HomeMy Public PortalAbout1988_07_12_R134 PRESENTED July 12, 1988
RESOLUTION NO. 88-134 ADOPTED July 12~ 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR THE POTOMAC CROSSING PLANNED
DEVELOPMENT SECTION lC
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 lC and certifies that the value of work
performed is in excess of $1,542,962.00; and
WHEREAS, a letter of credit from the United Savings Bank of Vienna,
Virginia in the amount of $1,928,702.00 has been provided by the developer
and approved by Council to guarantee installation of public improvements
for the Potomac Crossing Planned Development Section lC:
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 $1,928,702.00 is reduced to $385,740.00.
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 lC.
PASSED this 12th day of July
ATTE ST:
Clerk of ~:~uncil
Robert E. Sevila, Mayor
Town of Leesburg