HomeMy WebLinkAboutRESOLUTION - 112-80 - 12/16/1980 - LTR OF GUARANTEE/PARKVIEW HEIGHTS SUBRESOLUTION NO. 112-80
A RESOLUTION ACCEPTING A REVISED LETTER OF GUARANTEE IN THE AMOUNT OF
$520,000.00 FROM ALLIANCE SAVINGS AND LOAN ASSOCIATION TO GUARANTEE
COMPLETION OF PUBLIC IMPROVEMENTS IN THE PARKVIEW HEIGHTS SUBDIVISION
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 a revised Letter of Guarantee in the amount of $520,000.00,
in lieu of a Performance Bond, from Alliance Savings and Loan Association,
guaranteeing the completion of public improvements as required in the Subdivision
Control Ordinance, in the Parkview Heights Subdivision, said improvements as shown
on Exhibit "A" attached hereto and made a part hereof. Said property located on
the west side of Rohlwing Road, south of Biesterfield Road in Elk Grove Village.
Section 2. The Letter of Guarantee also guarantees that if the improvements
are not completed by September 1, 1982, Alliance Savings and Loan will, upon
written demand, release said funds to the Village for the purpose of completing
the aforementioned work, and will give 60 days written notice to the Village prior
to the expiration of the Letter of Guarantee.
Section 3. Original Letter of Guarantee was accepted by Resolution No. 17-78
on March 14, 1978.
Section 4. That this resolution shall be in full force and effect from and
after its passage and approval according to law.
PASSED this 16th day of December 1980.
APPROVED this 16th day of December 1980.
Village President
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ATTEST:
Village Clerk
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VILLAPF ?'�r a�en'� pscgrr
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and Loan Association`
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5359 WEST FULLERTON AVENUE • CHICAGO, ILLINOIS 60639 • TELEPHONE (312) 237-5300
October 10, 1980
Mr. Charles Willis, Village Manager
Village of Elk Grove Village
901 West Wellington Avenue
Elk Grove Village, Illinois 60007
RE: Parkview Heights Subdivision
Dear Mr. Willis:
On February 27, 1978, we issued a letter of guarantee in the amount
of $1,530,815.43 covering the public improvements to be contructed in
accordance with the engineering plans for the Parkview Heights Subdivision
as drawn by Elk Grove Engineering Co., 860 Lively Blvd., Elk Grove Village,
Illinois, with a last revision date of September 21, 1978 and designated as
Project No. 6520-4, and approved by the Village on April 28, 1978, and as
itemized on the Engineer's Estimate of Cost dated February 21, 1978. On
September 12, 1980 the above estimate was revised and shows the engineer's
estimate of cost to complete the subdivision improvements is $358,718.00.
(see attached).
We hereby certify to you that we will set aside the sum of $520,000.00
for payment of the above mentioned uncompleted items and the payment of all
costs to maintain the completed public improvements.
As work progresses, disbursements will be made on these items upon
submission of proper waivers by contractors, approved by Alliance's
Also Serving You of , .9303 WEST HIGGINS ROAD CHICAGO, ILLINOIS 60631
GU :rE,3 ", T:, ?T C 1. L':al��.`-3
11142 SOUTHWEST HIGHWAY PHLUS HILLJ, ILLINOIS 60465
Charles Willis, Village Manager
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engineer and the Village's engineer. In no case shall the amount set aside
by this Letter of Guarantee fall below 10% of all completed work plus 110% of
uncompleted work, as a result of disbursements.
In the event the improvements are not completed by September 1, 1982,
we will, upon the written demands, release said funds to you for the purpose
of completing the aforementioned work. We shall also be responsible for giving
sixty (60) days's written notice to the Village Manager prior to the
expiration of this letter.
Yours very truly,
Wilma Witte - President
WW/gs
ENGINEER'S ESTIMATE (F COST(UNCOMPLETED WORK)
PARKVIEW HEIGHTS SUBDIVISION
ELK GROVE VILLAGE, ILLINOIS
PROJECT NO. 6520-4
8-26-80 Reviseu
9-12-80 Revised
Item
Quantity
Unit
Description
Unit Price
Total Cost
2.26
1,695.00
1.
150
L.F.
12" D.I.W.M.(incl.fittings)
$ 15.50
$ 2,325.00
2.
85
L.F.
8" D.I.W.M.(incl. fittings)
10.50
892.50
3.
1
Ea.
12"x8" Pressure Connection,
S.F.
5" P.C.C. Sidewalk
1.21
130,765.7:;
Incl. 60" Vault
1500.00
1,500,00
li-
J f
$249,814.20
Ea.
Trees $
4.
60
L.F.
Auger & Push
90.00
5,400.06
TOTAL ENGINEER'S ESTIMATE OF COST
FOR
TOTAL ESTIMATE OF COST FOR UNCOMPLETED
.
$39,000.00
WATERMAIN
$10,117.50
$59,786.30
GRAND TOTAL ENGINEER'S ESTIMATE OF
GRAND TOTAL ESTIMATE OF COST
FOR UNCOMPLETED
FOR UNCOMPLETED PUBLIC IMPROVENTS
$358,718.00
SANITARY, STORM & WATERMAIN
$10,117.50
PAVEMENT
1.
7,400
S.Y.
Bit.Conc.Surface Course
$ 1.30
$ 9,620.00
2.
31,200
S.Y.
1" Bit.Conc.Surface Course
1.30
40,560.00
3. 6,950
4. 750
5. 500
6.
iff
4,900
5.93
41,213.50
7.
108,070
2.26
1,695.00
MISCELLANEOUS
1.
400
2.
10
Course
9.25
S.Y. 2" Bit.Conc. Binder Course,
6�" Pozzolanic Base Course
5.93
41,213.50
S.Y.
2" Bit.Conp. Surface Course
2.26
1,695.00
S.Y.
8" Bit.Aggregate Mixture Base
Course
9.25
4,625.00
L.F.
Combination Concrete Curb &
Gutter
4.70
23,030.00
S.F.
5" P.C.C. Sidewalk
1.21
130,765.7:;
TOTAL ENGINEER'S ESTIMATE OF COST
FOR
UNCOMPLETED PAVEMENT
$249,814.20
Ea.
Trees $
60.00
$24,000.00
Ea.
Street Lighting 1500.00
15,000.00
TOTAL ENGINEER'S ESTIMATE OF COST
FOR
UNCOMPLETED MISCELLANEOUS
$39,000.00
ADDITIONAL 20% ESCALATION FACTOR
$59,786.30
GRAND TOTAL ENGINEER'S ESTIMATE OF
COST
FOR UNCOMPLETED PUBLIC IMPROVENTS
$358,718.00