HomeMy WebLinkAboutRESOLUTION - 23-86 - 3/11/1986 - LOC/WOODLAND SQUARE OFFICE COMPLEXRESOLUTION NO. 23-86
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 1986-1-230
FROM THE MOUNT PROSPECT STATE BANK IN THE AMOUNT OF $10,000.00 TO
GUARANTEE THE MAINTENANCE OF PUBLIC IMPROVEMENTS, EXPIRING MAY 1, 1988
AND RELEASING LETTER OF CREDIT NO. 207 FROM THE FIRST NATIONAL BANK OF
MOUNT PROSPECT PREVIOUSLY ADOPTED BY RESOLUTION NO. 51-83 FOR WOODLAND
SOUARE OFFICE COMPLEX
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 Credit No. 1986-1-230 from the Mount Prospect State
Bank in the amount of $10,000.00 to guarantee the maintenance of public improve-
ments in the development known as the Woodland Square Office Complex as fully
described in Exhibit "A" attached hereto and made a part hereof in accordance
with engineering plans prepared by the Chia Company of Engineers and approved
by the Village of Elk Grove Village dated December 17, 1980, reissued December
20, 1982 and revised June 3, 1983. Said Letter of Credit becoming effective
February 3, 1986 and expiring May 1, 1988; and releasing Letter of Credit No.
207 in the amount of $71,500.00 previously adopted by Resolution No. 51-83 from
the First National Bank of Mount Prospect guaranteeing the maintenance of completed
improvements in Woodland Office Complex.
Section 2: That this Resolution shall be in full force and effect from and
after its passage and approval according to law.
PASSED
this
11th
day
of
March
, 1986.
APPROVED
this
11th
day
of
March
, 1986.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
r
Mount Prospect State Bank
Letter of Credit No.
Beneficiary:
Mount Prospect, IL 60056 398.4000
IRREVOCABLE DOCUMENTARY
LETTER OF CREDIT
1986-1-230
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, Illinois 60007
r
Gentlemen:
Date: February 3, 1986
Amount: $10,000.00
Project: Woodland Square
Office Complex
Expiration Date: May 1, 1988
All Drafts Drawn Hereunder
Must be Marked:
Drawn under Mount Prospect
State Bank Letter of Credit
No. 1986-1-230 dated
February ,
Applicant:
o17_odTand_'5quare Development,Ltd.,Inc.
720 Hiawatha Court
Mount Prospect, Illinois 60056
We hereby establish our Irrevocable Straight Letter of Credit in your
favor for the Account of "Woodland Square Development Ltd., Inc.", 720 Hiawatha
Court , Mount Prospect, Illinois 60056, hereafter called the "Developer", in the
aggregate amount of $10,000 U. S. Currency available by your draft drawn on sight
and marked "Drawn under Document Letter of Credit, number 1986-1-230 , dated
February 3, 1986. These monies are to guarantee the maintaining o�P_u5lic
improvements or a ollowing project: Woodland Square Office Complex described
in the engineering plans and specificiations dated 12/17/80, reissued 12/20/82
and revised 6/3/83 prepared by the Chia Co. of Engineers, located at 701 E. Irving
Park Road, Suite 203, Roselle, Illinois 60172, approved by the Village Engineer
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 Village when
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 maintained in
accordance with the approved plans and specifications revised and pre-
pared by Chia Co. of Engineers, 701 E. Irving Park Road, Suite 203, Roselle,
Illinois 60172 and any agreements (including any amendments thereof) for the
following project: Woodland Square Office Complex (the Project), on property
legally described in Exhibit A (attached and made part of).
Center o/ Banking Excellence in the Northwest Suburbs
The improvements in the aforedescribed project consist of:
Watermain and appurtenances
Sanitary sewer services
Storm sewer and appurtenances
Roadway (curb & gutter, pavement)
Sidewalk
Parkway trees and sod
Excavation (soil erosion control/stockpile)
Except as otherwise expressly statedherein, this Letter of
Credit is subject to "The Uniform Customs and Practice for Documentary
Credits" (1983 Revision), The International Chamber of Commerce
Publication No. 400-1983.
Each amount drawn under this Letter of Credit must be endorsed
on the back hereof by the negotiating Bank.
DRAFTS DRAWN UNDER THIS LETTER OF CREDIT MUST BE DRAWN AND
NEGOTIATEDNOT LATER THAN May 1, 1988
WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS AND BONA FIDE HOLDERS
OF DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER
OF CREDIT THAT THE SAME SHALL BE DULY HONORED ON DUE PRESENTATION AND
DELIVERY TO DRAWEE OF DOCUMENTS AS SPECIFIED.
Sincerely,
MOUNT PROSPECT STATE BANK
BY MI �1
0 oers
Executive Vice Presdient
EXHIBIT "A"
LEGAL DESCRIPTION
Lot One in Woodland Square Plaza Subdivision,
being a Subdivision in the East Half of the
Northeast Quarter of Section 31, Township 41
North, Range 11, East of the Third Principal
Meridian in Cook County, Illinois.