HomeMy Public PortalAbout1979_09_26_R139 TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
RESOLUTION NO. 79'139 PRESENTED September 26,1979
APPROVED September 26,1979
A RESOLUTION: AUTHORIZING A SUBDIVIDER'S AGREEMENT AND APPROVING
A LETTER OF CREDIT FOR CARDINAL INDUSTRIAL PARK
SUBDIVISION
WHEREAS, The Cardinal Industrial Park Subdivision has re-
ceived preliminary plat approval and the Director of Engineering
has approved the construction drawings and a $252,000 cost estimate
for public improvements; and
WHEREAS, the Virginia Department of Highways and Trans-
portation has advised the developer it will construct Cardinal Park
Drive at its expense under the Industrial Access Highway Fund
Program at a maximum cost of $182,500.
THEREFORE, RESOLVED by the Council of the Town of Leesburg,
Virginia, as follows:
A letter of credit from the First and Merchants National
Bank in the amount of $69,500 is approved to guarantee installation
of public improvements in Cardinal Industrial Park Subdivision,
exclusive of work to be performed by the Virginia Department of
Highways and Transportation, and the Manager is authorized and
directed to execute the standard agreement for installation of
public improvements in Cardinal Industrial Park. In the event the
Virginia Department of Highways and Transportation refuses or fails
to construct Cardinal Park Drive, or notifies the developer or town
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that Cardinal Park Drive is ineligible for Industrial Access
Highway Fund Program monies, the developer shall immediately
increase its guarantee of performance under the subdivision
ordinance to the Director of Engineer's then current cost esti-
mate of public facilities remaining to be installed in Cardinal
Industrial Park.
PASSED this 26th day of September , 1979.
ATTEST:
Clerk of C~ncil
Pro-Tem