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Home My WebLink AboutRESOLUTION - 33-13 - 7/16/2013 - LETTER OF CREDIT - 2475 TOUHY WATERMAIN IMPROVEMENTSRESOLUTION NO. 33-13 A RESOLUTION ACCEPTING A LETTER OF CREDIT NO. DCI12252US14213 FROM ASSOCIATED BANK N.A. IN THE AMOUNT OF $90,000 EXPIRING SEPTEMBER 25, 2014 TO GUARANTEE THE CONSTRUCTION OF PUBLIC IMPROVEMENTS (WATERMAIN) AT 2475 TOUHY AVENUE 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 Letter of Credit No. DC112252US 14213 dated June 25, 2013 from Associated Bank N.A. in the amount of $90,000 to guarantee the construction of public improvements (watermain) at 2475 Touhy Avenue described in the engineering plans and specifications with revisions dated February 20, 2013, prepared by SPACECO, Inc., approved on March 14, 2013 and agreements (including any amendments thereof) attached hereto and made a part hereof. Said Letter of Credit expiring September 25, 2014. 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 16`h day of July 2013. APPROVED this 16`h day of July 2013. APPROVED: Mavor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk LOC2475Touhy Associated Bank Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 .Letter of Credit No: Date: Amount: Completion Date: Expiration Date: Gentlemen: LETTER OF CREDIT DCI b2252US 142.13 June -25,-2013 USD 90,000.00 (Ninety Thousand US Dollars) June 25,-2014 September 25, 2014 We hereby establish our Irrevocable'Straight.Letter of Credit in yourTavor for the account of HB 2727 Higgins, LLC,.hereafter called the "Developer", in the aggregate amount of USD 90,000.00 (Ninety Thousand US:Dollars), U.S: Currency, available by your draft drawn on sight and marked "Drawn under. Letter of Credit No. DC 1 I2252US 14213 dated June25, 2013". These monies are.to guarantee the completion of public improvements for the following project: •2475 Touhy Avenue described in the engineering plans and specifications with revisions dated February 20,2013, prepared by SPAC'ECO, Inc., approved on March 14,-2013; 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 Elk Grove when presented to Associated.Bank, N.A., Attn: Jerry Rotunno,,200 E Randolph Drive, Chicago, IL 60601 and accompanied by the following document: 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 specifications with revisions dated February -20, ,2013, prepared by SPACECO, Inc., approved on March 14, 2013 and agreements .(including any. amendments thereof) for the following project: 2475 Touhy Avenue. The improvements in the above described project consist of. (X appropriate boxes). aWatermain and Appurtenances ❑ Sanitary Sewer and Appurtenances ❑ Storm Sewer and Appurtenances ❑ Roadway (Curb & Gutter, Pavement) ❑ Sidewalk ❑ Street Lights ❑ Parkway (Trees, etc.) ❑ Traffic Control (Signals,'Signs, Markings) ❑ Ponds (Detention/Retention) ❑ Excavation (Soil Erosion Control, Stockpile) ❑ Other (Retaining Walls, etc.) NM0430 . These improvements itemized above shall be completed on or before June 25, 2014 ("Completion Date"). If said improvements have not been properly installed and satisfactorily completed on or before that date as reasonably determined by the Village Engineer, 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 principal 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 Village Engineer in writing with supporting waivers, liens andaffidavits 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 1I0"/o of the estimated 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 Developer 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; September 25, 2014 ("Expiration 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 date of any demand (made in conformity with this Irrevocable Letter of Credit) presented, we fail to honor same, we agree to pay all attorney fees, court costs and other reasonable expenses incurred by the Village of Elie Grove Village in enforcing the terms of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reverse side of the original .Irrevocable Letter of Credit by the Village Engineer and attested by the Clerk. This Irrevocable Letter of Credit shall be utilized to secure the installation of all improvements required under the Municipal Code of the Village of Elk 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 Developer 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 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, return receipt requested that he or she, based upon the advice and supporting documentation from the Village Engineer that he or she does elect not to arbitrarilyrequest 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, 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 undersigned ,that the expiration date shall be automatically extended as shall be required to comply with this notice provision and the requirements stated previously. Except as expressly provided otherwise in this Letter of Credit, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary -Credits 2007 Revision, International Chamber of Commerce - Publication No. 600. In the event of a conflict between this Letter of Credit and the UCP 600, this Letter of Credit shall control. 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. Issuing Financial Institution: Developer/Owner "The undersigned hereby acknowledges the absolute, right of the Village of Elk Grove Village to draw on this Irrevocable _.Letter of Credit subject to the conditions heroin set forth and waives any right to enjoin the Village from so.proceeding." Date: Developer/Owner: 71..2� I3 Note: Ifproperty is in a tnrt, attach a copy of the trust agreement as Exhibit. Village Officials Approval/Acceptance Resolution: 33-13 Mayor Craig B. Johnson (Title) 16, 2013 (Date) Exhibit A Legal Description W/Phase Plan indicated (if applicable) Village Official Release 33-13 Resolution: Mayor Craig B. Johnson July 16, 2013 (Title) (Date)