HomeMy Public PortalAbout1986_12_10_R269 i. ;irgi, fa PRESENTED December 10, 1986
RESOLUTION NO. 86-269 ADOPTED December 10,.1986
A RESOLUTION: MAKING A REDUCTION IN TH~ PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR LEESBURG GATEWAY, PHASE II.
WHEREAS, the town's Director of Engineering has reviewed the public
improvements installed to date in Leesburg Gateway, Phase II and certifies
that the value of work performed is $268,573; and
WHEREAS, A letter of credit from First American Bank in the amount of
$380,000 has been provided by the developer and approved by Council to
guarantee installation of public improvements in Leesburg Gateway, Phase II:
THEREFORE, 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 $380,000 is reduced to $111,427.
SECTION II. The manager shall notify the developer of Leesburg
Gateway, Phase II that liability for letter of credit funds has been
reduced as outlined in Section I of this resolution, and that this reduc-
tion does not constitute acceptance of public improvements by the 'town or
relieve the developer of responsibilities outlined in the contract for
public improvements for Leesburg Gateway, Phase II.
PASSED this 10th day of
ATTEST:
Clerk of C~uncil
December , 1986.
Robert E. Sevila, Mayor
Town of Leesburg