HomeMy Public PortalAbout1986_02_12_R029The Town of Leesburg in Virginia
PRESENTED February 12, 1!)86
RESOLUTION NO. 86-29 ADOPTED February 12, 1!)86
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR EXETER, SECTION II, CLUSTER
DUPLEXES
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed public improvements installed to date in the Exeter, Section II,
Cluster Duplexes Subdivision and has recommended a bond reduction in the
amount of $95,993; and
WHEREAS, a $253,177 letter of credit from Dominion Bank of Virginia
has been provided by the developer and approved by Council to guar~ltee
installation of public improvements in the Exeter, Section II, Cluster
Duplexes Subdivision:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from Dominion Bank of Virginia
originally in the amount of $253,177 is reduced to $157,184.
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
Exeter, Section II, Cluster Duplexes Subdivision.
PASSED this 12th day of
ATTES~T:_~ ~? //
Clerk of C/cil
February , 1986.
Town of Leesburg