HomeMy Public PortalAbout1984_02_22_R030The Town of Leesburg in Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 22~ 1984
84-30 ADOPTED February 22~. 1984
MAKING A SECOND 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 $454,068.00 and the remaining amount of work is approximately $280,811.00~
ingluding retention; 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 ap-
proved 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 $280,811.00.
SECTION II. The manager shall notify the developer, Sycolin Forest Asso-
ciates, Inc., that liability for set aside funds has been reduced as outlined
in Section I of this resolution, and that this reduction does not constitute
acceptance of public improvements by the town or relieve the developer of re-
REDUCTION IN PERFORMANCE GUARANTEE
FOR SILVER OAKS SUBDIVISION
-2-
sponsibilities outlined in the contract for public improvements for Silver
Oaks Subdivision.
PASSED this 22nd
day of
ATTEST:
Clerk of Co~cil
February , 1984.
?
Rdbert E. Sev±l~, Mayor
Town of Leesburg