HomeMy WebLinkAboutRes 54-85 11/05/1985
~
3032C
RESOLUTION NO. 54-85
A RESOLUTION TO ELECT TO COMPLETE CERTAIN IMPROVEMENTS
TO THE GOLF GROVE CONDOMINIUMS AND TO DRAW ON
AN IRREVOCABLE LETTER OF CREDIT FOR PAYMENT THEREOF
WHEREAS, Roppolo Brothers Development, Inc. has undertaken
the development of certain condominium units, commonly known as the
"Golf Grove Condominiums" as 1901-19 West Golf Grove, Mount
Prospect, Illinois¡ and
. WHEREAS, said Developer, pursuant to the provisions of the
Development Code of the Village of Mount Prospect, has submitted
plans and specifications for the construction and payment of certain
public improvements to be constructed and installed for Golf Grove
Condominiums¡ which plans and specifications have been approved by
the village¡ and
WHEREAS, to guarantee compliance with the construction and
payment of such improvements, the Developer did provide this Village
with an Irrevocable Standby Commercial Letter of Credit in the -
amount of Two Hundred Thirty Four Thousand and no/lOOths Dollars
($234,000.00)¡ the most recent Letter of Credit being issued by
Calumet Federal Savings and Loan Association of Chicago, on August
13, 1984 and extended to November 1, 1985¡ and
WHEREAS, the said Developer has been given reasonable and
ample time to complete the subject improvements and to make full
payment therefor but numerous delays and extensions or replacements
of letters of credit have been occasioned in attempting to obtain
compliance by the Developer of the construction and installation of
the subject improvements, and full compliance has not been achieved¡
and
WHEREAS, said delays on the part of the Developer in the
construction and installation of the subject improvements and in the
payment therefor have been dilatory and unreasonable, and at least
one of the subcontractors has filed a lien claim due to non-payment
for work accomplished on said improvements, and no just reason
exists to allow the Developer additional time to comply with its
obligations; and
WHEREAS, it is the determination of this Board, pursuant to
the provisions of the existing Letter of Credit that an election be
made to have the village complete the necessary improvements which
have not been completed, to pay for improvements which have been
completed but not paid for and to obtain the necessary two year
guarantee against defects in workmanship and materials by drawing on
the funds of said Letter of Credit.
NOW, THEREFORE IT IS HEREBY RESOLVED BY THE MAYOR AND BOARD
OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: This Board does hereby elect to complete the
public improvements to be constructed and installed for Golf Grove
Condominiums in accordance with the plans and Specifications
therefor, previously approved by the Village, and as specified in
the Statement of the Village Engineer regarding uncompleted work and
payments, a copy of which is attached hereto and made a part of this
Resolution by reference.
,
T
)
SECTION TWO: The Village Manager is hereby authorized to
draw on the funds maintained in the Irrevocable Standby Commercial
Letter of Credit issued August 13, 1984, as extended, by Calumet
.f\
Federal Savings and Loan Association of Chicago, to guarantee the
completion and payment for said improvements, and this Board does
further ratify all previous demands made by the Village Manager upon
the Association for funds of the Letter of Credit to accomplish
these purposes.
SECTION THREE: The Village Clerk is hereby authorized and
directed to forward a certified copy of this Resolution to Calumet
Federal Savings and Loan Association of Chicago and to Roppolo
Brothers Development, Inc.
SECTION THREE: This Resolution shall be in full force and
effect upon its passage and approval in accordance with law.
PASSED and APPROVED this
5th
day of November, 1985.
AYES:
Arthur, Farley, Murauskis, Van Geem, Wattenberg, Floras
NAYS:
None
ABSENT: None
~é!¡~ )/ ¡¿~~"
1 MAYOR '
ATTEST:
¿~~¡; ?!Jb
VILLAGE CLE K
.~
f