CCR2005046.
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COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #046-2005
REAPPROV AL OF LETTER OF CREDIT
Fireside Orchard
WHEREAS, A Final Plat, Subdivider's Agreement and Letter of Credit were approved
by the City of Muskego Common Council on November 3, 2004 for the Fireside Orchard
Subdivision with the adoption of Resolution #177-2004 as amended; and
WHEREAS, Said approvals were subject to the conditions of amended Resolution
#177-2004; and
WHEREAS, The developer did not obtain approval for the Letter of Credit within the 30-
days of the date of approval of Resolution #177-2004; and
WHEREAS, The Finance Committee has reviewed the new Letter of Credit and
recommends approval.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee does hereby reapprove
the Letter of Credit for the Fireside Orchard Subdivision.
BE IT FURTHER RESOLVED That this reapproval is subject to all of the conditions
outlined in Resolution #177-2004, as amended.
DATED THIS DAY OF ,2005 Februarv 22nd
SPONSORED BY:
FINANCE COMMITTEE
Ald. Nancy Salentine
Ald. Eric Schroeder
Ald. Eileen Madden
This is to certify that this is a true and accurate copy of Resolution #046-2005 which
was adopted by the Common Council of the City of Muskego.
2/2005jmb
FEB-17-2Øøs 12: 48
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SAVINGS
BANK
MARITIME SAVINGS BANK 414 328 2748 P.02
Date; February 23. 2005
Letter of Credit Pertaining to Loan No. 20-17513350
Amount: $861,176.00
Location,'3 Corp.
W295 55273 Holiday Oak Court
Waukesha, WI 53189
A~plicant: :
Beneficiary: city of Muskego
Post Office aox 749
W182 S82oo Racine Ave.
Muskego, WI 53150-0749
"
Dear City of Muskego:
We hereby issue this irrevocable documentary credit in your favor which is available by Beneficiary's
draft(s) at sight drawn on Maritime Savings Bank (MMSB") Each Draft acoompanying docum.ents
must state "Drawn Under Maritime Savings Ban~ Documentary Credit Pertaining to Loan No. 20-
17513350."
This Standby Credit is to provide a guarentee to the City of Muskego for the performance of
Applicant obligations under that certain agreement dated February 23, 2005 between the City of
Muskego and Applicant for the development of the Fire Side Orchard Subdivision.
DRAFTS ARE TO BE ACCOMPANIED BY:
A statement signed by the Mayor of the City of Muskego stating that Applicant has failed to complete
the construction of subdivision Improvements in accordance with said Agreement or otherwise
comply with the obligations of the Agreement. Said ststement shall set forth the estimated amount
necessary for the City of Muskego to complete such improvements or otherwise comply with the
obligations of the Agreement.
. WIND 1ÃICJ! Oma
8035 RAmai AvEtlVIi
WIND lAIui,WI53185
(262) 89S-2500
FAX R95-25" SPECIAL CONDITIONS:
\111m Aw.. ()ppra
10427\V8l'ÜNC.OLNAVIi. This Standby Credit will terminate on the 23rd day of May, 2006 provided, however, Maritime
WII5T Awi,WI 53227 Savings Bank shall give written notice to the beneficiary of its intention to terminate this standby
(414) 32&-27'50 credit at ninety (90) days prior to the 23m day of May, 2006. After said date, this letter of credit can
FAX 318-2755 only terminate upon ninety (90) days written notice to the beneficiary.
OAK CREEK OIol'lUi
MAImNJi CliNrRIi
111 WIiIIT RYAN RO.w
00\" (;It,I'J!I(.wr '3154
(414) 57108666
FAX ')71-8770
BauoaulliW 0IIt1Cf.
CAPITOl. Wm Pt.A7.A
17495 WIIST ÛIPI'roL DaM
BRooIcPu!m, WI 53045 We acknowledge that drafts drawn under snd in complianæ with the terms of this credit will be duly
(~~ ~~:~= honored if presented on or before the expiration date. This original Standby Credit must be'
submitted to us together with any drawings hereunder for our endorsement of any payments effected
by us and/or for cancellation. Mtl!lRlOO 0I'I'1c1!
ImooLN PoINT PlAv.
'Wl57S63(ioWe."1'
J~IJ! RcMD
MUSKJI(",(),Wl5315Q
(41.) 425-:u04
PAX 42~564
8;MD.WAloom Omen BY:
S.~"'NI<:AVf..
JI,IA1JICJ!II. W( 53207
, (414) 744-3323
FAX 7440037
.....-w. M/l.RJ"/1I\OII/\VJNG//.COM
It is hereby agreed by all parties hareto that the reference to "Agreement" Is for identification
purposes only end such reference shan not be construed in any manner to required Maritime
Savings Bank, to inquire into its terms and obligations. It is hereby agreed by all parties hereto that
the reference to "Loan Number 20.17513J50" Is for identification purpoSes only and such reference
shall not be construed in any manner to reduce Maritime Savings Bank's obligations under this letter
of credit.
Sincerely, ,
Maritime Savings Bank
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