HomeMy WebLinkAboutRESOLUTION - 10-85 - 2/26/1985 - LOC/SHENANDOAH SUB 2 ARESOLUTION NO. 10-85
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM THE
TALMAN HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF ILLINOIS IN
THE AMOUNT OF $48,567.00 TO GUARANTEE THE CONSTRUCTION OF PUBLIC
IMPROVEMENTS IN SHENANDOAH SUBDIVISION UNIT 2-A
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
I
of the Village of Elk Grove Village, Counties of Cook and DuPage, State of
IIIinois:
Section 1: That the President and Board of Trustees do hereby authorize
the acceptance of an Irrevocable Letter of Credit from the Talman Home Federal
Savings and Loan Association of Illinois in the amount of $84,567.00 to
guarantee construction of public improvements in the Shenandoah Subdivision
Subdivision Unit 2-A, as shown on Exhibit "A" attached hereto and made a
part hereof. The legal description as fully described in Exhibit "B"
attached hereto and made a part hereof, and in accordance with engineering
drawings and specifications dated June 16, 1978 for Shenandoah with revisions
dated November 5, 1984, prepared by Elk Grove Engineering, 860 Lively Blvd.,
Elk Grove Village, Illinois, which have been previously submitted to, and
approved by the Engineering Department of the Village of Elk Grove Village.
Said Letter of Irrevocable Credit effective Janaury 1, 1985 and expiring
January 1, 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 26th
APPROVED this 26th
ATTEST:
Patricia S. Smith
Village Clerk
day of February 1985•
day of February 1985•
Charles J. Zettek
Village President
EXHIBIT "A"
PUBLIC IMPROVEMENTS TO BE INSTALLED WITHIN THE DEVELOPMENT KNOWN AS
SHENANDOAH-ELK GROVE PHASE 2A
Watermain and Appurtenances
Sanitary Sewer and Appurtenances
Storm Sewer and Appurtenances
Roadway, Curb, Gutter and Pavement
Sidewalk
Street Lights
Parkway, Trees, etc.
Detention Ponds
EXHIBIT "B"
LEGAL DESCRIPTION
OF
DEVELOPMENT KNOWN AS SHENANDOAH-ELK GROVE PHASE 2A SUBDIVISION
Lots 12 to 21 in Block 3 and Lot 26 in Block 2 in
Shenandoah Subdivision, being a Subdivision in the
Southeast Quarter of the Southwest Quarter of
Section 36, Township 41 North, Range 10, East of
the Third Principal Meridian, in Cook County, Illinois.
TALMANHONE
The Talman Home Federal Savings and Loan Association of Illinois
CORRECTED
IRREVOCABLE CREDIT TO GUARANTEE
THE CONSTRUCTION OF PUBLIC IMPROVEMENTS
January 1, 1985
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, Illinois 60007
Re: Shenendoah-Elk Grove Subdivision Unit 2-A
Elk Grove Village, Illinois
Gentlemen:
We hereby establish an Irrevocable Credit in favor of the Village
of Elk Grove Village, Illinois, an Illinois municipal corporation
(herein called "Municipality") for the account of Shenandoah -Elk
Grove Partnership,115 East Scully Drive, Schaumburg, Illinois
(herein called "Developer"), in the aggregate amount of EIGHTY FOUR
THOUSAND, FIVE HUNDRED SIXTY SEVEN AND 00/100ths DOLLARS, (84,567.00).
This Irrevocable Credit will be used exclusively to secure the con-
struction of certain public improvements (herein called "Improvements")
as listed on Exhibit A attached hereto, which are to be constructed
within the development known as Shenandoah -Elk Grove Unit 2-A (herein
called "Development"), pursuant to the following plans and specifi-
cations, (herein called "Plans and Specifications").
The Municipality approved site development engineering
drawings and specifications dated June 16, 1978 for
Shenandoah -Elk Grove with revisions dated November 5, 1984,
prepared by Elk Grove Engineering, 860 Lively Boulevard,
Elk Grove Village, Illinois 60007, which have been
previously submitted to, and approved by the Engineering
Department of the Village of Elk Grove.
The Development, which is owned by LaSalle National Bank as Trustee
under Trust 11105184, dated August 16, 1982, (herein called "Owner),
is legally described on Exhibit B attached to this letter.
Main Office: 5501 S. Kedzie Avenue, Chicago, Illinois 60629 (312) 434-3322
The Talman Home Federal Savi-qs and Loan Association of Illinois
January 1, 1985
Village of Elk Grove Village
Page Two
This Irrevocable Credit shall remain in effect for a period
of two (2) years from the date hereof, without regard to any
default in payment of money owed to us by the Owner and/or Dev-
eloper and without regard to other claims which we may have against
the Owner and/or Developer. If within said two (2) years from the
date hereof we receive written notice from the Village Manager or
Village Engineer, reciting that the installation and construction
of the Improvements has not been completed on or before December 31,
1986, as agreed by the Municipality and the Developer, you are then
authorized to demand payment from the Talman Home Federal Savings
and Loan Association of Illinois, 5501 South Kedzie Avenue, Chicago,
Illinois 60629, by drawing drafts at sight when accompanied by the
certificate of the Municipality stating that the Owner and/or Devel-
oper has defaulted in its obligation to complete the Improvements,
and further certifying that the Municipality has notified the Owner of
its intention to draw under this Irrevocable Credit at least five (5)
days prior to the date of drawing, we shall make payments for materials
and labor to the Municipality to complete the Improvements in accord-
ance with the Plans and Specifications.
Partial drawings are permitted under this Irrevocable Credit. All drafts
must be marked: "Drawn under the Irrevocable Credit of the Talman Home
Federal Savings and Loan Association of Illinois, 5501 South Kedzie
Avenue, Chicago, Illinois 60629, dated January 1, 1985 to secure the
construction of Improvements within the Shenandoah -Elk Grove Sub-
division Unit 2-A."
The principal amount of this Irrevocable 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 affidavits from contractors or subcontractors furnishing
material or performing work to complete these Improvements. Only upon
receipt of the immediately aforementioned, shall the exact amount of
payments be made less ten (10) percent for an interim maintenance
guarantee.
If, within thirty (30) days of the date of any demand (made in con-
formity with this Irrevocable Credit) is presented, we fail to honor
same, we agree to pay all attorney fees, court costs and other reason-
able expenses incurred by the Municipality in enforcing the terms of
this Irrevocable Credit.
Thelhiman Home Federal Savings and Loan Association of Illinois
January 1, 1985
Village of Elk Grove Village
Page Three
Ninety (90) days prior to the expiration of this Irrevocable
Credit, we shall notify the Municipality, attention Village Man-
ager, certified mail, return receipt requested, of the impending
expiration date, This Irrevocable Credit shall not terminate with-
out such written notice. If the Improvements covered by this
Irrevocable Credit have not been completed within the time set forth
herein, the Municipality may draw upon these funds in the manner
recited above for an additional period of six (6) months next fol-
lowing the expiration of the term of this Irrevocable Credit. The
sum of this Irrevocable Credit shall be reduced in the amount of
disbursements made, from time to time, in accordance with the terms of
this Irrevocable Credit, as recited above. In addition, prior to
expiration, this Irrevocable Credit shall be reduced by the value of
all improvements constructed and certified by the Village Engineer of the
Municipality that said Improvements have been properly completed.
We hereby certify and agree that all drafts drawn under, and in com-
pliance with, the terms of this credit will be duly honored by us on
delivery of documents as specified if presented at the specified
office within the time limits recited herein.
THE TALMAN HOME FEDERAL SAVINGS AND LOAN
ASSOCIATION OF ILLINOIS
By:--
Execut& Vice President