HomeMy Public PortalAbout1986_09_10_R191LeesBur~ in ~irgini~
PRESENTED
ADOPTED
September 10, 1986
ATTEST:
Clerk of ~uncil
.... Septemb~..~~~~~___., 1981.
Robert E. Sevil'a~ Mayor
Town of Leesburg
Tudor Knolls, Phase II Development.
PASSED this 10th day of
RESOLUTION NO. 86-191 September 10, 1986
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR TUDOR KNOLLS, PHASE Iii.
WHEREAS, the Town's Director of Engineering and Public Works has re-
viewed public improvements installed to date in the Tudor Knolls, Phase II
Development and certifies the value of work performed is $265,798 .and
WW~REAS, a $340,089 letter of credit from the Fairfax Savings Bank
has been provided by the developer and approved by Council to guarantee
installation of public improvements in the Tudor Knolls, Phase II:
THEREFORE, 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 $340,089 is reduced to $74,291.
SECTION II. The Town Manager 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