HomeMy Public PortalAbout1984_06_13_R088The Town of Leesburg in Virginia
PRESENTED June 13, 1984
RESOLUTION NO. 84-88 ADOPTED June 13, 1984
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 $510,540.00 and the remaining amount of work is approximately $224,339.00;
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 $224,339.00.
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
Sider Oaks Subdivision.
PASSED this 13th day of June , 1984.
Clerk of C~ncil
Town of Leesburg