HomeMy Public PortalAbout1988_07_12_R133Lees/~ur~r in ~irginia
RESOLUTION NO. 88-133
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTATJ.ATION FOR THE POTOMAC CROSSING PL~qNED
DEVELOPMENT SECTION lA
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 lA and certifies that the value of work
performed is $113,876.00; and
WHEREAS, a letter of credit from the United Savings Bank of Vienna,
Virginia in the amount of $146,000.00 has been provided by the developer
and approved by Council to guarantee installation of public improvements
for the Potomac Crossing Planned Development Section lA:
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 $146,000.00 is reduced to $32,125.00.
SECTION II. The Town Manager shall notify the developer that li~bilit¥
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 lA.
PASSED this 12th day of
ATTEST:
uly , 1988.
Robert E. Sevila, Mayor
Town of Leesburg
PRESENTED July 12, 1988
ADOPTED July 12, 1988