HomeMy Public PortalAbout1988_01_13_R005 PRESENTED January 13, 1988
RESOLUTION NO. 88-5 ADOPTED January 13, 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INST~LT.ATION FOR THE POTOMAC CROSSING PLANNED
DEVELOPMENT SECTION II
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for the Potomac Crossing
Planned Development Section ii. and certifies that the value of work
performed is $329,261.00; and
WHEREAS, a letter of credit from the United Savings Bank of Vienna,
Virginia in the amount of $411,576.00 has been provided by the developer
and approved by council to guarantee installation of public improvements
for the Potomac Crossing Planned Development Section ii:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from the United Savings Bank of Vienna,
Virginia in the amount of $411, 576.00 is reduced to $82,315.00.
SECTION II. The Town Manager shall notify the developer that liability
for the 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
Potomac Crossing Planned Development Section lI.
PASSED this 13th day of
Clerk of ~unci1
January ~~
Robert E. Sev~la, Mayor
Town of Leesburg