Willis
Village Manager
Village of Elk Grove
901 West Wellington Avenue
Elk Grove Village, Illinois 60007
Re: Windy City Gardens Subdivision
Elk Grove Village, Illinois
Dear Mr. Willis:
We hereby amend our Letter of Credit #355 as follows:
Amount has been lowered to $52,954.00.
Exhibit A has been replaced by Exhibit B.
All other terms and conditions remain unchanged.
Very truly yours,
Bank of Lincolnwood
BY
J n . Janusz e k is President
Attest:
Harold Chmiel, Commercial Loan Officer