HomeMy WebLinkAbout12-0812 Escrow Termination va-0$la
RESOLUTION
AUTHORIZING EXECUTION OF AN AGREEMENT TO TERMINATE ESCROW
(Elgin Area Historical Society)
WHEREAS, the escrow agreement dated March 23, 1989 by and
between the City of Elgin and the Elgin Area Historical
Society establishing an escrow which shall continue until
termination in writing by the City and Society; and
WHEREAS, the escrow account was established to facilitate
the completion of the Museum at Old Main; and
WHEREAS, renovation of aforesaid Museum has now been
completed.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Larry L. Rice, City Manager, be and is hereby
authorized and directed to execute an Agreement to Terminate
Escrow on behalf of the City of Elgin with the Elgin Area
Historical Society for the termination of the escrow account
established by agreement on March 23, 1989 for the renovation
of the Museum at Old Main, a copy of which is attached hereto
and made a part hereof by reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: August 12, 1992
Adopted: August 12, 1992
Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
AGREEMENT TO TERMINATE ESCROW
AUC,
THIS AGREEMENT dated this NM day of Jury, 1992 , by and
between the CITY OF ELGIN, a Municipal Corporation, hereinafter
referred to as the "City" , and the ELGIN AREA HISTORICAL SOCIETY,
hereinafter referred to as the "Society" ,
WITNESSET H:
WHEREAS , the parties hereto heretofore executed an Escrow
Agreement dated March 23 , 1989 , establishing a construction
escrow account with the First National Bank of Elgin, now known
as NBD Bank of Elgin , to assure and facilitate the payment of
monies with respect to the renovation of the Museum at Old Main ;
and
WHEREAS , renovation of the aforesaid Museum has now been
completed, and after payment of contractors there remains a
balance in said escrow account ; and
WHEREAS, the parties are desirous of terminating said
account and the Society is desirous of having the remaining funds
therein disbursed to it ,
NOW, THEREFORE, in consideration of foregoing, the parties
hereto agree as follows :
1 . That the escrow account dated March 23 , 1989 , be and the
same is hereby terminated .
2 . That NBD Bank of Elgin, formerly known as First National
Bank of Elgin , as escrow, is hereby directed to disburse the
remaining balance in said escrow account in the amount of
$1 , 172 . 57 together with accrued interest , if any, to the Elgin
Area Historical Society.
IN WITNESS WHEREOF, the parties hereto have set their hands
and seals the day and year first written above.
CITY OF ELGIN
a Munici al rpora ' i..
By( .
ELGIN .75R AL
S.
By,
Arno E. Ger recht,
its attorney
(Pk
EL)Il
Agenda Item No. ".b
August 6 , 1992
MEMORANDUM
TO: Mayor and Members of the City Council
FROM: Larry L. Rice, City Manager •
SUBJECT: Termination of Old Main Restoration
Escrow Agreement
PURPOSE
This memo is written in response to the request of the Elgin
Area Historical Society to terminate the Old Main Restoration
Escrow Agreement between the City of Elgin, Elgin Area
Historical Society and the First National Bank of Elgin, dated
March 23, 1989.
BACKGROUND
An escrow agreement was approved by the City of Elgin on March
23, 1989 for the purpose of establishing a construction escrow
account for the restoration of the Old Main building. The
restoration of Old Main has been completed. Accordingly, the
Elgin Area Historical Society is requesting that the Escrow
Account be terminated at this time (see correspondence from Arno
E. Gerbrecht, Attorney for Elgin Area Historical Society, dated
July 14 , 1992) .
FINANCIAL IMPACT
There is no financial impact to the City of Elgin.
RECOMMENDATION
It is recommended that the City of Elgin Terminate the Old Main
Restoration Escrow Agreement, dated March 23, 1989.
Lar Rice y Manager
•
gin. a4)
(1„,. _
t: Elgrn Area Historical Society
. witw - ,! •
0.4? SSG`'
d�
July 14, 1992
TO WHOM IT MAY CONCERN:
Resolved : That the Elgin Area Historical Society gives
written direction and authorization to disburse to the Elgin Area
Historical Society the remaining balance in the Old Main Escrow
Account in the amount of $1 , 172.57, plus accrued interest, said
sum to be forwarded to Arno E. Gerbrecht, 273 E. Chicago Street,
Elgin, IL 60120, as attorney for the Society.
Further Resolved : That Arno E. Gerbrecht be authorized and
directed to execute, on behalf of the Elgin Area Historical
Society, an Agreement to Terminate Escrow Account dated March 23,
1989, between the City of Elgin, the Elgin Area Historical
Society and NBD Bank of Elgin formerly known as First National
Bank of Elgin.
ARNO E. RBRECHT ~'
Attorney for Elgin Area Historical
• Society
•
r
360 Park Street, Elgin, Illinois 60120 (708) 742-A248