HomeMy Public PortalAbout1984_01_25_R011The Town of Leesburg in Virginia
PRESENTED January 25~ 1984
AMENDED January 25, 1984
RESOLUTION NO. 84-11 ADOPTED January 25~ 1984
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR SOUTHGATE II DEVELOPMENT
WHEREAS, the developer's engineer, R. Curtis Harrover & Associates and the
town's Director of Engineering have reviewed the public improvements installed
to date in the Southgate II development and certify that the value of work per-
formed is $43,240; and
WHEREAS, a $60,190 First & Merchants National Bank letter of credit has been
provided by the developer and approved by Council to guarantee installation of
public improvements in the Southgate II development:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The First & Merchants National Bank letter of credit originally
in the amount of $60,190 is reduced to $16,950, which amount equals the value of
the work to be performed plus ten percent.
SECTION II. The manager shall notify Tedence, Inc., developer of Southgate
I~ that liability for letter of credit funds has been reduced as outlined in
Section I of this resolution, and that this reduction does not constitute accept-
ance of public improvements by the town or relieve the developer of responsibili-
ties outlined in the contract for public improvements for the Southgate II de-
velopment.
PASSED this 25th
ATTEST: ~
Cierk of ~uncil
day of January
, 1984.
Robert E
Town of Leesburg