HomeMy WebLinkAboutRESOLUTION - 7-79 - 2/13/1979 - LETTER OF GUARANTEE/EG TOWN ESTATES RESOLUTION NO. 7-79
A RESOLUTION ACCEPTING AN EXTENSION TO A LETTER OF GUARANTEE IN LIEU
OF A PERFORMANCE BOND FROM NORTHWEST FEDERAL SAVINGS, GUARANTEEING
THE CONSTRUCTION OF PUBL4C IMPROVEMENTS AND FINAL LIFT REQUIREMENTS
FOR THE ELK GROVE TOWN EPTATES LOCATED ON THE SOUTH SIDE OF ELK GROVE
BOULEVARD BETWEEN RIDGE AVENUE AND J. F . KENNEDY BOULEVARD
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 an extension to a Letter of Guarantee (from December_,31, 1978 to
June 1 , 1979) in lieu of a Performance Bond, from Northwest Federal Savings,
guaranteeing the construction of public improvements at the Elk Grove Town
Estates, said improvements as shown on Exhibit "A" attached hereto and made a
part hereof. Said property located on the south side of Elk Grove Boulevard
between Ridge Avenue and J.F. Kennedy Boulevard in Elk Grove Village.
Section 2: The Letter of Guarantee also guarantees that if a "Final
Lift" or 1" of asphalt is not made by June 1 , 1979, at the demand of the
Village of Elk Grove Village said funds will be released for the purpose of
completing the Final Lift requirements of the Subdivision Control Ordinance
of the Village.
Section 3: That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 13th day of February , 1979•
APPROVED this 13th day of February , 1979,
Charles J. 2ettek
Village President
ATTEST:
liafern R. Snick
Acting Deputy Village Clerk
I
1�1, "In
NORTH WEST
FEDERAL
SAVINGS
2454 DEMPSTER STREET• DES PLAINES, ILLINOIS 60016• 296.0900• DAVID J. DENWOOD, President
January 22 , 1979
RECEIVED E. u. V.
Mr. Charles A. Willis
Village Manager JAN 2 21979
Village of Elk Grove Village
901 Wellington Pub• WKS. '1C ENGRG.
Elk Grove Village, I11. 60007
RE: Letter of Guarantee
Elk Grove Town Estates
Dear Mr. Willis :
We are construction lenders for the above development. We under-
stand that you require a guarantee in the amount of $85,000.00,
covering items contained on Exhibit A, attached hereto.
We hereby certify to you that we will set aside the above amount
of the loan for payment of the above mentioned items. On comple-
tion of these items and submission of proper waivers by the con-
tractors, we will disburse the full payment thereof.
In the event the improvements with the exception of the 1" topping
(third lift) are not made by June 1, 1979, we will, at your demand,
release said funds to you for the purpose of completing the afore-
mentioned work. If the 1" topping (third lift) is not completed by
June 1, 1979, we will release the balance of the funds required to
finish the toppings to you at your demand. The amounts to be
released, pursuant to the above provisions, are specified on the
attached Exhibit A.
NORTH WEST FEDERAL SAVINGS AND
LOAN ASSOCIATION OF CHICAGO
By: C7>1-.
Robert L. Holzer
Senior Vice President
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