HomeMy Public PortalAbout1986_10_22_R231vcsb~rg
in ~Virginia
PRESENTED
ADOPTED
October 22~ 1986
October 22~ 1986
ATTEST:
Clerk of ~uncil
October , 1986.
Town of Leesburg
PASSED this 22nd day of
RESOLUTION 50. 86-231
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR LEESBURG GATEWAY, PHASE I
WHEREAS, the town's Director of Engineering has reviewed the public
improvements installed to date in Leesburg Gateway, Phase I and certifies
that the value of work performed is $355,069, and
WHEREAS, A letter of credit from First American Bank in the amount~of
$620,000 has been provided by the developer and approved by Council to
guarantee installation of public improvements in Leesburg Gateway, Phase I.
TI{EREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The First American Bank letter of credit originally in the
amount of $620,000 is reduced to $264,931.
SECTION II. The manager shall notify the developer of Leesburg
Gateway, Phase I 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 in~rove-
ments for Leesburg Gateway, Phase I.