HomeMy WebLinkAbout90-1212 Old Main Payout c ID- tava
RESOLUTION
APPROVING PAYOUT FROM THE OLD MAIN RESTORATION ESCROW ACCOUNT
WHEREAS, the City of Elgin is the owner of certain real
property upon which is a structure commonly known as Old Main;
and
WHEREAS, the City of Elgin and the Elgin Historical
Society have entered into an agreement wherein Old Main is to
be renovated and occupied by the Historical Society as a
historical museum; and
WHEREAS, pursuant to said agreement the plans and
contract documents of such renovation are subject to the prior
approval of the City of Elgin; and
WHEREAS, on March 22, 1989 the City of Elgin, the Elgin
Area Historical Society and the First National Bank of Elgin
(escrowee) entered into an escrow agreement which established
the Old Main Restoration Account and authorized the escrowee
to make payments from said account on the written direction of
the City of Elgin and the Historical Society; and
WHEREAS, renovation work has been continuing and
application has now been made for the payment of $25. 302 . 00
from the escrow account.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that the First National Bank of Elgin
is authorized and directed to release funds from the Old Main
Restoration Account in the following amounts to the following
suppliers :
Elgin Sheet Metal Company $25,302 . 00
per the written direction of the Elgin Area Historical Society
dated December 3, 1990, a copy of which is attached hereto and
made a part hereof by reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: December 12, 1990
Adopted: December 12 , 1990
Vote: Yeas 7 Nays 0
Recorded:
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
December 4 , 1990
TO: Mayor and Members of the City Council
FROM: Larry L. Rice, City Manager
SUBJECT: Old Main - Consideration of a Payout
from the Escrow Account
PURPOSE
This memo is written to submit invoices in accordance with the
agreement between Elgin Area Historical Society and the City of
Elgin for the release of funds from the Old Main Restoration
Escrow Account.
BACKGROUND
An Escrow Agreement was drafted on March 23 , 1989 between the
City of Elgin, the Elgin Area Historical Society, and the First
National Bank of Elgin, whereby the Elgin Historical Society
deposited funds into an account known as the "Old Main
Restoration Account" . This account was established for the
purpose of payment to contractors for restoration work completed
on the second and third floors of Old Main. The Elgin Area
Historical Society is requesting the release of funds from the
Old Main Restoration Escrow Account in the amount of $25 ,302 . 00
for the payment of the following contractor utilized for repairs
completed to Old Main:
Elgin Sheet Metal Company $25 ,302 .00
FINANCIAL IMPACT
There would be no financial impact on the City, other than a
request to waive building permit fees, which would mean that we
would bear the cost of inspections.
-1-
RECOMMENDATION
Authorize payout from the Old Main Restoration account for the
amount of $25, 302 . 00 for payment to Elgin Sheet Metal Company
L
Lar . Rica , City Manager
-2-
00`17 aged
Elgin Area Historical Society
•l
els tit 44
December 3, 1990
TO WHOM IT MAY CONCERN:
RESOLVED: The Elgin Area Historical Society gives written
direction on December 3, 1990 to First National Bank of Elgin to
release funds in the following amount to the following supplier,
from the Old Main Restoration Escrow Account. Bill submitted
11/29/90 by following supplier:
Elgin Sheet Metal Company $25, 302.00
Copies of Bill and Resolution presented to City Clerk on 12/03/90
for presentation and approval by City Council on 12/12/90.
1\i\t \ .\1\Mlik
Marear-t L. Krueger
Chai an, Old Main Commission
EAHS Restoration Committee
‘\\K ULtA ata9-1
V)
Mary lice Clute
Treasurer
Elgin Area Historical Society
360 Park Street, Elgin, Illinois 60120 (312) 742-4248
n-J No. 4 4 81 1
Elgin Sheet Metal Company
P.O. BOX 66, ELGIN, IL 60121
\__/ 708-742-3486
HEATING &AIR CONDITIONING CONTRACTORS
•
T
Elgin Area Historical Society
360 Park St.
— Elgin, IL 60120 TERMS: NET 30 DAYS
I II 11-21-90
L J INVOICE DATE ! YOUR ORDER NO. 4
Old Main H.V.A.C.
— Second Floor
Contract Amount $25,302.00
Progress Billing No. 1 $18,000.00
U No. 44838
Elgin Sheet Metal Company
P.O. BOX 66, ELGIN, IL 60121
708-742-3486
( HEATING &AIR CONDITIONING CONTRACTORS
r
Elgin Area Historical Society
c/o Margaret Krueger
— 644 Oakland Avenue TERMS: NET 30 DAYS
Elgin , IL 60120
L_ ___J11-29-90
INVOICE DATE 4 YOUR ORDER NO. 4
Old Main
— Second Floor H . V . A . C .
Contract Amount $25 , 302 . 00
Prior Billing $18 , 000 . 00
Final Billing $7 , 302 .00
***This work to be complete by 12-14-90 .