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HomeMy WebLinkAboutRESOLUTION - 73-86 - 9/9/1986 - LOC/1200 DEVON/FEDEX RESOLUTION NO. 73-86 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 8731 FROM CITIZENS BANK & TRUST COMPANY IN THE AMOUNT OF $3,575.00 EXPIRING MARCH 2, 1987 TO GUARANTEE COMPLETION OF PUBLIC IMPROVE- MENTS AT 1200 DEVON AVENUE (FEDERAL EXPRESS) 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 an Irrevocable Documentary Letter of Credit No. 8731 from the Citizens Bank & Trust Company in the amount of $3,575.00 to guarantee completion of public improvements at 1200 Devon Avenue as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with approved plans and specifications with revisions dated August 15, 1986, pre- pared by G & C Consulting Engineers, Inc. , 1870 Busse Highway, Des Plaines, Illinois 60018 and Harrison & Kwasek Architects, Inc. , 4811 Emerson, Palatine, Illinois 60074. Said Letter of Credit expiring March 2, 1987. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 9th day of September 1986. APPROVED this 9th day of September 1986. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk Citizens Bank i1zertBank&"LStCCM; NN relephone . Ores Northwest Ninhwav 312H99-4100 P,,,k Ridge,illino,s 600583 RECEIVED r, V t. a i SAmeribanc ENGINEERING D.-p7. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT DATE August 18, 1986 LETTER OF CREDIT NO. 8731 Village of Elk Grove Village 901 Wellington Avenue COMPLETION GUARANTY Elk Grove Village, IL 60007 LETTER OF CREDIT NO. 8731 Att: Engineering Department DATE August 18 1986 Lou Chucks, AMOUNT $3,575-00 PROJECT Federal Express COMPLETION DATE December 1 1986 EXPIRATION DATE March 2 1987 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of McLennan & Thebault, Inc. , 17 r71 Commerce Drive, Elk Grove Village, "D Illinois 60007 hereafter called the evelope , in the aggregate amount of Three Thousand Five Hundred Seventy Five and No/100-------$(3,575.00)-----------, U. S. Currency, available by your draft drawn on sight and marked Drawn under Citizens Bank & Trust Company Letter of Credit No. 8731 dated August 18, 1986". These monies are to guarantee the completion of public improvements for the following project: Federal Express (the "Project") described in the engineering plans and specifications with revisions dated August 15, 1986, prepared by G & C Consulting Engineers Inc. 1870 Busse Highway, Des Plaines IL 60018 and Harrison & Kwasek Architects Inc. 4811 Emerson Palatine IL 60074 approved on 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 documents: 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 accord- ance with the Approved plans and specifications with revisions dated Au ust 15 1986, prepared approved on August 15, 1986 and agreements including any amendments thereof) for the following project: Federal Express, (the "Project") , on property legally described in Exhibit A. Attached and made part of) . The improvements in the above described project consist of Sidewalk - Public. These improvements itemized above shall be completed on or before December 1, 1986. 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. IRREVOCABLE DOCUNEMMY LETTER OF CREDIT Date: August 18, 198 Page: 2 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 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 McLennan & Thebault, 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 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 Elk 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 McLennan & Thebault, 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 auto- matically 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. 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. IRREVOCABLE DOCUMNTARY LETTER OF CREDIT Date: August 18, 198 Page: 3 This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit", the International Chamber of Commerce Publication No. 400, most recent revision", 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 presentation. S E A L Dated: 3"01"_& Issuing Financial Institution: Citizens Bank & Trust Company By: /G' �y /Senior Vice President William D. McGuire - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Developer/Owner "The undersigned hereby acknowledges the absolute right of the Village of Elk Grove Village to draw on this Irrevocable Letter of Credit sub- ject to the conditions herein set forth and waives any right to enjoin the Village from so proceeding." Date: a Developer/Owner: (1) (2) J R. Thebault, Pres. Robea G. McLennan, VP Gay E. Peterson,Secy./Treas. *Note: (1) If property is in a trust, attach a copy of the Trust Agreement as an Exhibit. EXHIBIT "A" That part of the South Half of Section 34, Township 41 North, Range 11 , East of the Third Principal Meridian, described as follows: Beginning at the Southeast corner of Lot 306 in Centex Industrial Park Unit 182, a subdivision in the South Half of Section 34 aforesaid, thence Easterly along the North line of the south 50.0 feet of Section 34 aforesaid to the Southwest corner of Lot 319 in Centex Industrial Park Unit 195, a subdivision in the Southeast Quarter of Section 34 aforesaid; thence North along the West line of Lot 319 aforesaid to the Northwest corner thereof; thence Westerly along the Westerly extension of the North line of Lot 319 aforesaid to the Northeast corner of Lot 306 in Centex Industrial Park Unit 182 aforesaid, thence South along the East line of Lot 306 aforesaid to the point of beginning, in Cook County, Illinois.