HomeMy WebLinkAboutRESOLUTION - 17-97 - 3/25/1997 - LOC/REDEV. AGRMT/EG TOWN CENTERRESOLUTION NO. 17-97
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT
NO. 570004194-201 FROM THE FIRST MIDWEST BANK, NATIONAL
ASSOCIATION EXPIRING JULY 31, 1998 IN THE AMOUNT OF
$100,000.00 PAYMENT FOR LIQUIDATED DAMAGES IN ACCORDANCE
WITH THE REDEVELOPMENT AGREEMENT/ELK GROVE TOWN CENTER L.L.C.
(HAMILTON PARTNERS RETAIL DIVISION #1)
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 Irrevocable Letter of Credit No. 570004194-201
from First Midwest Bank, National Association in the amount of $100,000.00
the payment for liquidated damages in accordance with the Redevelopment
Agreement, (Res. No. 14-97) together with any amendments thereto approved
by the Village and/or reimbursement to the Village of expenses or other
costs as set forth in the Redevelopment Agreement. Said Letter of Credit
expiring July 31, 1998.
Section 2. That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 25th day of March , 1997.
APPROVED this 25th day of March , 1997.
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk
.4 h First Midwest
IRREVOCABLE LETTER OF CREDIT
March 17, 1997
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, IL 60007-3499
Gentlemen:
First Midwest Bank, N.A.
945 Lakeview Parkea.
Suite 170
Vernon Hills, Illinois 60061
We hereby open our Irrevocable Standby Letter of Credit in your favor available by your draft
on us at sight, signed by the Village Administrator, Village of Elk Grove Village, bearing the
clause "Drawn under First Midwest Bank, National Association Letter of Credit No. 570004194-
201 effective March 17, 1997 for the account of Hamilton Partners Retail Division #1, Inc. up
to an aggregate amount of One Hundred Thousand and no/100 ($100,000.00) U.S. DOLLARS
and accompanied by the following documents:
1. This original Letter Credit.
2. A statement in duplicate signed by the Village Administrator, Village
of Elk Grove Village, reading as follows: "Hamilton Partners Retail
Division #1, Inc., has failed to comply with the Redevelopment Agreement
entered into by and between the Village of Elk Grove Village and Hamilton
Partners Retail Division #1, Inc., on or about March 11, 1997. The funds
claimed under this Letter of Credit are for the payment of liquidated
damages in accordance with the Redevelopment Agreement referred to above,
together with any amendments thereto approved by the Village and/or
reimbursement to the Village of expenses or other costs as set forth in the
Redevelopment Agreement. "
This Letter of Credit will expire at the close of the regular business day on July 31, 1998, and
such drafts must be presented for payment and received by us on or before such date. First
Midwest Bank, National Association ("Bank") will provide the Village of Elk Grove Village with
thirty (30) days prior written notice, by certified mail, return receipt, of the termination of the
Letter of Credit. This Letter of Credit shall not expire except upon giving such thirty (30) days
notice. Once notice is given, this Letter of Credit shall remain in force not less than an
additional thirty (30) days after the date of such notice. Notwithstanding the expiry date
Irrevocable Letter of Credit 570004194-201
March 17, 1997
Page 2
provisions set forth hereinabove, if the Village of Elk Grove Village notifies Bank that a
violation of the Redevelopment Agreement exists, then this Letter of Credit shall remain in force
not less than an additional forty-five (45) days after the date of such notice.
We hereby agree with you that all drafts drawn under and in compliance with the terms of this
credit shall be duly honored in presentation.
To the extent not inconsistent with the terms hereof, this Letter of Credit shall be governed by
and construed in accordance with the Uniform Customs and Practice for Documentary Credits
(1993 Revision) International Chamber of Commerce Publications No. 500 (the "Uniform
Customs"). This Letter of Credit shall, as to matters not governed by the Uniform Customs,
be governed by and construed in accordance with the laws of the State of Illinois (excluding its
conflict of laws rules).
FIRST MIDWEST BANK,
NATIONAL ASSOCIATION
z4nC
B Glaunert
ITS: Documentation Review Specialist
COUNTERSIGNED:
coves.
BY: Conni Norman
ITS: Documentation Review Specialist
— First Midwest
`VI'"
March 17, 1997
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, Illinois 60007-3499
Gentlemen:
I irs1 :Midwest Bank, N. N.
945 Lake%io% ParkN%a1
Suile 1711
N ernnn Hills. Illinois 611161
Our Letter of Credit No. 570004194-201 in the current amount of One Hundred Thousand and
00/100 ($100,000.00) U.S. Dollars originally dated March 17, 1997 and issued in your favor
at the request of Hamilton Partners Retail Division #1, is amended to delete in it entirety the
second indented paragraph on page one and insert in lieu thereof the following:
2. A statement in duplicate signed by the Village Administrator, Village of
Elk Grove Village, reading as follows: "Elk Grove Town Center L.L.C.,
has failed to comply with the Redevelopment Agreement entered into by
and between the Village of Elk Grove Village and Elk Grove Town Center
L.L.C. on or about March 11, 1997. The funds claimed under this Letter
of Credit are for the payment of liquidated damages in accordance with
the Redevelopment Agreement referred to above, together with any
amendments thereto approved by the Village and/or reimbursement to the
Village of expenses or other costs as set forth in the Redevelopment
Agreement. "
All other terms and conditions remain unchanged.
This letter is to be attached to and become an integral part of the original credit instrument.
FIRST MIDWEST BANK,
NATIONAL ASSOCIATION
Glaunert
ITS: Documentation Review Specialist
cc: Hamilton Partners Retail Division #1
Kenneth J. Kadleck
COUNTERSIGNED:
Cxr,,.- ►J _
BY: Conni Norman
ITS: Documentation Review Specialist