HomeMy Public PortalAbout1988_06_22_R119OLggsl~urg
in ~rirginia
PRESENTED June 22~ 1988
RESOLUTION NO. 88-119 ADOPTED June 22~ 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAT.LATION FOR LEESBURG AIRPARK BUILDING "F"
AND ROUTE 643 FRONTAGE IMPROVEMENTS.
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for Leesburg Airpark
Building "F" and the Route 643 Frontage Improvements and certifies that the
value of work performed is $28,000.00 for Building "F" and $82,000.00 for
the Route 643 Frontage Improvements; and
WHEREAS, an irrevocable letter of credit from the Washington Bank of
Falls Church, Virginia in the amount of $35,000.00 has been provided by the
developer and approved by Council to guarantee installation of public
improvements for Leesburg Airpark Building "F" and an irrevocable letter of
credit from the Washington Bank of Falls Church, Virginia in the amount of
$102,500.00 has been provided by the developer and approved by the Council
to guarantee the installation of the Route 643 Frontage Improvements.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit for Leesburg Airpark Building "F" from
the Washington Bank of Falls Church in the amount of $35,000.00 is reduced
to $7,000.00 and the letter of credit for the Route 643 Frontage
Improvements from the Washington Bank of Falls Church in the amount of
$102,500.00 is reduced to $20,500.00
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
2
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS
INSTALLATION FOR LEESBURG AIRPARK BUILDING "F" AND ROUTE 643 FRONTAGE
IMPROVEMENTS
public improvements by the Town or relieve the developer of
responsibilities outlined in the contract for public improvements for
Leesburg Airpark Building "F" and the Route 643 Frontage Improvements.
ATTEST:
PASSED this 22nd day of June
· 1988.
Robert E. Sevila, Mayor
Town of Leesburg
Clerk of C~ncil