HomeMy Public PortalAbout1988_04_13_R073,ccsSurg ~n C~irginia
PRESENTED April 13, 1988
RESOLUTION NO. 88-73 ADOPTED April 13, 1988
A RESOLUTION: MAKING A REDUCTION IN THE PEP~ORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INST~T.T.ATION FOR FOXRIDGE SUBDIVISION SECTIONS 3
AND 5
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for Foxridge Sections 3
and 5 and certifies that the value of work performed is $454,901.70 for
Section 3 and $14,854.40 for Section 5.
WHEREAS, an irrevocable letter of credit from First American Bank of
Virginia in the amount of $655,809.00 has been provided by the developer
and approved by Council to guarantee installation of public improvements
for Foxridge Subdivision Section 3 and an irrevocable letter of credit
from First American Bank of Virginia in the amount of $34,]18.00 has been
provided by the Developer and approved by the Council to guarantee the
installation of public improvements in Foxridge Subdivision Section 5.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit for Section 3 from First American Bank
in the amount of $655,809.00 is reduced to $200,907.30 and the letter of
credit for Section 5 from First American Bank in the amount of $34,118.00
is reduced to $19,263.60.
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
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MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS
INSTAIJ_JITION FOR FOXRIDGE SUBDIVISION SECTIOSB 3 AND 5
responsibilities outlined in the contract for public improvements for
Foxridge Subdivision Sections 3 and 5.
PASSED this 13th day of
ATTEST:
Clerk of Juncit
April , 1988.
Ro6ert g. Sevila, Mayor
Town of Leesburg