HomeMy WebLinkAboutRESOLUTION - 10-77 - 2/8/1977 - LTR OF GUARANTEE/PUBLIC IMPROVEMENTSRESOLUTION NO, 10_77
A RESOLUTION ACCEPTING A LETTER OF GUARANTEE IN LIEU OF A PERFORMANCE
BOND FROM NORTHWEST FEDERAL SAVINGS, GUARANTEEING THE CONSTRUCTION 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 a Letter of Guarantee 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 "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 Subdivison 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 8 th day of February , 1977,
APPROVED this 8th day of February , 1977.
ATTEST:
Eleanor G. Turner
Village Clerk
Charles J. Zettek
Village President
NORTH WEST FEDERAL SAVINGS
4901 W. IRVING PARK ROAD CHICAGO, ILLINOIS 60641 SPRING 7-7200 JOHN D. REED, President
Mr. Charles A. Willis
Village Manager
Village of Elk Grove
901 Wellington
Elk Grove Village IL 60007
Dear Mr. Willis:
February 3, 1977
Rk=-CE.iVED
r;
FEC 1.31 i
ViLLArK r,"A"A,.--.•., -car,£
Re: Letter of Guarantee
Elk Grove Town Estates
We are construction lenders for the above development. We understand
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 completion of these
items and submission of proper waivers by the contractors, we will dis-
burse the full payment thereof.
In the event the improvements with the exception of the 1" topping
(third lift) are not made by March 31, 1978, we will, at your demand,
release said funds to you for the purpose of completing the aforementioned
work. If the 1" topping (third lift) is not completed by October 1, 1978,
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.
RLH/sz
North West Federal Savings and Loan
Association of Chicago
BY:
i
Robert
L.
Holzer
J
Senior
Vice President
I.`em
No.
1. Street Grading
2. Earth Excavation (Holding Tonk)
3. Curb Removal
4. Sidewalk Removal
5. Street Pavement (As to cross-section
shown on Sheet /%2)
5. Curb and Gutter
7. Sidewalk
8. 8" Nater Main
9. 8" Gore Valves
10. 12" Cast iron Pipe .
11. 12" R.C.P.
12. Inlets
13. Manho?es
14. 2" PVC Pipe
15. 8" Truss Pipe
16. 12" Truss Pipe
i7. Flap Gore
13. Sheer Gore
39. Holding Tank
A. 4' Precast Man'nole/Frame/Cover
E. P. -in' rced Concrete
C. Slide Gate (including Hand %t/heel
€< Stand & 15' Stem)
20. Seeding
21. Fire Hyd;ant
22. Filling of Holding Tank
nN;;
UNDERGROUND UTILITIES Fvl��.f�rfi
ELK GLWTi T(Y"N 1.ST,Vi_-CS
ELK GROVE VILLF,GE, ILLINOIS
Unit Item
Item Unit Quantities Cost Cost
TOLD'_ °:D PR'C=
TaCCa Ml- ".3..
--7:N1 4'1, 3, 4,5, 6.
Cu. Yds.
Cu. Yds.
Ln. Ft.
Sq. Ft.
Sq. Yds.
Ln. Ft.
Sq. Ft.
Ln_ Ft.
Each
Ln. Ft.
Ln. Ft.
Each
Each
Ln. Ft.
Ln. Ft.
Ln. Ft.
Each
Each
Each
Cu. Yds
Each
Acre
Each
Cu Yds
2T/.00
419.00
58.00
200.00
740.00
460.00
1,840.00
346.00
3.00
112.00
1,040.00
12.00
4.00
94.00
258.00
35.00
1.00
1.00
3.00
122.00
1.00
0.12
1.00
185.00
7.0)
1.00
owe
1,939.00
2,000_00
68.00
200.00
71456`00
3,450.00
_i11y 0
3,287.00
120.00 1 13.440.00
250.00 1 3,000.00
8.00 1 2,064.00
275.00 1 2.75.00
1 250.00
700.00 41�)•)
-
$ 64,312.00
SAMELSON & IKNICKERBOCI ER
ATTORNEYS AT LAW
NORMAN E. SAMELSON
GEORGE B. I{NICKERBOCKER
STEPHEN C. TENNANT
Northwest Federal Savings & Loan Association
Gentlemen:
780 LEE STREET
DES PLAINES, ILLINOIS 60016
TELEPHONE (312) 8275117
February 2, 1977
IN RE: Letter of Guarantee/GS Builders/
Village of Elk Grove Village
As counsel for Elk Grove Village, we attached a form of letter
of Guarantee, which we would find acceptable.
Very truly yours,
S SON & KN ICYyERBOCKER
By
George B. Knickerbocker
GBK/yh
Encl.