HomeMy Public PortalAbout1985_11_27_R214 The TownofLeesburginVirginia
PRESENTED November 27~ 1985
RESOLUTION NO. 85-214 ADOPTED November 27~ 1985
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR TUDOR KNOLLS, PHASE I DEVELOP-
MENT
WHEREAS, the developer's engineer, Chamberlin and Wolford Associates, and
the town's director of engineering have reviewed the public improvements
installed to date in the Tudor Knolls, Phase I development and certify that the
value of work performed is $279,346; and
WHEREAS, two letters of credit in the amount of $478,902 have been provided
by the developer and approved by Council to guarantee installation of public
improvements in the Tudor Knolls, Phase I development; and
WHEREAS, the director of engineering has recommended a 95 percent reduction
of the value of the completed work:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The letters of credit originally in the amount of $478,902 are
reduced to $213,524.
SECTION II. The manager shall notify T and K Associates, developer of Tudor
Knolls, Phase 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 acceptance of public improvements by the town or relieve the deve-
loper of responsibilities outlined in the contract for public improvements for
Tudor Knolls, Phase I development.
PASSED this 27th day of November
ATTE ST:
Clerk of ~uncil
, 185. ·
Town of Leesburg