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Home My WebLink AboutRESOLUTION - 17-06 - 4/11/2006 - LOC CASTLETOWN SUBRESOLUTION NO. 17-06 A RESOLUTION ACCEPTING IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. ILS201431 FROM FIFTH THIRD BANK (CHICAGO) IN THE AMOUNT OF $439,413.00 EXPIRING MARCH 24, 2007 TO GUARANTEE PUBLIC IMPROVEMENTS (ROADWAY, SANITARY SEWER, STORM SEWER, WATER MAIN, PARKWAY TREES, SIDEWALK, STREET LIGHTS, TRAFFIC CONTROL, AND EXCAVATION) FOR CASTLETOWN SUBDIVISION NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois: Section 1: That the Mayor and Board of Trustees do hereby authorize acceptance of Irrevocable Straight Letter of Credit No. ILS201431, dated March 24, 2006 from Fifth Third Bank (Chicago) in the amount of $439,413.00 to guarantee completion of public improvements (roadway, sanitary sewer, storm sewer, water main, parkway trees, sidewalk, street lights, traffic control, and excavation) for Castletown Subdivision described in the engineering plans and specifications with revisions dated February 15, 2006, prepared by United Survey Service, LLC, and agreements (including any amendments thereof) attached hereto and made part hereof. Said Letter of Credit expiring March 24, 2007. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES: 5 NAYS: 0 ABSENT: 1 PASSED this 111h day of April 2006 APPROVED this 11th day of Apiril 2006 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Ann I. Walsh, Village Clerk LWCutletou Sub LETTER OF CREDIT NO. ILS201431 ISSUING BANK: FIFTH THIRD BANK, (CHICAGO) BENEFICIARY: VILLAGE OF ELK GROVE VILLAGE DIRECTOR OF ENGINEERING AND COMMUNITY DEVELOPMENT 901 WELLINGTON AVE. ELK GROVE, IL 60007 APPLICANT: HARDIMAN BUILDERS, INC. 492 GREEN BRIDGE LANE PROSPECT HEIGHTS, IL 60070 ®FilithThird Bank RE.cElvED gAR G 1 2006 1 q4GINEEA &M�I CAM�NDy DEVEt- LETTER OF CREDIT NO: ILS201431 ISSUE DATE: MARCH 24, EXPIRATION DATE: MARCH 24, EXPIRATION PLACE: AT OUR COUNTERS AMOUNT: 439,413.00 USD FOUR HUNDRED THI 7 HUNDRED THIRTEEN 00/100 COMPLETION DATE: MARCH 21, 2007 GENTLEMEN: PAGE 1 FOUR WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF HARDIMAN BUILDERS, INC. HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF $439,413.00 U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN UNDER FIFTH THIRD BANK, (CHICAGO) LETTER OF CREDIT NO. ILS201431 DATED MARCH 24, 2006. THESE MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: CASTLETOWN SUBDIVISION DESCRIBED IN THE ENGINEERING PLAN�jj?� SPECIFICATIONS WITH REVISIONS DATED 9E" , PPREPARED BY UNITED SURVEY SERVICE, LLC, AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) ON THE PROPERTY LEGALLY DESCRIBED IN EXHIBIT "A" (ATTACHED HERETO AND MADE PART THEREOF). MONIES MAY BE DRAWN ON SIGHT BY THE VILLAGE OF FLK GROVE VILLAGE WHEN ACCOMPANIED BY ®Fifth Third Bank LETTER OF CREDIT NO. ILS201431 THE FOLLOWING DOCUMENT: PAGE 2 A SIGNED STATEMENT BY THE VILLAGE MANAGER OR ANY OTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF ELK GROVE VILLAGE CERTIFYING THAT: "ANY PORTION OF THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE APPROVED PLANS AND I' SPECIFICATIONS WITH REVISIONS DATED 349 , PREPARED BYUNITED SURVEY SURVEY SERVICE, LLC APPROVED ON OCTOBER 11, 2005 AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) FOR THE FOLLOWING PROJECT": THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF: (X APPROPRIATE BOXES). & WATER MAIN AND APPURTENANCES J� SANITARY SEWER AND APPURTENANCES �t STORM SEWER AND APPURTENANCES JR1 ROADWAY (CURB & B( SIDEWALK R( STREET LIGHTS $j PARKWAY (TREES, 0 TRAFFIC CONTROL O II PONDS (DETEN7 39( EXCAVATION (SOIL O OTHER (RETAINING GUTTER, PAVEMEM ETC.) (SIGNALS, S EROSION CONTROL, WALLS, ETC.) THESE IMPROVEMENTS ITEMIZED ABOVE SHALL BE COMPLETED ON OR BEFORE MARCH 21, 2007 IF SAID IMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLED AND SATISFACTORILY COMPLETED ON OR BEFORE THAT DATE AS REASONABLY DETERMINED BY THE DIRECTOR OF ENGINEERING AND COMMUNITY DEVELOPMENT, THEN THE VILLAGE OF ELK GROVE VILLAGE (THE "VILLAGE") IS HEREBY GRANTED AUTHORITY TO DRAW UPON THIS IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING FULLY SAID IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS HEREIN AND ABOVE SET FORTH. THE PRINCIPLE AMOUNT OF THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT BE REDUCED FOR ANY PUBLIC IMPROVEMENTS INSTALLED OR COMPLETED UNLESS SUCH REDUCTION IS APPROVED BY THE DIRECTOR OF ENGINEERING AND COMMUNITY DEVELOPMENT IN WRITING WITH SUPPORTING WAIVERS, LIENS AND AFFIDAVITS FROM CONTRACTORS OR SUBCONTRACTORS FURNISHING MATERIAL OR PERFORMING WORK TO COMPLETE THESE IMPROVEMENTS AND THEN ONLY IN THE EXACT AMOUNT OF SUCH PAYMENTS LESS 10% FOR INTERIM MAINTENANCE. THIS REMAINING AMOUNT SHALL NEVER BE REDUCED TO AN AMOUNT LESS THAN 110% OF THE ESTIMATED ®Filth Third Bank LETTER OF CREDIT NO. ILS201431 PAGE COSTS TO COMPLETE THE REMAINING PUBLIC IMPROVEMENTS PLUS 10% OF THE COST OF THE COMPLETED PUBLIC IMPROVEMENTS AS A GUARANTEE FOR MAINTENANCE PURPOSES. THE VILLAGE MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN ABOVE PROVIDED WITHOUT THE CONSENT OF THE HARDIMAN BUILDERS, INC. OR ANY OTHER PARTY. PARTIAL DRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE LETTER OF CREDIT. SAID DRAFTS MAY BE SUBMITTED FOR PAYMENT FOR A NINETY (90) DAY PERIOD FOLLOWING THE COMPLETION DATE OF THIS IRREVOCABLE LETTER OF CREDIT AND SAID DRAFT SHALL BE DULY HONORED UPON PRESENTATION DURING THE NINETY DAY (90) DAYS IN ACCORDANCE WITH THE TERMS AND PROVISIONS HEREIN CONTAINED. IF, WITHIN THIRTY (30) DAYS OF THE DACE OF ANY DEMAND (MADE IN CONFORMITY WITH. THIS IRREVOCABLE 0' CREDIT) PRESENTED, WE FAIL TO HONOR SAME, WE AGREE TO A TORNEY FEES, COURT COSTS AND OTHER REASONABLE EXPE ED BY THE VILLAGE OF ELK GROVE VILLAGE IN ENFORCING W F RREVOCABLE LETTER OF CREDIT. THE AMOUNT OFT ENDORSED ON THE REVERSE SIDE OF THE ORIGINAL R OF CREDIT BY THE DIRECTOR OF ENGINEERING AND MENT AND ATTESTED BY THE CLERK. THIS IRREVOCABLE LET CREDIT SHALL BE UTILIZED TO SECURE THE INSTALLATION OF L MENTS REQUIRED UNDER THE MUNICIPAL CODE OF THE VILLAGE GROVE VILLAGE AND SPECIFIED ON THE ENGINEERING DRAWINGS AND IN THE SPECIFICATIONS AND AGREEMENTS. THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION UPON THE OBLIGATION OF THE HARDIMAN BUILDERS, INC. TO PROPERLY COMPLETELY INSTALL ALL IMPROVEMENTS REQUIRED BY THE VILLAGE OF ELK GROVE VILLAGE. IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED FOR ONE (1) YEAR FROM THE PRESENT EXPIRATION DATE HEREOF UNLESS THIRTY (30) DAYS PRIOR TO SUCH EXPIRATION DATE THE VILLAGE MANAGER SHALL NOTIFY THE UNDERSIGNED IN WRITING, CERTIFIED MAIL OR OVERNIGHT COURIER, RETURN RECEIPT REQUESTED THAT HE OR SHE, BASED UPON THE ADVICE AND SUPPORTING DOCUMENTATION FROM THE DIRECTOR OF ENGINEERING AND COMMUNITY DEVELOPMENT THAT HE OR SHE DOES ELECT NOT TO ARBITRARILY REQUEST RENEWAL OF THIS IRREVOCABLE LETTER OF CREDIT FOR SUCH ADDITIONAL ONE (1) YEAR PERIOD WITHOUT DUE CAUSE. THE UNDERSIGNED SHALL NOTIFY THE VILLAGE MANAGER, BY CERTIFIED MAIL OR OVERNIGHT COURIER, RETURN RECEIPT REQUESTED, AT LEAST NINETY (90) DAYS PRIOR TO SAID EXPIRATION DATE THAT SAID IRREVOCABLE LETTER OF CREDIT IS ABOUT TO EXPIRE. IT IS EXPRESSLY AGREED BY THE ®Fifthihird Bank LETTER OF CREDIT NO. ILS201431 PAGE 4 UNDERSIGNED THAT THE EXPIRATION DATE SHALL BE AUTOMATICAILY EXTENDED AS SHALL BE REQUIRED TO COMPLY WITH THIS NOTICE PROVISION AND THE REQUIREMENTS STATED PREVIOUSLY. THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION #500, MOST RECENT REVISION" EXCEPT AS HEREIN ABOVE MODIFIED. WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS, AND BONA FIDE HOLDERS OF DRAFTS DRAWN IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT THEY SHALL BE HONORED ON PRESENTATION. DATED: MARCH 24, 2006 ISSUING FINANCIAL INSTITUTION: FIFTH THIRD BANK, (CHICAGO) BY: c TRADE SERVICES OFFICER DEVELOPER/OWNER "THE UNDERSIGNED HEREBY ACKNOWLEDGES THE ABSOLUTE RIGHT OF THE VILLAGE OF ELK GROVE VILLAGE TO DRAW ON THIS IRREVOCABLE LETTER OF CREDIT NO. ILS201431 SUBJECT TO THE CONDITIONS HEREIN SET FORTH AND WAIVES ANY RIGHT TO ENJOIN THE VILLAGE FROM SO PROCEEDING". DATE: MARCH 21, 2006 DEVELOPER/OWNER: (1) jt;jIMAM/VI IDENT— (2) (NAME AND TITLE) NOTE: IF PROPERTY IS IN A TRUST, ATTACH A COPY OF THE TRUST AGREEMENT AS EXHIBIT. VILLAGE OFFICIALS APPROVAL/ACCEPTANCE RESOLUTION: (TITLE) (DATE) oFifthThirdBank EXHIBIT "A" LEGAL DESCRIPTION W/PHASE PLAN INDICATED (IF APPLICABLE): OF THE SOUTHWEST 1/4 OF THE NORTHEAST 1/4 OF SECTION 28, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. PIN 08-28-201-006 VILLAGE OFFICIALS APPROVAL/ACCEPTANCE' RESOLUTION: (TITLE)