HomeMy Public PortalAbout1983_11_09_R175The Town of Leesburg in Virginia
PRESENTED November 9, 1983
RESOLUTION NO. 83-175 ADOPTED November 9~ 1983
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR SILVER OAKS SUBDIVISION
WHEREAS, the developer's engineer, Bengtson, DeBell, Elkin & Titus and the
town's Director of Engineering have reviewed the public improvements installed
to date in Silver Oaks Subdivision and certify that the value of work performed
is $308,456.00 and the remaining amount of work is approximately $426,423.00;
and
WHEREAS, a $734~879.00 Equitable Federal Savings and Loan Association of
Wheaton, Maryland set aside letter has been provided by the developer and
approved by Council to guarantee installation of public improvements in Silver
Oaks Subdivision; and
WHEREAS, the town has agreed, when appropriate, to decrease the performance
guarantee by reducing set aside bank funds by the value of work completed on the
public improvements:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Equitable Federal Savings and Loan Association set aside
letter originally in the amount of $734,879.00 is reduced to $426,423.00.
SECTION II. The manager shall notify the developer, Sycolin Forest
Associates, Inc., that liability for set aside funds has been reduced as
outlined in Section I of this resolution, and that this reduction does not
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REDUCTION IN THE PERFORMANCE GUARANTEE
FOR SILVER OAKS SUBDIVISION
constitute acceptance of public improvements by the town or relieve the deve-
loper of responsibilities outlined in the contract for public improvements for
Siver Oaks Subdivision.
PASSED this 9th day of November , 1983.
ATTE ST:
~lerk o~Z Counc il '
Robert' ~gevilZa, Mayor'
Town of Leesburg