HomeMy WebLinkAboutRESOLUTION - 28-93 - 5/25/1993 - LOC/SUPER KMARTRESOLUTION NO. 28-93
A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT
NO. 00318466 FROM THE FIRST NATIONAL BANK OF CHICAGO EXPIRING
JUNE 17, 1994 IN THE AMOUNT OF $400,000.00 TO GUARANTEE
CONSTRUCTION OF PUBLIC IMPROVEMENTS AT SUPER KMART SHOPPING
CENTER (BIESTERFIELD/MEACHAM)
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 Straight Letter of Credit No.
00318466 from First National Bank of Chicago in the amount of $400,000.00
to guarantee construction of public improvements for Super KMart Shopping
Center, Biesterfield and Meacham Roads, in accordance with engineering
plans and specifications with revisions dated March 22, 1993, prepared by
Cowhey, Gudmundson, Leder, Ltd., approved on March 25, 1993. Said Letter
of Credit expiring June 17, 1994.
Section 2. That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 25th day of May , 1993.
APPROVED this 25th day of May , 1993.
Dennis J Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk
By: Ann I. Head
Deputy Village Clerk
FIRST CHICAGO
The First National Bank of Chicagc
VILLAGE OF ELK GROVE
901 WELLINGTON AVENUE
ELK GROVE, IL 60007
LADIES AND GENTLEMEN:
TRADE FINANCE
ONE NORTH DEAR[ IN - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL (312) 407-3843
VILLAGE COMPLETION GUARANTY
LETTER OF CREDIT NO
DATE:
AMOUNT:
COMPLET1019 DATE:
EXPIRATION DATE:
00318466
MARCH 25, 1993
$400, 000. 00
MARCH 19, 1994
JUNE '17, 1994
WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR
FAVOR FOR THE ACCOUNT OF KMART CORPORATION, A MICHIGAN CORPORATION
(HEREINAFTER THE "DEVELOPER"), IN THE AGGREGATE AMOUNT OF $400,000.00,
U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN
UNDER LETTER OF CREDIT NO. 00318466 DATED MARCH 25, 1993•" THESE
MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVENTS FOR THE
FOLLOWING PROJECT: SUPER KMART CENTER DESCRIBED IN THE ENGINEERING
PLANS AND SPECIFICATIONS WITH REVISIONS DATED MARCH 22, 1993, PREPARED
BY COWHEY, GUDMUNDSON, LEDER LTD., APPROVED ON MARCH 25, 1993 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
ACCOMPANIED BY THE FOLLOWING DOCUMENT:
A SIGNED STATEMENT BY THE VILLAGE MANAGER ON ANY OTHER DULY AUTHORIZED
OFFICIAL OF THE VILLAGE (SIGNED AS SUCH) CERTIFYING THAT "A PORTION OF
THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY COMPLETED IN
ACCORDANCE WITH THE APPROVED FLANS AND SPECIFICATIONS WITH REVISIONS
DATED MARCH 22, 1993 PREPARED BY COWHEY, GUDMUNDSON, LEDER LTD.,
APPROVED ON MARCH 25, 1993 AND AGREEMENTS (INCLUDING ANY AMENDMENTS
THEREOF) FOR THE FOLLOWING PROJECT: SUPER KMART CENTER."
THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF THE
FOLLOWING:
X-WATERMAIN AND APPURTENANCES
X -SANITARY SEWER AND APPURTENANCES
X -STORM SEWER AND APPURTENANCES
X -ROADWAY (CURB Yc GUTTER, PAVEMENT)
X -SIDEWALK
-STREET LIGHTS
X -PARKWAY (TREES, ETC.)
X -TRAFFIC CONTROL (SIGNALS, SIGNS, MARKINGS)
-PONDS (DETENTION/RETENTION)
THESE IMPROVEMENTS ITEMIZED ABOVE SHALL BE COMPLETED ON OR BEFORE
MARCH 19, 1994. 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.
(CONTINUED) P6P61N1kt _
FIRST CHICAGO TRADE FINANCE
The First National Bank of Chicago ONE NORTH DEARB N - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3843
OUR REF NO: 00?I84th DATE: MARCH 2F, 1993
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 VILLAGE ENGINEER IN WRITING WITH
SUPPORTING WAIVERS, LIENS AND AF171DAVITS 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 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 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 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 ELIC 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, AND A STATEMENT THAT THE LETTER OF CREDIT HAS
BEEN SO ENDORSED MUST BE SUBMITTED WITH THE DEMAND FOR PAYMENT.
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 IMPROVEMENT'S
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 ARBITRARILY REQUEST RENEWAL OF THIS IRREVOCABLE
LETTER OF CREDIT FOR SUCH ADDITIONAL ONE (1) YEAR PERIOD WITHOUT DUE
CAUSE. IN ANY EVENT, THIS LETTER OF CREDIT WILL NOT BE VALID BEYOND
(CONTINUED) PAGE 2
ORIGINAL
FIRST CHICAGO
The First National Bank of Chicago
OUR REF NO: 0031846b
TRADE FINANCE
ONE NORTH DEARE :N - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3643
DATE: MARCH 25, 19`)3
JUNE 17, 1995 PROVIDED THAT THE EXPIRATION NOTIFICATION FROM THE FIRST
NATIONAL BAN;: OF CHICAGO IS FORWARDED TO THE VILLAGE MANAGER AT LEAST
90 DAYS PRIOR TO JUNE 17, 1995 AS REQUIRED BY THE LETTER OF CREDIT
CONDITIONS.
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.
THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS (1983 REVISION), INTERNATIONAL CHAMBER
OF COMMERCE PUBLICATION 400 EXCEPT AS HEREIN ABOVE MODIFIED.
WE HEREBY AGREE WITH THE DRAWERS, INDORSERS, AND BONA FIDE HOLDERS OF
DRAFTS DRAWN IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT THEY
SHALL BE HONORED ON PRES"ENTATION.
PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO
THE ATTENTION OF OUR LETTER OF CREDIT UNIT, TRADE SERVICE GROUP,
MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABOVE.
VERY TRULY YOURS
THE /FIRST NATIONAL BANK OF CHICAGO
BY W. MAR( KLA (OPERATIONS OFFICER)
BY: PETR OBERDING (ASA�T. VICE PRESIDENT)
PAGE 3
ORIGINAL
F0RSr CHICAGO TRADE FINANCE
The First National Bank of Chicago ONE NORTH DEARB N - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3843
EXHIBIT A
THAT PART OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 25,
TOWNSHIP 41 NORTH, RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN,
DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE WEST LINE OF THE
EAST 830.00 FEET (AS MEASURED ON THE SOUTH LINE) OF THE WEST HALF OF THE
SOUTHWEST QUARTER OF SAID SECTION 25, 1150.00 FEET NORTH (AS MEASURED
ON SAID WEST LINE OF THE EAST 830.00 FEET) OF THE SOUTH LINE OF SAID
SECTION 25; THENCE SOUTH ON THE WEST LINE OF SAID EAST 830.00 FEET,
1150.00 FEET TO THE SOUTH LINE OF SAID SECTION; THENCE EAST ON THE
SOUTH LINE OF SAID SECTION 25, 830.00 FEET TO THE EAST LINE OF THE WEST
HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 25; THENCE NORTH ON SAID
EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER, 1400.00 FEET;
THENCE WEST AT RIGHT ANGLES TO THE LAST DESCRIBED LINE 380.00 FEET;
THENCE SOUTHWESTERLY TO THE POINT OF BEGINNING (EXCEPTING THAT PART
DEDICATED FOR BIESTERFIELD ROAD AND MEACHAM ROAD) IN COOK COUNTY,
ILLINOIS.
BEING ALSO DESCRIBED AS FOLLOWS: THAT PART OF' THE WEST HALF OF THE
SOUTHWEST QUARTER OF SECTION 25, TOWNSHIP 41 NORTH RANGE 10 EAST OF THE
THIRD PRINCIPAL MERIDIAN: BEGINNING AT A POINT IN THE WEST LINE OF THE
EAST 830.00 FEET (AS MEASURED ON THE SOUTH LINE) OF THE WEST HALF OF THE
S'OUTHWES'T QUARTER OF SAID SECTION 25, 1150.00 FEET NORTH (AS MEASURED
ON SAID WEST LINE OF THE EAST 830.00 FEET) OF THE SOUTH LINE OF SAID
SECTION 25; THENCE SOUTH OD10215111 EAST ALONG THE WEST LINE OF SATE)
EAST 830.00 FEET, 1099.95 FEET TO THE NORTHERLY LINE OF BIESTERFIELD
ROAD; THENCE NORTH 87'291119" EAST ALONG THE NORTHERLY LINE OF
BIESTERFIELD ROAD, A DISTANCE OF 769.95 FEET TO A POINT ON THE WEST LINE
OF MEACHAM ROAD; THENCE NORTH 00102'51" WEST ALONG THE WEST LINE OF
MEACHAM ROAD, A DISTANCE OF 1352.53 FEET; THENCE SOUTH 89157109"WEST,
DISTANCE OF 320.00 FEET; THENCE SOUTH 57' 30' 37" WEST, A DISTANCE OF
532.32 FEET TO THE POINT OF BEGINNING.
ORIGINAL _