HomeMy Public PortalAbout1986_12_10_R260csl~urg
PRESENTED
ADOPTED
December 10~ 1986
December 10~ 1986
ATTEST:
Clerk or,until
Decem~6.
Robert E. Sevila, Mayor
Town of Leesburg
PASSED this 10th day of
RESOLUTION NO. 86-260
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR ~/BLIC
IMPROVEMENTS FOR THE RICHLYNN COMPONENT PLANT DEVELO~{ENT
WHEREAS, the town's Director of Engineering has reviewed the public
improvements installed to date in the Richlynn Component Plant Development
and certifies that the value of work performed is $176,258; and
W~, A letter of credit from the Enterprise Bank of Virginia in
the amount of $230,000 has been provided by the developer and approved by
Council to guarantee installation of public improvements for the Richlynn
Component Plant Development:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from the Enterprise Bank of Virginia
originally in the amount of $230,000 is reduced to $53,742
SECTION II. The manager shall notify the developer of the Richlynn
Component Plant Development 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 Richylnn Component Plant Development.