HomeMy Public PortalAbout1986_02_12_R030The Town of Leesburg in Virginia
PRESENTED February 12~ 1!)86
RESOLUTION NO. 86-30 ADOPTED February 12~ 1986
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR EXETER, SECTION II SUBDIVISION
- HERITAGE WAY
WHEREAS, the Town's Director of Engineering and Public Works ]las re-
viewed public improvements installed to date for the Exeter, Section II Sub-
division, Heritage Way and has recommended a bond reduction in the ~unount of
$898,755; and
WHEREAS, a $1,210,375 letter of credit from Old Court Savings and Loan
has been provided by the developer and approved by Council to guarantee
installation of public improvements in the Exeter, Section II Subdivision,
Heritage Way:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from Old Court Savings and Loan
originally in the amount of $1,210,375 is reduced to $311,620.
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 Subdivision, Heritage Way.
PASSED this 12th day of
ATTEST: .~
Clerk of C~Cil
February , 1986.
Robert E Sevlla~, Mayor
Town of Leesburg