HomeMy Public PortalAbout1986_07_23_R156gc~§urg i. ~v'irgi~ia PRESENTED July 23, ~986
RESOLUTION NO. 86-156 ADOPTED July 23. 1986
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR TUDOR
KNOLLS, PHASE I.
WHER~S, the developer of Tudor Knolls, Phase I agreed to bond the
swimming pool and tennis court in order to assure the Town Council that the
recreational amenities for this project would be completed; and
WHEREAS, these improvements have been completed and the developer has
requested a reduction in the letter of credit for this project:
TI{EREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from Fairfax Savings Bank originally
in the amount of $478,902 is reduced to $308,902.
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
Tudor Knolls, Phase I.
PASSED this 23rd day of , SU~y , 1986.
Robert E. Sevila, Mayor
Town of Leesburg
ATTEST:
Clerk of ~ncil