HomeMy WebLinkAboutRESOLUTION - 16-78 - 3/14/1978 - LETTER OF GUARANTEE/PUBLIC IMPROVEMENTSRESOLUTION NO 16-78
A RESOLUTION ACCEPTING AN EXTENSION TO A LETTER OF GUARANTEE IN LIEU OF
A PERFORMANCE BOND FROM NORTHWEST FEDERAL SAVINGS, GUARANTEEING THE CON-
STRUCTION OF PUBLIC IMPROVEMENTS AND THIRD LIFT REQUIREMENTS FOR THE ELK
GROVE TOWN ESTATES 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 March 31, 1978 to October
31, 1978) in lieu of a Performance Bond, from Northwest Federal Savings, guaranteeing
the construction of public improvements at the Elk Grove Town Estates, said improve-
ments 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 "Third Lift" or
1" inch of asphalt is not made by October 1, 1978, at the demand of the Village of
Elk Grove Village said funds will be released for the purpose of completing the Third
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 14th
APPROVED this 14th
ATTEST:
Eleanor G. Turner
Village Clerk
day of March , 1978.
day of March , 1978.
Charles J. Zettek I
Village President