HomeMy Public PortalAbout1986_01_22_R017The Town of Leesburg in Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 22, 1986
86-17 ADOPTED January 22: 1986
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR
INSTALLATION OF PUBLIC IMPROVEMENTS FOR THE FOXRIDGE
SUBDIVISION
WHEREAS, the developer's engineer, Bengston, DeBell, Elkin and Titus,
and the town's Director of Engineering have reviewed the public improve-
ments installed to date in the Foxridge Subdivision and certify that the
value of work performed is $153,930; and
WHEREAS, a $168,000 letter of credit from Capital Bank N.A. has been
provided by the developer and approved by Council to guarantee installation
of public improvements in the Foxridge Subdivision:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from Capital Bank N.A. originally in
the amount of $168,000 is reduced to $14,070.
SECTION II. The Land Development Official shall notify the developer
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 developer of
responsibilities outlined in the contract for public improvements for the
Foxridge Subdivision.
PASSED this 22nd day of
ATTEST:
Clerk of ~.~uncil
January , 1986.
R~~ M~ayor
Town of Leesburg